The BullaProtocol
"Until now, there has been no way to properly express credit on the blockchain"
The problem
Credit is the fundamental foundation for human interaction, and up until now, there has been no way to properly express credit on the blockchain. Blockchains are, of course, a revolutionary tool for documenting historic transactions and current balances, however, credit is a necessary system for expressing future commerce and future balances.
Enter: The Bulla Protocol
We created a protocol where users can "commit" to sending or receiving future payments. We express these commitments in using the trad-fi (traditional finance) concept of a claim. A claim is an expression of credit between two parties and contains crucial information concerning how the payment will be settled in the future.
If two parties want to manage credit between one another, they can use the Bulla Protocol to mint a claim to express this credit. We refer to these as Bulla Claims. In terms of the Bulla Protocol, each claim is minted to the creditor as an NFT.
A Bulla Claim NFT expresses an important duality which is novel to shared ledgers: my credit is your debt. Not only is it a facilitator and record keeper for transaction history, but also expresses transactions that are likely to happen in the future, a quasi: "future history blockchain".
Blockchains + the Bulla protocol allows for a completely new paradigm in finance: a creditor and debtor face each other directly, instead of both facing a bank, or some intermediary. (talk about what a P2P credit system could allow for). ( A tokenized credit protocol )
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