How does it work?
The Bulla Protocol is currently deployed on Polygon, Gnosis Chain (formerly xDai), Celo, Avalanche, and RSK.
There are two ways a user can create a Bulla Claim token.
- 2.Via the BullaClaim interface (coming soon)
Flow chart of possible actions on a Bulla Claim
Bulla Claims are inherently very simple. A step-by-step technical description of commerce via Bulla Claims are as follows:
- 1.A user creates a claim with a creditor and debtor for
- 2.A claim NFT is minted to the creditor.
- 3.The debtor or any other party can pay the creditor via the claim.
Xamount of ERC20 tokens are transferred via the claim.
- 5.The claim is closed
To expound on this: consider the following example where Alice must invoice Bob.
- 1.Alice has done commerce with Bob. Alice now needs to invoice Bob for 60 DAI.
- 2.Alice uses the BullaBanker interface to create a Bulla Claim for 60 DAI. The claim details are as follows:
- 1.Creditor: Alice's wallet address.
- 2.Debtor: Bob's wallet address.
- 3.Due date: any future date (i.e. end of the month).
- 4.Amount and token: 60 DAI.
- 5.Attachment: an included IPFS hash pointing to Alice's SOW, receipt, deliverables, etc.
- 3.Alice creates the claim on and it is 1 CLAIM token is minted to her as a creditor. As a creditor, she can do with the NFT what she'd like; keep it and await payment, transfer it to another user or wallet, or even sell it on OpenSea to liquidate at a reduced price.
- 4.Since Alice chose to send an email notification to Bob about his invoice, Bob sees this and opens BullaBanker and pays the claim.
- 5.60 DAI + a small fee leaves Bob's wallet and is transferred directly to Alice's wallet. The claim's status is now "Paid".