What is Butterfly Protocol (BFLY) | What is Butterfly Protocol token | What is BFLY token

What is Butterfly Protocol (BFLY) | What is Butterfly Protocol token | What is BFLY token

Butterfly Protocol aim to create a decentralized autonomous organization (DAO) that will replace the DNS system and change the economics of domain ownership. Only by incubating a DAO Registrar with its own tokens can we create a lasting self sustaining economy that can replace ICANN. This ability to remove people and governments from the central control of the Internet is paramount to create a lasting uncensored internet. What is Butterfly Protocol (BFLY) | What is Butterfly Protocol token | What is BFLY token

Butterfly Protocol aim to create a decentralized autonomous organization (DAO) that will replace the DNS system and change the economics of domain ownership. Only by incubating a DAO Registrar with its own tokens can we create a lasting self sustaining economy that can replace ICANN. This ability to remove people and governments from the central control of the Internet is paramount to create a lasting uncensored internet.

A Decentralized Name System for the New Internet

We aim to create a decentralized autonomous organization (DAO) that will replace the DNS system and change the economics of domain ownership. Only by incubating a DAO Registrar with its own tokens can we create a lasting self sustaining economy that can replace ICANN. This ability to remove people and governments from the central control of the Internet is paramount to create a lasting uncensored internet.

Not your Grandpa’s Web Naming System

The internet is changing and being used in ways the creators of the original DNS could never have imagined. With Butterfly, flexibility and expandability are at its core. It isn’t simply bolting old tech on new applications; Butterfly was made with the future in mind.

TOKEN CREATION

Each name is itself an ERC-721 token and can easily create ERC-223 tokens. This makes for a powerful token platform. A built-in name and directory make it easy to find and manage.

GITHUB REPLACEMENT

Git was designed to be decentralized. Using a tool site like GitHub made it easy to find projects, but its recent sale to Microsoft is a perfect example of how a ‘safe haven’ can quickly be taken over by corporate interests. Butterfly provides a better, freer alternative.

GAMING

The incredibly powerful sub name system opens up an entire ecosystem of functional sub names that can be used as the basis for games and other yet-to-be-invented applications.

FULLY DECENTRALIZED DAPPS

Dapps built on blockchains have huge potential, but most of the time they still have central points of failure. With Butterfly for naming and IPFS to store static assets, developers now have a way to create fully decentralized Dapps.

Butterfly is more than a replacement. It is an upgrade.

There is no point taking the existing system and just putting it on a blockchain. Butterfly isn’t merely DNS on a blockchain; it is a better name system. We looked at where the current system was lacking and what it could look like if it wasn’t held back by legacy technology. We built Butterfly to be the name system the brave new internet needs and deserves.

CENSORSHIP RESISTENT

Websites are constantly being blocked by hostile state actors. With Butterfly, your name lives on the blockchain forever and can’t be taken down.

DECENTRALIZED CONTROL

Butterfly takes control back from centralized authorities and gives it to the people who own the names.

TRUE OWNERSHIP

You found the perfect name for your site, so why should you pay every year just to keep it? Or get it taken away just because you pissed the wrong people off? With Butterfly, when you own a name, you own it forever

FLEXIBLE NAMING

With the existing system, you are limited to simple ASCII characters. With Butterfly, you can use Chinese names like 商业 and even emojis.

GLOBAL IDENTIFICATION

One name, many ways to connect. A single name can go to your website, used to send you a secure message, or link to a crypto wallet.

PROFITABLE

Not only can you sell names you own through the built-in auction site, but you can sell sub names too. With Butterfly, making money from online properties is no longer the domain of squatters.

FUTURE PROOF

Everything in Butterfly can be upgraded from how the record is stored to where it points.

SIMPLE

Install the simple browser extension and you are ready to access the new internet. There are no servers to install, and no need trying to figure out what the heck a C record is.

Every Decentralized Exchange Should Prepare for a Butterfly Protocol Integration.

Imagine having one foot in the flat world and one over the edge on the sphere we call earth. That is where we find ourselves today with blockchain and the current centralized domain management that ICANN provides. We think we are decentralized but most are straddling the gap and open to falling off one or the other.

Decentralized means unshackling from the constraints of centralized authority. With Butterfly Protocol, we can go one step further by unlocking a world that we can better control. Anyone who acquires a domain name under the domain registrars approved by ICANN only rents it for a period of time. I rent Farbo.com so that I can have personal emails and perhaps a location for a personal site. But I have to pay every year for that privilege. With the Butterfly Protocol, when I acquire a Farbo.human domain, I control it for as long as I want, and I can even put it in my will to leave to family or others.

Now let’s discuss the value for a decentralized exchange to use Butterfly Protocol. We all rely on our websites and many on GitHub, Reddit, Telegram, etc. Whoever uses these tools can be controlled by others. The DApp for a decentralized exchange like Bounce.Finance may use IPFS and create better decentralized technology for the platform but many of the non-exchange-facing information and tools are not fully controlled by the owner/renter.

With Butterfly Protocol, we can start moving toward full decentralization. Having a GitHub type repository using a .repo Top Level Domain can move past IP address blocking. Also, creating tunnels through Software Defined Networks (SDN) like NetFoundry can create trustless security connectivity to displace VPNs. Investors and Traders benefit from a more future-focused environment of Edge Computing, 5G, and connectivity nanotechnology that will be embedded in practically everything man-made in the future.

Truly, the future is in the hands of the owner of their data. Our identities and data are just the start of an enabled digital life with control provided by a decentralized domain system…Butterfly Protocol.

BUTTERFLY TOKENOMICS

The native digital cryptographically secured protocol token of the Butterfly Protocol is a major component of its ecosystem and is designed to be used solely within the network. The process starts with the circulation of 100,000,000 BUTTERFLY TOKENS which have two main purposes to start with:

  • Token owners can sponsor the creation of new TLDs

  • Token owners receive an airdrop of 15% of all ERC-20 compatible tokens for every TLD created

  • Once the BUTTERFLY TOKENS are distributed, the Governance smart contracts take over. This smart contract will own the root domain and will facilitate the creation of all future TLDs.

    Tokenomics: Click Here

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