A Next-Generation Blockchain Ecosystem for Ubiquitous Value Transfer
Blockchains and cryptocurrencies. These two buzzwords together have generated a tremendous amount of hype, promise, caution, and confusion in the technology scene over the past two or three years. Despite the growing excitement surrounding blockchain and its seemingly infinite applications, blockchain is still very much an emerging technology. At this year’s Silicon Valley Innovation & Entrepreneurship Forum, BUMO announced a blockchain ecosystem that it hopes will allow the blockchain to truly permeate the marketplace and the world, becoming a feasible solution for financial institutions, non-profits, healthcare providers, and individuals alike.
Today’s mainstream blockchain platforms, such as Bitcoin and Ethereum, are single-chain systems. With the dramatic increase in the number of blockchain users and transactions, the problems of low scalability and low throughput have become increasingly evident. BUMO has developed an innovative blockchain solution that leverages multi-chain technology, hybrid consensus algorithms, cross-chain protocols, and smart contracts. BUMO’s goal is to integrate these technologies to alleviate the current blockchain bottlenecks related to performance, scalability, and application diversity.
Speakers at the 2018 Block Chain Developer’s Summit at SVIEF featured two industry veterans with diverse backgrounds and years of experience in some of China’s leading tech firms. Steven Guo, a co-founder of BUMO, began his study of the blockchain business in 2014. He recently led strategic investments for the 21Vianet Group, one of the largest data center providers in all of China. 21Vianet operates Microsoft’s Azure Cloud and Office 365 services in China and houses data centers for IBM and other tech giants. Steven Guo also participated in the creation of a cloud computing fund for the National Development and Reform Commission.
Co-founder of BUMO, Steven Lee, gained his stripes as one of China’s early internet entrepreneurs and as an early practitioner of the blockchain. His experience includes working for Tencent, PPTV, serving as the COO of Jiayuan.com, and as the founder of Betterwood. Steven Lee led talks with developer communities in Berkeley, California and in Atlanta, Georgia. The city of Atlanta, Georgia was recently the victim of a massive ransomware attack that paralyzed its computer-related infrastructure for days. How blockchain technology can mitigate these risks in the future remains to be seen, but it’s fair to say that both community leaders and businesses are seeking new ways to strengthen their networks from rogue elements on the world wide web.
So how does BUMO solve the fundamental issues in blockchain development? BUMO proposes a three-tiered, basic public blockchain development framework:
(1) A blockchain-based ubiquitous trust network. Its framework comprises of blockchain technology developed with multiple features such as an innovative consensus mechanism, multi-chain structure of the main chain-subchain, main chain-backlink structure of the main chain, and developer-friendly smart contracts.
(2) A credible value circulation system. BUMO’s blockchain leverages multiple tools for establishing digital identity for pass-through agreement, pass value transfer, decentralized transactions, and Dapp built-in exchange, to promote the maturation of its value distribution system.
(3) An applied ecology shared by the general public. Dapp for the blockchain can be likened to apps for your mobile phone. Dapp not only provides users with the most intuitive understanding of the blockchain but also the value support of the entire blockchain network.
To this end, BUMO hopes to attract more developers to is developer-friendly ecosystem by providing API interfaces and commonly used functions involving assets, transactions, and wallets. BUMO allows developers to utilize DAPP on their network to build a blockchain network based on BUMO’s mature code base and technical support. The BUMO core system architecture and code, based on Bubi Blockchain technology, have been vetted for two years for security loopholes and operational failures. In addition, the Bubi blockchain has already provided business services for the banking, insurance, gaming, and tourism industries over the past few years.
The BUMO Phase 1 Public Chain Mainnet will be fully online towards the end of May. BUChain Phase 1 already boasts the support of a myriad of existing applications. From June to July, BUMO will cooperate with local blockchain communities to hold a developer contest based on the BUMO chain that will be released in following days. Further highlighting BUMO’s bold moves in the industry, BUMO plans to open four offices, with locations including Silicon Valley, Los Angeles, Boston, and Delaware.
BUMO hopes that its innovation via an interconnection of pre-existing frameworks will assist in greatly promoting the development and adoption of blockchain technology, allowing digital assets to flow freely at a scale yet to be realized in the blockchain industry. To hammer this point home, Steven Lee emphasized “Let’s stop talking vision, and show me the code.”
About BUMO Blockchain
BUMO Blockchain has been widely used in digital assets, trade finance, equity & bonds, supply chain traceability, commercial credit, joint credit information, public notarization, electronic invoices, data security, etc. It is currently working with mainstream financial institutions including exchanges, banks, etc., to run trial tests on its applications. With decentralization as core, BUMO is committed to creating a new generation of value-based networks that allow digital assets to flow freely.
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