Butterfly Protocol Price (BFLY)

What Is Butterfly Protocol (BFLY)?

Butterfly Protocol is a decentralized autonomous organization (DAO) that aims to replace the Domain Name System (DNS) system and change the economics of domain ownership.

The team behind the project claims that the ability to remove central control from people and governments is paramount to creating a lasting uncensored internet. Butterfly Protocol launched in February 2021.

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

Who Are the Founders of Butterfly Protocol?

Butterfly Protocol’s co-founders are Josh Robinson and Cortland Langworthy.

Before working on BFLY, Josh Robinson was the CTO and co-founder of YouBase and a co-founder of CodeCraftsmen. He has also co-founded BitBoss Corporation.

Prior to co-founding Butterfly Project, Cortland Langworthy was the chief creative officer at BitBoss Corporation and the director of mobile experience at Integer. Before that, he founded Relish Studio.

What Makes Butterfly Protocol Unique?

Through the Butterfly Protocol, users can purchase various 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.

Within Butterfly’s ecosystem, the term “domain” refers to a single name, corresponding to a single non-fungible token. Whoever holds this token is considered to be the domain owner. Each domain can also be associated with a range of ERC-20-compatible tokens, representing fractional ownership.

The Butterfly Protocol features a built-in auction platform that allows users to buy and sell names in a trustless way 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, allowing 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. They also have a lot more flexible naming structure since the names can contain any ASCII symbols.

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How Many Butterfly Protocol (BFLY) Coins Are There in Circulation?

Butterfly Protocol (BFLY) has a maximum supply of 100,000,000 tokens, and no circulating supply data is available as of March 2021.

How Is the Butterfly Protocol Network Secured?

The Butterfly Protocol is based on the Ethereum blockchain and is secured by its proof-of-work (PoW) mining network.

Where Can You Buy Butterfly Protocol (BFLY)?

Butterfly Protocol (BFLY) can be traded on the following exchanges:

• Uniswap (V2)
• Bilaxy
• 1Inch Exchange

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