Bitcoin layer-2 technology becomes thriving hub for web3 development
The RSK layer-2 solution on top of the Bitcoin blockchain is becoming a collaborative ecosystem, now allowing users to send invoices as an NFT using Bulla Network. Innovative products like Bulla Network create completely new and exciting use-cases for NFTs.
Bulla Network is one of the latest projects to join the RSK ecosystem. The BullaBanker dapp offers a blockchain agnostic accounting tool allowing users to invoice and track payments from multiple cryptocurrencies in one ledger.
Bulla Network allows users to send NFT invoices. That’s not something we have seen before. They’ve developed a service called BullaBanker, which mints a non fungible accounting journal token (NFAJT) when you send an invoice to someone on the blockchain. The platform automatically recognizes when an invoice has been paid, providing an on-chain accounting tool with an easy to use interface.
BullaBanker allows users to send invoices on the blockchain, essentially tokenizing debt as an NFT. It doesn’t mean that the particular NFT is worth a certain amount, but it represents an understanding or contract between a service provider and a client.
All they need is Metamask connected to the RSK mainnet. The system allows you to add attachments on IPFS, for example, the invoice itself as a PDF. BullaBanker also allows users to tag transactions, creating ways to sort and categorize invoices. Follow the step-by-step guide below to get started.
Getting started with Bulla in 10 simple steps
Banking products are often difficult to simply try, but blockchain dapps are accessible to anybody. As a result you can try out Bulla yourself. Get started through this short step-by-step guide:
- Bulla runs on various blockchains, we will use RSK. Make sure you install the Metamask plugin for your web browser.
- Go to Bulla Network, and click “Launch App” in the top bar
- Click “Connect Wallet” and select your web3 wallet (i.e. Metamask)
- In the top right of the app, pick RSK as your network selection. The app will automatically import the network settings into your Metamask, adding RSK to your network options.
- Press “Enter”. Now you’re in your own interface for managing your incoming and outgoing payments.
- Click “Create Invoice” to make an invoice, or create a remittance with the “Create Remittance” button.
- You will at the very least need a wallet address, an email address and an amount specification. You can add PDF files (stored on IPFS) and use tags to categorize and manage your finances.
- There’s a transaction fee of less than $0.01 to send an invoice on the RSK blockchain. When you press send, the app will trigger Metamask. At the moment of writing the gas fee is 0.00002 RBTC.
Through Bulla you can get an easy overview of which crypto invoices have been fulfilled and which ones are still open. Bulla Network helps you manage your crypto business, smoother than ever before.
RSK as a breeding ground for dapp development
No matter whether users collect NFTs as a hobby or send them as a business invoice, nobody wants to deal with high gas fees and minting costs. The average transaction on RSK costs around 0.08 USD, making it between 70 and 100 times cheaper for users to transact on compared to Ethereum.
Furthermore, RSK is compatible with Ethereum Virtual Machine (EVM), allowing every Ethereum dapp to move over to RSK without a lot of effort. It’s also quite easy to move tokens over to RSK using the RSK Bridge, which already supports USDT, DAI, USDC, RFOX, LINK, among many others. These conditions make RSK an excellent protocol to launch new dapps on.
RSK is a layer-2 solution secured by the Bitcoin blockchain. It adds value and functionality to the Bitcoin ecosystem by introducing smart contracts. In addition, it’s both faster and cheaper to operate, making it a highly desirable platform for both dapp developers and users.
What’s nice about developing on RSK is that anybody can join. The team has provided open-source product and services documentation, code templates, and tutorials to help developers and designers to get started. Dive into those resources on the RSK Developers Portal.