Butterfly Protocol — A Decentralized Naming System for the New Internet
Judy: These days the whole financial industry still immerses in last week’s “Short Squeeze” drama. DOGE started its performance today, forums race to express views on the following market trend and the ending of the “Short Squeeze”. However, i can feel a huge opportunity behind it. Tonight, let’s pay close attention to our AMA project — Butterfly Protocol.
We are honored to have President of Butterfly Protocol Dana Farbo with us, to give us a detailed introduction of Butterfly Protocol.
Welcome to EncryptClub, Dana Farbo. Would you please introduce yourself to the community?
Dana Farbo: It is a great day. We go live on Uniswap in about 3 Hours!!
For me,I am basically a serial entrepreneur in the technology space. I built a digital agency in New York City and sold it after 12 years in 2012 and then got into bringing leading edge technology into the mainstream including augmented and virtual reality and blockchain. I run the Butterfly business and we have built a multinational team that spans the US and Mexico, Ukraine and India. Josh Robinson is the Chief Architect and the primary person behind the building of Butterfly. He works with Eddie Quiroz to manage our various teams.
Thanks for your introduction, Dana. Here comes the first question of our AMA.
Q1：Dana, could you introduce Butterfly Protocol to us? What Butterfly Protocol is?
Dana：Yes, Butterfly Protocol is a complete naming system for the new internet. The first use is as a Domain Name environment starting with Top Level Domains (TLD) and subdomains. Like .com or .org, we have built a system that gets away from centralized control and provides the ability to acquire a domain like danafarbo.HUMAN. We use blockchain and distributed/decentralized technology such as IPFS (Interplanetary File System) to point to and store content.
This allows us to create any number of decentralized apps using the naming system. One big difference is that with Butterfly, you can buy a domain and own it forever. There is no central “authority” standing between you and the ownership because it is registered as a nonfungible ERC 721 token. You could even sell it or rent it out yourself.
After domain naming, Butterfly can also be used to identify anything, even physical parts and goods so that they are registered in an immutable ledger and not prone to centralized manipulation. Butterfly started as a way to track wine as an investment so that investors would always have access to a certificate of ownership.
Again, the domain name environment is just the start, but it is huge in that billions of dollars are spent every year registering and reregistering domain names. We are disrupting that system to put the control in the hands of the people.
Q2：As a decentralized naming system for the new internet, what’s the difference between Butterfly Protocol and other blockchain based naming systems like Handshake?
Dana：There are some similarities to the new environments around naming but there are also numerous differences. First, once you register a domain such as danafarbo.HUMAN, you never have to pay for it again. With Handshake, there are some issues with how you renew, when you renew and how much it costs you to renew. With Butterfly, you can’t lose your domain because you forgot to update your credit card or did not have enough native tokens. You acquire it once and it is yours to what you want with it. It is also and ERC-721 token so you can sell or trade it like an asset.
Also, we allow anyone to sponsor any Top-Level Domain (TLD) so we are limiting to certain domains like .crypto. I can sponsor .dana if I want to.
Then it is the ecosystem of DApps that you can build using an integration of Butterfly. We go beyond just a naming convention and help build a community and set of DApps that add value long term. And we engage the community by having them participate in the subdomain subBFLY’s that come with each TLD.
Q3：What is the further development pan of Butterfly Protocol? What benefits and convenience can users gain from it?
Dana: We took the approach of Build First, then Market. We are ready to go with Domain name sponsorship on our platform. Some events that will soon happen
· Mainnet for sponsorship is launched — January 2021
· Social Media app Butterfly Social Beta launched — January 2021
· Auction UI and UX refined and ready for use — February 2021
· Public sale of BFLY tokens and exchange listing — February 4th, 2021
· Platform Partners expanded starting in February 2021
· Butterfly Social released to widespread use — Q2 2021
· New DApps for decentralized repositories, trust ID and others begun Q2
This is just a start. You will see lots of events happen over the next year as we integrate more technologies and support into the ecosystem. We are excited about what we can do with Polkadot and others. We are also happy to be working with Polkastarter on our public sale.
Q4：It is a bold attempt to fully decentralize the naming system for the new internet. In you opinion, how will the extension of DeFi Ecosystem facilitate the implementation and application oriented projects like Butterfly Protocol?
Dana：It is the ability to create new DApps that use Butterfly for pointing to the storage of data on the decentralized web that really sets us apart. We have been building Butterfly Social as a first example of what can be done to act as a new social media app. Again, you can store your content and be free from the threat of someone canceling your account. You are still responsible for the content and if you break laws, it is likely the legal system will catch up with you, but they can’t just shut you down like they can with a centralized system.
For the DeFi ecosystem, we believe that every exchange and every DeFi project should protect itself from the risk of censorship and business interruption by having a parallel environment on the decentralized web. If they are using Amazon Web Services or Google or Alibaba for hosting, there is a risk that they can be shut down. Or by using the .IO or any centrally controlled domain name and DNS, there is risk. We can help mitigate this risk by providing the way to have a co-existing environment using Butterfly that can be switched on if needed. We can bridge these worlds to back up data and have it at the ready.
Q5：Butterfly Protocol also put forward DAO governance model, what the role of Butterfly Protocol token in the DAO model?
Dana：With a DAO, we create it and then it is self-governed. If it needs to be upgraded, there is the opportunity to fork it. Our role is not to manage it but much like a butterfly emerges from the cocoon, we aim to set it free. That said, we then help build the DApps that use it and really maximize the value of the entire ecosystem.
Judy：Here comes the free QA session and community members can raise questions about the project freely. Please choose 1 lucky question to give a brief reply.
User1: How will you generate revenue in the long term?
Dana: We generate revenue in 3 ways. We sell the BFLY and subBFLY tokens for sponsoring and buying domains. We have consulting services for those who want to explore this space and we do development for companies that need that part.
User2: What’s your token economics and its use cases?
Dana: Great question. There are 2 types of tokenomics. The sale dynamics and the long term use and burn of the tokens. Let me share the latter. BFLY tokens are used to sponsor TLD (top level domains). About 10,000 are turned in for each TLD. They are then burned and 10 million subBFLY are release to the community and for sale. Read about it on our website as this is a huge opportunity for long term value.
Judy_Host of EncryptClub: Thanks to Dana for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.
