Butterfly Protocol AMA Recap

04 Sep 202010:08

AMA

Butterfly Protocol AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Josh Robinson, Cofunder and Chief architect

Josh Robinson

Hello everyone!

Myko (CryptoDiffer)

Welcome Josh, thank you for taking your time today!
Our team has prepared 3 questions for you to start with

Josh Robinson

Thank you for having me 🙂 I'm ready to start.

Myko (CryptoDiffer)

Okie,
Let's start with the introduction
Q1: Can you introduce yourself to our community?

Josh Robinson

My name is Josh Robinson, I’m one of the founders 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.

Myko (CryptoDiffer)

woah! that's a serious experience!
let's now move on to the project itself
Q2: Can you introduce Butterfly Protocol to us?

Josh Robinson

I'd love to! Butterfly Protocol is at it’s 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.

Myko (CryptoDiffer)

Well!
Thank you for an answer!
the last question before moving to the community part would be about goals)
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Josh Robinson

Our core platform is out and working on mainnet. We have launched a dashboard for sponsoring TLDs, participating in auctions of subBFLY, and registering domains. Currently in development are ways to manage those domains including uploading static sites that will work with our upcoming browser extension. After that our focus will be expanding on and improving the core while building partnerships like our recently announced partnership with StackOS. Since we provide a base system it is really through these additional partnerships that we will be able to add to the usefulness of Butterfly Protocol and increase adoption. That is why we created our innovation fund of 1.5m BFLY that is being used to create TLDs for partner companies and encourage new use cases to be built.

Josh Robinson

So many good questions.

Cryptodiffer Community

🟢 What is the relation between a butterfly and domains, DNS and internet? I don't understand it? What is the reason for the name of this wonderful project?

Josh Robinson

Butterfly Protocol is an alternate root so it runs along side existing domain names. We will be releasing a browser plugin that will allow it to be used in several ways including bfly://butterfly.cacoon vs http:// . We are also working with several interesting projects that will allow butterfly names to be used in other ways besides domain names.

The name comes from the concept of the butterfly effect, that even something as small as a butterfly flapping its wings can cause a huge change in the world.

Cryptodiffer Community

Do you have a Token Burni
ng plan to increase Token value and attract Investors to invest?

Josh Robinson

Burnig tokens in built into the protocol but has a purpose and isn't just to attract investors. The BFLY token is a utility token and it is used to create TLDs (Top Level Domains). When domains are created it burns the BFLY. There are currently two options. One is a fully owned TLD which burns 100k BFLY and a community sponsored TLD which burns about 9k BFLY.

Cryptodiffer Community

Explain why you chose Node.js to Enhance Your Tech Stack and on which servers your Docker containers run?

Josh Robinson

Most of our platform runs using just the blockchain, IPFS, and thegraph. We keep as much on decentralized infrastructure as possible. For upcoming services like our domain marketplace we will be using nodejs since it lets us use the same JS on the frontend and backend to be nice and consistent. Those will run on StackOS in docker where we need servers run to keep it all decentralized.

Cryptodiffer Community

Do you have a plan B, in case of a recession now, to face the sudden crypto winter and start selling tokens and exiting the project?

Josh Robinson

This is a long term project and we have planned accordingly. We have spent two years building out different parts of the core system before launching and we keep our opporating costs low so we can continue regardless of market fluxuations.

Cryptodiffer Community

Why was the Butterfly Protocol built using NFTs as a foundation? And how important are these NFTs to Butterfly Protocol?

Josh Robinson

NFTs are popular lately but we have used them from the start of our project. It is a natural fit for names since each name needs to be unique. Using standards means your Butterfly Protocol names can be used anywhere that works with the ERC721 standard like the OpenSea marketplace and many wallets.
I might be able to do one more here.

Cryptodiffer Community

In addition to your decentralized domains solution, do you plan to build a decentralized hosting system or partner with projects working in this field?

Josh Robinson

Our initial use case will be hosting on IPFS. The core tech can be used for many things, too many for us to do all of them ourselves. That is why we are partnering with projects like StackOS for full stack fully decentralized hosting and other upcoming partnerships that will show off the flexibility of Butterfly Protocol.

Myko (CryptoDiffer)

Thank you a lot for your time! We were pleased to host this AMA)

Josh Robinson

Thank you!