Bulleon Platform
To achieve a seamless integration of all its services into a single active platform, Bulleon is kick starting the app development phase to give users ease of access to all the brand’s amazing services from the comfort of their homes, offices or on the go. With the Bulleon app, users can sync across devices and perform different activities on the system with real-time access to the crucial information they need.
Purpose of the Bulleon App
Among other things the Bulleon app serves the following purposes for users and the platform:
- All-in-One Service: All Bulleon crypto services are offered in one unified UI
- Security: All data is encrypted in the app before it is sent to the network
- Privacy: Data presented in the app is cleaned from any form of personal information identifying patterns
- Simplicity: Simple interface abstracts Bulleon network’s complexity for the everyday user.
- Sell Functionality: Users can choose to selectively sell anonymized data to trusted entities in return for Bulleon tokens
Key Elements of App Development Phase
Mobile App UX Design: End users do not need to interact with complicated wallets because Bulleon provides a simple to use cross-platform mobile and web app with UI and UX that represents the best creativity in the business
Service Backend Development: Here we are developing API plugins, Bulleon engine optimization, and UI connectivity. This involves developing a Sidechain Support functionality (explorer and security) which allows users to inspect the blocks, transactions, and account balances of any sidechain. This will provide a consistent, transparent, and easy to access viewpoint of each sidechain to all users. This also involves implementing validated hashes of individual sidechain states, at configurable checkpoint intervals to ensure there is some basic validation of sidechain integrity, and provide payback to the parent network.
Smart Contract Support: Smart contracts are an interesting concept for many different use-cases, and we believe it would be extremely interesting to implement a smart contract VM natively into the Bulleon App SDK. In the future, Bulleon can decide which smart contract languages it wants to support, or if it can even develop JavaScript smart contracts on its own.
App Integration with other platforms: With this, Bulleon guarantees users an SSL-protected transaction environment so that they can rest easy about the safety of their funds and personal information.
The Bulleon App Models
The models for both web and mobile operating systems are explained below.
Mobile OS
The mobile-first approach is the mantra for tech and indeed most online businesses today. No organization can ignore the increasing use of mobile apps to engage their user and increase brand loyalty. As a result, Bulleon’s approach is to use the most pragmatic and cost-effective mobile app development model to achieve our goal. To this end, the team has decided to build on the React Native mobile app development model. Our preference for this is based on the following calculations:
- It’s an All-in-One Cross Platform Model. This eliminates the hassles of having to write separately for Android, Windows and iOS apps on different platforms. With React Native we can write all of them in one place and save a huge chunk of time and budget.
- Easier Transition from Web to Mobile: React Native functionality provides a smooth UI that makes it easier to transition into mobile development from a web background.
- Powered by JavaScript — That’s one language to rule all.
- Ability to quickly push updates directly to a published app — bypassing the app store review process and timeline.
Additionally, the number of top-level businesses (including Facebook, Walmart, Airbnb, etc.) who have leveraged on RN’s model also validates its usefulness, maturity, and stability.
Web OS
For the complete implementation of the project, it is critical to developing an exchange application that is web-based for the most optimal user experience. Like the mobile process, the web experience is optimized for both Windows and Mac operating systems using Electron software. The idea is to create a seamless cross-platform user experience on the Bulleon ecosystem with an embedded API via a backend service that both iOS and Android devices can use. This will allow for the creation of accounts, request for deposits and transfers, cryptocurrency to fiat exchange proxy APIs and management of bank accounts.
Afterward, a backend portal will be implemented into the exchange application, which will allow the user to modify the information on his profile.
Having carefully analyzed cryptocurrencies and their growth in relation to fiat money, we concluded that this market lacks lending vehicles. The most popular way to get a fiat currency for a digital asset is to sell the asset on the exchange. This is economically unfeasible, since the value of cryptocurrency can significantly increase literally within a week, after which the holder will lose an impressive amount. The Bulleon project offers an alternative. Using our system, a cryptocurrency holder can get a loan in fiat money on the security of his/her digital asset.
