Butterfly Protocol (BFLY) is a blockchain-based solution aiming to decentralize domain registration. More
| Fully Diluted Valuation | $433,267 |
|---|---|
| 24H Trading Volume | $6 |
| 24H Low / High | $0.00 / $ 0.00 |
| Circulating Supply | 18.88 M |
| Total Supply | 100.00 M |
| Max Supply | 0.00 |
| Categories | NFT |
|---|---|
| Founder | Josh Robinson 2 more |
| Website | butterflyprotocol.io |
| Socials | 1 more |
| Chains | Butterfly Protocol Ecosystem |
| Explorer | Etherscan 1 more |
| Name | Pair | OG Score |
|---|
The digital realm is witnessing a paradigm shift with the emergence of Butterfly Protocol, a blockchain-based solution challenging the conventional domain registration landscape. Let's explore the core aspects of Butterfly Protocol and its potential to redefine domain ownership.
Decentralizing Domain Registration:
Butterfly Protocol stands out as a pioneering initiative aiming to decentralize domain registration. By leveraging blockchain technology, it seeks to offer users permanent ownership of their domains, thereby challenging the centralized control prevalent in the traditional DNS system.
Token Economy and Utility:
Central to Butterfly Protocol's ecosystem is its native utility token, BFLY. Running on the Ethereum blockchain as an ERC-20 token, BFLY facilitates the creation of new top-level domains (TLDs) and enables domain sponsorship. Additionally, token holders receive 15% of ERC-20 compatible tokens created with each domain, fostering community engagement.
Ownership and Control:
One of Butterfly Protocol's distinguishing features is its emphasis on granting users absolute control over their domain information. By eliminating intermediaries like domain registrars, it allows users to securely purchase and own TLDs using BFLY tokens, ensuring uninterrupted ownership.
Innovative Token Structure:
Butterfly Protocol employs an innovative token structure comprising ERC-721 non-fungible tokens (NFTs) for individual domain names and ERC-20 tokens for fractional ownership. This transparent framework enables trustless buying and selling of domains through a built-in auction site.
Expanding Ecosystem and Use Cases:
As Butterfly Protocol progresses along its development roadmap, it aims to expand its ecosystem by introducing more decentralized applications (DApps) and unlocking additional TLDs for sale. Furthermore, plans are underway to utilize the Interplanetary File Transfer Protocol (IPFS) for hosting DApps and data, ensuring robustness and resistance to tampering.
Accessing the Butterfly Protocol Network:
Accessing domains registered through Butterfly Protocol requires the installation of a browser extension or the use of the proprietary Butterfly browser, slated for future release. This alternative root system ensures compatibility while offering users enhanced control over their digital assets.
In essence, Butterfly Protocol represents a groundbreaking endeavor poised to democratize domain ownership and foster a more decentralized web ecosystem.
Butterfly Protocol revolutionizes domain ownership by utilizing blockchain technology, offering permanent ownership of domains without recurring fees, and allowing for flexible naming structures, including emojis and non-ASCII characters.
Butterfly Protocol is led by a multidisciplinary team, including President Dana Farbo, and co-founders Josh Robinson, Justin Laue, and Cortland Langworthy.
While specific backers/investors may vary, Butterfly Protocol successfully completed an initial DEX offering (IDO) on the Polkastarter platform, raising over 70 Ether (ETH) in February 2021.
