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. Butterfly Protocol and the XDC Network announced that the Butterfly Protocol blockchain domain system will be used for an XDC blockchain-specific domain system.
Blockchain registry system will be created
Through a grant from XinFin, a blockchain registry system will be created that allows developers and users of dApps to register domains and use a growing set of open-source tools to develop a standardized URL path to data and processes. In addition, to access dApps built for the XDC blockchain, the initiative will create human-readable wallet naming and the opportunity to create single sign-on access across the dApp ecosystem.
Dana Farbo, Partnership Lead for Butterfly Protocol and founder of Avrilar Inc. stated that,
“We are excited to be an XDC Network partner. The Butterfly Protocol will be used for creating blockchain top-level domains (bTLD) with a blockchain that is known for scalability, stability, and very low transaction costs. This advancement will accelerate decentralized web usage.”
As an enterprise-ready, hybrid blockchain, the XDC Network is well-positioned to bridge legacy systems with blockchain technology, enabling institutions to take advantage of blockchain’s innovative use cases.
File storage is improving
The XDC Network is EVM compatible, allowing seamless interoperability with Ethereum, and offers advanced smart contract capabilities for enterprise use cases, including asset tokenization and decentralized finance. The network is receiving increased interest from institutions looking to keep pace with rapid fintech disruption.
Blockchain domains are rapidly gaining acceptance as the world moves toward Web 3.0 with a growing decentralized internet and distributed computing environment. In addition, file storage is improving with hybrid cloud and local nodes providing a more robust infrastructure to handle data-driven societies’ demands. Naming systems for the decentralized space allow for ease of use and access while providing additional layers of security for fraud prevention.