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What is Butterfly Protocol?
Butterfly Protocol is a decentralized autonomous organization, which aims to replace the DNS (Domain Name System) and the domain ownership economy. Through the Butterfly Protocol, users can purchase various blockchain-based TLDs and subdomain names. Each domain name is represented by a unique ERC-721 non-fungible token (NFT) that can create ERC223 tokens.
The team behind Butterfly Protocol project aims to provide the ability to remove central control from organizations and governments to cencor any website. This way, anywone in the world who has an internet connection can access to any website without any restrictions. Butterfly Protocol allows the internet users to participate by sponsoring top-level domains, creating web applications and more.
Within Butterfly Protocol ecosystem, the term “domain” refers to a single name, corresponding to a single non-fungible token. Whoever holds this token is considered to be the domain owner. The Butterfly Protocol features a built-in auction platform that allows users to buy and sell names in a trustless way without relying on centralized authority.