Saint Kitts and Nevis, May 7, 2021 - (ACN Newswire) - Butterfly Protocol (www.butterflyprotocol.io), the blockchain-based web naming system built for the decentralized internet, today announced that it is opening up additional sponsorship options for top-level domains (TLDs), allowing anyone to create and totally control their own decentralized, token-powered ecosystem. This move compliments the original sponsorship option where TLDs can be sponsored and are controlled by the common governance contract.
The movement to a decentralized web has been accelerating recently due to highly visible censoring such as Facebook's ban on allowing Donald Trump access to posting, the takedown of the Parler social media app and the continuing restrictions on free speech by authoritarian governments. Blockchain domain systems such as Unstoppable Domains, Handshake and ENS have been paving the way for making the decentralized and distributed web accessible and Butterfly is taking that access to a new level.
As opposed to the existing platforms, Butterfly allows for the sponsorship of practically any TLD. Rather than being stuck in the confines of .crypto or .eth as TLDs, sponsors can create their own such as .token, .defi or even .trump, .biden, or .obama. As a decentralized autonomous organization (DAO), Butterfly does not limit the community to what can be created but there are measures being initiated soon to discourage the use of existing TLDs from other sources and those that are clearly trademarked.
The process to sponsor TLDs can come in two forms. The light version where anyone can go to the ButterflyProtocol.io domain panel and contribute approximately 9000 BFLY tokens to initiate the creation. Or the custom option where it requires 100,000 BFLY tokens for complete control of that TLD's domain environment. For custom requests, Butterfly support works directly with the sponsor for the creation of the TLD and the subTokens associated with that name.
To learn more about the Butterfly Protocol, the BFLY token and how to participate in the quickly evolving decentralized web, 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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Source: Plato Data Intelligence (bit.ly/2RsurmV)
Topic: Press release summary
Source: Butterfly Protocol
Sectors: Blockchain, Technology
From the Asia Corporate News Network
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