SAINT KITTS AND NEVIS, Feb. 24, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire) - Butterfly Protocol (www.butterflyprotocol.io), the blockchain-based web naming system built for the decentralized internet, today announced that it is opening up sponsorships for its top-level domains (TLDs), allowing anyone to create their own decentralized, token-powered ecosystem. TLDs will be sold on a first-come, first-served basis using Butterfly’s BFLY tokens.
Subdomains will be purchased using subBFLY tokens, and BFLY and subBFLY will be sold on decentralized exchanges to provide access and liquidity. Top Level Domains (TLD) are represented by a single ERC-721 contract called “RegistryToken” on the Ethereum blockchain. When the TLD is created, a supply of ERC-20 tokens are also created to be used for purchasing TLD subdomains.
“TLDs are now live and available on Butterfly. This is a key step in providing an alternative for acquiring domains rather than using the few gatekeepers of the centralized web, such as GoDaddy, Google Domains, and Bluehost. One major difference is that once you acquire a domain, you never have to pay for it again,” said Dana Farbo, President of Butterfly Protocol.
Butterfly is also currently working with BFLY holders to encourage sponsorship of TLDs with incentives and selected promotions. Sponsors will benefit in multiple ways including receiving 500,000 of the subBFLY per domain sponsored.
Unlike the root name servers of ICANN’s centralized DNS, Butterfly Protocol’s Decentralized Autonomous Organization (DAO) allows anyone to suggest, sponsor, or bid on the creation of new Top-Level Domains (TLDs) and receive a share of tokens associated with the name, which they can use to create subdomains, or DApp ecosystems without third-party oversight.
To learn more about the Butterfly Protocol and the BFLY token, please click here.
About Butterfly Protocol
Butterfly Protocol is a blockchain-based web naming system built for the decentralized internet. Butterfly’s Decentralized Autonomous Organization offers a registry platform that allows people to purchase top-level domains using cryptocurrency in the form of its utility token, BFLY. Butterfly Protocol uses blockchain technology to create a system similar to ICANN without centralized control. Butterfly Protocol allows anyone to suggest, sponsor, or bid on the creation of new top-level domain names, and receive a share of the tokens associated with the name, which they can use to create subdomains and continue growing the decentralized web. Along with domain names, Butterfly allows for each domain address to be used for several unique functionalities, including cryptocurrency transactions, messaging, and social media.
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