Recap of the Butterfly Protocol AMA with Blockchain Space
On Monday, May 3rd, we had the pleasure to welcome to our Telegram chat:
Josh Robinson, The founder and chief architect of Butterfly Protocol.
We asked him questions about the development of Butterfly Protocol.
Q~ Introduce yourself and your function in Butterfly Protocol, and give detailed information on Butterfly Protocol and their blockchain resolutions?
A~ My name is Josh Robinson, I’m the founder and chief architect of Butterfly Protocol. I’ve been into coding for ~25 years now! Over my career I’ve worked at startups and fortune 500 companies in many different industries. Crypto has always fascinated me though and the last 6 years have been dedicated to working in the space. Butterfly Protocol is at its root a structured naming system for the new internet. On the surface it works very much like a normal domain name system but we have several unique features such as our use of NFTs to control ownership and giving a name owner true control without yearly renewal fees.
Q~ How does Butterfly Protocol plan to achieve an uncensored-Internet with the future of decentralized system?
A~ Butterfly Protocol combines several standard decentralized technologies to create a censorship resistant system. It uses ERC-721 (NFTs) to manage domain ownership, ERC-20 compatible tokens to allow economies to be built around the domains, and technologies like IPFS & StackOS to host sites. There are many ways censorship can happen but controlling DNS is one of the main points of attack. Having decentralized naming is an important part of having a free and open internet.
Q~ With so much competitors in the crypto space, what makes Butterfly Protocol unique amidst this space?
A~ One really nice already mentioned feature is that names on Butterfly Protocol offer true ownership and don’t require yearly renewals. We also have a very flexible naming system and even allow emojis. We have several unique features like using standards and NFTs from the start. The way we structure the NFTs also provides a very cool named NFTtree that can be used for a lot of unique use cases.
QUESTIONS FROM BITCOINTALK
Q~ Butterfly is more than a replacement…It is an upgrade
This seems really interesting and i want to know why you consider butterfly an upgrade?
A~ Other projects attempt to do exactly the same thing as DNS just on the blockchain. When we approached the issue of naming on the new internet we realized there is a lot that could be done better if we didn’t limit ourselves to the way things are currently done. That includes allowing emojis natively and giving better ways to control ownership using NFTs.
Q~ Flexible Naming is one of the thing we can have thanks to Butterfly Protocol. What kind of special characters will be allowed on Butterfly Protocol? Speaking of flexibility, will re-naming be a thing on your platform too?
A~ To maintain some compatibility with standards we do limit ascii characters to a-z, 0–9, and -. However we also support UTF-8 so any emojis and international character sets. Because a token id is a hash of the name it represents you won’t be able to change the name itself.
QUESTIONS FROM TWITTER
Q~ Dapps built on blockchains have huge potential, but most of the time they still have central points of failure. So what is BUTTERFLY’s solutions to these central points of failure inorder to create fully decentralized Dapps?
A~ Ownership is managed on the ethereum blockchain and while Butterfly the company is incubating the system we have designed it so we will have very little control and by the end of 2021 everything will be locked. Hosting is another main aspect points of failure which we handle by using IPFS for static sites and for full stack apps we work with partners like StackOS to create a real decentralized and stable system.
Q~ DeFi, Staking and Yield Farming are hot topics right now in our Crypto Space, My question is, did you make this project only for the short term because of these hot topics? Do you have a long term plan for this project?
A~ Not at all! We have been working on this project for over two years now. It is a long term project and we have real world use cases. I think Staking and Yield Farming are interesting though and can provide value to a project. While we haven’t done either yet it is something to keep an eye out for.
Q~ If your powerful subname system opens up a complete ecosystem of functional subnames that can be used as the basis for games and other applications yet to be invented, does it mean that people or companies will be able to integrate with you to acquire this base for game and apps?
A~ Ownership is managed on the ethereum blockchain and while Butterfly the company is incubating the system we have designed it so we will have very little control and by the end of 2021 everything will be locked. Hosting is another main aspect points of failure which we handle by using IPFS for static sites and for full stack apps we work with partners like StackOS to create a real decentralized and stable system. I know I keep mentioning StackOS but I think the combination of Butterfly Protocol and StackOS makes for a very powerful system.
QUESTIONS FROM TELEGRAM
Q~ The main qualities expected of a DeFi project are interoperability, cross-chain interactions and providing multiple blockchains. How do you think you can achieve this?
A~ Our project handles cross chain in a unique way. Our core is going to stay on Ethereum since it has the longest track record and the most mature tech. But fully owned TLDs on Butterfly Protocol can each live on other chains meaning that we can scope different parts of our system to other chains and take advantage of all the benefits they offer.
Q~ Why butterflies? What inspired you to choose butterflies as a name?
A~ The name Butterfly comes from the Butterfly Effect or the idea that a small action can produce a large change. Every voice matters and no matter how small it should be allowed to have an impact on the world.
Q~ Can you explain what you plan to do in the coming months in terms of marketing and business development? Network, community, partnership, etc. What will you do about the issues?
A~ We have been working hard on expanding marketing such as these AMAs. We are working on several other programs like an Ambasador program and coding bounties. Partnerships are another big focus and have setup an innovation fund with 1.5m BFLY to be used for creation of fully owned TLDs, which burns BFLY, and support of new innovative companies. StackOS was the first partnership to come out of this fund and we have more lined up.
Q~ Why have you built Butterfly Protocol using NFTs as a foundation, how important is this NFT to Butterfly Protocol?
A~ Every name in Butterfly Protocol is an NFT and one of the cooler technical aspects is our NFTtree that will open up a lot of innovation for future usecases. Butterfly Protocol is built with NFTs as a core part of it’s value proposition.
Q~ Do you have a Token Burning plan to increase Token value and attract Investors to invest?
A~ Burning tokens is a main part of the way Butterfly Protocol works. BFLY tokens are utility tokens and are used to create TLDs. This is done by burning BFLY either through a community sponsored TLD which burns 9k BFLY and kicks off an auction process or a fully owned TLD that burns 100k BFLY and gives the purchaser full control over the TLD.
Q~ Is there room for staking, mining and farming ?
A~ We touched on this a bit before and while staking and farming aren’t a core aspect of our business model we think they are a great way to reward the community for doing things like providing liquidity for the project.
We have some exciting announcements coming in the next couple weeks so stay tuned!
It’s really nice having the Butterfly Protocol project in here!!!
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