Kriptoks

Butterfly Protocol (BFLY) is a decentralized autonomous organization (DAO) that seeks to revolutionize the Domain Name System (DNS) and transform domain ownership economics. The project's goal is to create a long-lasting, uncensored internet by removing central control from individuals and governments. Butterfly Protocol was launched in February 2021.

BFLY, the platform's native utility token, is ERC-20-compatible and built on the Ethereum (ETH) blockchain. It is used to sponsor the creation of new top-level domains (TLDs) and allows token holders to receive a 15% airdrop of ERC-20-compatible tokens created with each domain.

Josh Robinson and Cortland Langworthy are the co-founders of Butterfly Protocol. Prior to working on BFLY, Robinson co-founded YouBase and CodeCraftsmen, and was the CTO of both companies. He also co-founded BitBoss Corporation. Langworthy, on the other hand, was the chief creative officer at BitBoss Corporation and the director of mobile experience at Integer before co-founding Butterfly Project. He also founded Relish Studio.

The Butterfly Protocol's unique feature is that users can purchase blockchain-based TLDs and subdomain names. Each domain name is represented by a unique ERC-721 non-fungible token (NFT) that can create ERC223 tokens. In Butterfly's ecosystem, the term "domain" refers to a single name corresponding to a single non-fungible token. Whoever holds this token is considered the domain owner. Each domain can also be associated with a range of ERC-20-compatible tokens, representing fractional ownership.

The Butterfly Protocol also features a built-in auction platform that allows users to buy and sell names in a trustless manner without relying on centralized authorities. The platform can be accessed by installing a browser extension, allowing the browser to recognize the TLDs registered through the Butterfly Protocol. These can be bought and sold on the marketplace, enabling TLD holders to auction the domains to the highest bidder in real-time.

BFLY and subBFLY token holders can sponsor other domains, creating a TLD and allowing users to trade subdomains. With each new TLD sponsored, 10 million subBFLY are minted and distributed across the network. Of that supply, 500,000 tokens go to the sponsor, 2,000,000 go to BFLY holders, and the remaining 7,500,000 are auctioned off over the next ten days.

Unlike regular domains, users who purchase domains through the Butterfly Protocol own them permanently unless they decide to sell or trade them. There are no recurring billing fees to retain ownership, and the naming structure is flexible since the names can contain any ASCII symbols.

In conclusion, Butterfly Protocol's unique features offer a new way of looking at domain ownership and could transform the internet's economics. With its ERC-20-compatible token and built-in auction platform, the project is a promising new addition to the decentralized web ecosystem.