BUMO have an ambitious goal of creating a fully functional financial services platform. BUMO is a public blockchain devoted to providing cross-chain and cross-organisation solutions. In other words, it aims to create a way to transfer value between assets.
This ensures that no single entity can access the complete private key, and therefore no single node can take full control of the network’s digital assets.
In many ways, the challenge of interoperability and scalability are interrelated. One solution to both is developing technology to facilitate interactions between different blockchains, also known as “cross-chain” technology.
Cross-chain technology allows for interoperability by offering a platform that lets various blockchains interact with one another, and in essence function as a single chain.
Cross-chain smart contracts are an important part of interoperability, at least in the short term. These are smart contracts that can interact with different blockchains, making it possible to transfer value from one to another without doing a swap or trade.
Most understand the way forward at this moment in history is to get blockchains to work together. The development of cross-chain infrastructure is one part of a larger movement bringing us closer to Web3.
BUMO Foundation is definitely developing and creating a game changer chains that we can definitely be excited about.