After Two Years in Development, Butterfly Protocol is About to Fly on with an Initial DEX Offering for BFLY

Dana Farbo
Nov 27, 2020 · 4 min read

Welcome to a New Domain,

Over the last two years, we have been developing the Butterfly Protocol to change the course of domain use and internet censorship. Butterfly offers a decentralized environment for creating new business models using domains and subdomains. We bypass the centralized control of ICANN through an interconnected peer-to-peer system set up for unlimited application development. See the Whitepaper here for a deep dive into the Butterfly Protocol.

The Token Sale Strategy

It is fitting that we launch our token sale strategy through a DEX. Because Butterfly Protocol is a DAO and once released, it takes a flight of its own. We are merely here to give it wings and nurture as a community. Our first stop is:

Presale — January 2021. Fixed-swap Pool pegged at $ .30 per BFLY based on ETH price at the opening. Up to 3 million BFLY (3% total supply)

We anticipate a Uniswap Sale following Presale — Anticipating immediately after Presale but may change slightly. Up to 9 million BFLY supported by at least 50% of ETH raised from Presale for the liquidity pool.

Centralized Exchange listings following Uniswap listing.

The Presale allows Butterfly Protocol to take off and then gain altitude using the other tactics in the token sale strategy. There is no guarantee of lift, but this process has proven successful for other token sales.

What is BFLY?

Let’s step back and discuss the impact of the Butterfly Protocol and then we will address the BFLY token. Butterfly is an alternative to creating TLD’s (Top Level Domain) such as ICANN’s .com, .org, .io, etc. However, Butterfly is built for decentralization and can blend a combination of IP and non-IP integration. IPFS (Interplanetary File System) is used to move away from an IP centric model of serving up content. Much like the Uniswap app suing IPFS, DApps can be built using a domain naming system that identifies how to get content served up that is stored on the blockchain. Again, see the Whitepaper for a more in-depth read.

Not just an idea. The Butterfly Protocol is not a concept. We have built the protocol and it will be launched to the world during the Uniswap sale. Also, we have built a functioning proof of concept to prove that it works. Butterfly Social uses our .human TLD and allows content creators to open accounts and put content on the blockchain for consumption by people who follow the author. It is a fully decentralized social media app that goes beyond the new social media apps that promise censorship resistance. It is censor-free in the context that no governing body can force content to be taken down or tagged as sensitive. The community decides what is good content by reading it and liking it. Otherwise, it fades away from view. But since it is on the blockchain, it virtually lives forever.

In this context, anything we can think of using digital data can utilize the Butterfly Protocol, even DeFi exchanges like Uniswap, Polkastarter, or Bounce.Finance. Or device identities or internal company email. The sky is the limit.

The BFLY Token is used to Sponsor TLD’s such as .human, .defi, etc., then burned

BFLY tokens are classified as utility tokens and are used to Sponsor a TLD. The initial number of BFLY tokens to sponsor a TLD is 10,000 BFLY. Once these are used to sponsor, they are burned. This is all in the contract of the token. As per the Whitepaper, the number of tokens to sponsor a TLD can go down over time. The total ever minted is 100 million BFLY of which the majority are locked up over the next 3 years.

BFLY tokens are fixed in total number minted with scarcity since they are burned on using

There will be a dynamic of value for sponsoring a TLD over time as the amount needed decreases and the price fluctuates on exchanges. However, we believe that high-value TLD’s will be in demand early and the dynamics allow for less desirable TLD’s to be sponsored later. At the same time, unique TLDs will show up such as emoji or universal images.

Top Level Domain and Subdomain Structure
Language Variations, Symbols and Emoji can be used

subBFLY tokens and additional opportunities for token sales

As per the Whitepaper and this overview deck shows, once a TLD is sponsored, it sets off a chain of events resulting in 10 million subBFLY ERC-20 tokens to be created and auctioned off. These can then be put on exchanges like Uniswap or others to acquire subdomains under the TLD.

Next Steps for Interested Participants

It is an exciting time to be in the Blockchain and Decentralized space. Collectively, we can change the world for the better. We can limit censorship and get people all over the world information, services, and products that they need and want. Join us on our official Telegram channel, visit our website, and get prepared to join us on December 10th and beyond.

Official Links

Website: https://www.butterflyprotocol.io/

Telegram: https://t.me/butterflyprotocol

Medium: https://medium.com/bproto

LinkedIn: https://www.linkedin.com/company/butterfly-protocol/

Twitter: https://twitter.com/butterflyproto

ButterflyProtocol

Butterfly Protocol is a next-generation domain name…