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Bulla Network
  • 🗿Welcome to BullaNetwork
    • Welcome To Bulla Network
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    • The BullaProtocol
      • How does it work?
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    • Wallet to Wallet Invoicing
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  • Bulla and Gnosis examples
    • Creating your first Gnosis integration with Bulla
    • How to enable Gnosis in Bulla BankerEnabling the Bulla Banker-Gnosis Module
    • How to connect to a Gnosis Safe to Bulla Dashboard
    • How to send invoices to a Gnosis Safe using Bulla
    • How to pay invoices using Bulla and Gnosis Safe
    • How to document payments using Bulla into a Gnosis Safe
    • How to receive payments from Bulla into a Gnosis Safe
  • Batch Payroll using Bulla and a Gnosis Safe (rsk example)
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  • Enter: The Bulla Protocol
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The BullaProtocol

"Until now, there has been no way to properly express credit on the blockchain"

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Last updated 3 years ago

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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A Bulla Claim token expresses credit between two parties