The BULLA protocol and advancing the common good
What is the largest, most successful stakeholder capitalist operation in the world?
History is littered with open systems operating for a common good and all have been captured, gamed, pillaged or destroyed.
They all suffer from what is known as the tragedy of the commons. (1)
The most important common good is money.
How often has money been created — and failed?
Bitcoin is money.
Bitcoin’s stakeholder model targets this most central common good. It uses an anonymous, cryptographically linked consensus protocol to estimate a digital truth of ownership. The key to understanding BTC’s power is seeing that cryptographic consensus protocols coupled with stakeholder ideas like mining the underlying chain in return for new minted digital truth can effectively combat the tragedy of the commons. As Michael Saylor points out — the system is thermodynamically sound and I agree it could trigger a revolution in economic empowerment.
The combat continues. If there were a tragedy of the commons for BTC it would be in miner collusion or the 51% attack. So, the volatility of BTC and other cryptos tells us that these ideas remain somewhat ‘TBD” — but witness the mass creation of protocols purposely powered by new stakeholder capitalist models.
Have you heard of the the ‘metaverse’ ? (3).
Much of this metaverse is visible on DEFIpulse.com.
Vitalik Buterin’s (5) Ethereum Universal Virtual Machine and the invention of Digital autonomous Organizations are ideas with an origin in how BTC operates and are extensions of stakeholder capitalism.
BTC, UVM and DAOs all get their momentum from a new ‘thermodynamically secure’ and empowered common good.
I managed to miss the programming effort for BTC, but I am working furiously on the metaverse.
The Bulla protocol and network will contribute to the traditional banking world conversion to ‘DeFi metaverse’.
It is invented to bridge current claim systems to a bankless, decentralized, collaborative protocol. A protocol that will also be stakeholder driven via a Bulla governance token.
I got the idea from looking at Sumerian Art. The Sumerians used Bullas as receipts for goods sold.
The Bulla protocol mints an accounting journal token (AJT) that manages a series of claims. Together these smart claim contracts form Bullas. A debtor may trigger payment of a claim and settle wallet to wallet to his/her creditor.
BTC protocol is a blockchain of historical payments and current balances.
Bulla protocol is a blockchain of contingent payments and balances.
The distinguishing feature in this protocol is the employment of an AJT to manage claims. This wallet created non-fungible token acts as an ‘organizing’ token and will allow for more complex on-chain financial collaboration.
An AJT is simplest with just a list of claims, but it may also have lists of members with rights, privileges and responsibilities. The AJT protocol can add various acceptance or validation functions for settlement. A member may make claims against other or all members. Non-members may make a claim against a Bulla. Bulla members can accept, reject or rescind claims. Claims may be designated for factoring. There are any number of useful governing functions to add to a your Bulla AJT.
The Bulla protocol is another stakeholder invention enabling the claims metaverse for the common good.
Laser eyes for BTC and, keeping with the Sumerian, BULLA eyes for collaborative, decentralized finance — CollabDeFiEyes.
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