Before the end of the loan period, the security deposit will remain in the protected Bulleon system. Once the loan and the interest are paid within the agreed period, the pledged asset will be returned to the borrower in full. The Bulleon platform will provide an opportunity to instantly issue our internal virtual or plastic payment card (read more: Bulleon International Debit Card). Using Bulleon International Debit Card, you can make payments around the world wherever debit card payment is enabled. It is convenient and beneficial, as the user of such services does not pay additional fees. Besides, the platform users will be able to order a debit card with worldwide delivery. Borrowers will be able to instantly receive credit funds in the fiat currency or use it depending on their needs — cash out funds in ATMs, pay through terminals, shop online.
Compared with traditional financial institutions that issue loans, Bulleon has many advantages. In the traditional collateral scheme, the lender is forced to do a huge amount of work to secure the deal: maintain a credit center that verifies the borrower’s solvency, arrange the collateral assessment, transfer and store the borrowers’ assets.
It may seem that the lender’s work should not be of interest to the borrower. However, one should remember that all costs are included in the interest rate, which results in a rise in the loan price. Bulleon solves this problem. Our system guarantees repayment of funds in full together with interest for using the loan and dispenses the lender from additional actions and risks. Consequently, the borrower will receive the lowest interest rate and will not spend time on signing papers, going to the bank, waiting in a line and carrying out the property assessment.
There is no need for a credit centered on this approach. This gives advantages to both parties in the deal: the lender does not need to independently assess the risks; the borrower receives a loan regardless of the credit record. In the traditional system, one needs to have a sufficiently solid startup capital and know the subtleties of the profession to become a successful lender. Bulleon allows absolutely any individual or legal entity that has fiat funds to become a lender, and it assumes risks associated with the loan repayment. A user who offers to lend funds sets the interest rate, amount of the loan and its term on his/her own, and our system seeks the borrower in the database, who is interested in such terms.
Key Features
1. A Peer-to-Peer Lenders Platform: Using our system, a cryptocurrency holder can get a loan in fiat money on the security of his/her digital asset. Before the end of the loan period, the security deposit will remain in the protected Bulleon system.
2. Secured Lending: Once the loan and the interest are paid within the agreed period, the pledged asset will be returned to the borrower in full.
3. Instant Disbursement: The Bulleon platform will provide an opportunity to issue our internal virtual or Bulleon International Debit Card instantly
4. Transparent Internal Ecosystem: Borrowers will be able to instantly receive credit funds in the fiat currency directly to the Bulleon account or use it depending on their needs — cash out funds in ATMs, pay through terminals or shop online.
Advantages Over Traditional Loan Schemes
The overriding benefits include:
1. Fast Response: With Bulleon, anyone can borrow and lend almost instantaneously without unnecessary friction from banks and government regulations.
2. Flexible/Customized Interests Rate: You can crowdsource your loans from lenders around the world powered by a Bitcoin economy by choosing an interest rate which you can afford.
3. No Processing Charge: There is no processing fee charged to the borrower or lender for this.
4. A Win-win for Lenders and Borrowers: Through this system, lenders get profitable interest rates, and borrowers can borrow cheap loans, all thanks to the power of Blockchain’s speed and Bulleon’s quest to offer a cheaper alternative.
Risk Management and Assurance
Apart from the protection that comes with the flexibility of interests rates, open access to information about users and direct choice of interests between peers, all loans on the platform are protected by Buyback and Default guarantees, which allow users to have full control over your finances at any given time. Through Buyback, the platform obliges itself to buy back the investment in 1 single day in case the clients wish to stop investing.
Default Guarantee is activated when a borrower is late with the payment for more than three days. Bulleon will cover all late installments with digital assets held by borrowers.
more info- https://bulleon.io/