BulletPay

BulletPay utilizes Pre Consensus Gateway and One Time Topup technologies to enable blockchain-native payments.

Due to the decentralization of blockchain and the weak finality of its consensus algorithms, asset transfers typically experience delays ranging from seconds to minutes. This is unsuitable for face-to-face transactions, such as daily purchases, which require instant payment confirmation.

Unlike channel technologies such as the Lightning Network, we believe that on-chain payments are more secure and reliable. Therefore, we focus on a blockchain-native approach to payments while addressing the issue of delays.

We have developed the BulletPay protocol, which combines the efficiency of centralized payment gateways with the security of decentralized blockchains. Our protocol successfully resolves the delay issue, making blockchain payments feasible for real-world scenarios.

We use Solidity to build smart contracts and Python to develop the backend.

The BulletPay system includes top-up and payment steps for on-chain end users. After a user tops up, the indexer component monitors on-chain events. Each top-up creates an account that can be used multiple times but is not rechargeable.

The top-up account can be spent with the spender's signature via the gateway. The gateway monitors the blockchain and tracks the spender's balance, allowing it to notify the merchant if the payment is successful or to reject the user before the payment processed by the blockchain. This constitutes the pre-consensus component.

Importantly, assets remain on-chain, ensuring that the gateway cannot access users' assets for any other purpose, which enhances security.