Thursday 6th may 2021, 11PM GMT+7
Ryan : Hi everyone and welcome to the AMA on Forum Crypto Moonlight Official Group We’re honored to host an Ask-Me-Anything session with @butterflyprotocol
I will explain a little about the AMA segment this time,
Segment 1: project introduction
Segment 2: Question Twitter
Segment 3: Live Question
Before moving on to segment 1,
could you please tell us a little about your background ?
Josh Robinson : Of course! My name is Josh Robinson, I’m the founder and chief architect of Butterfly Protocol. I’ve been into coding for ~25 years now! Over my career I’ve worked at startups and fortune 500 companies in many different industries. Crypto has always fascinated me though and the last 6 years have been dedicated to working in the space.
SESSION INTRODUCTION PROJECT
Q1, Can you explain a little about the butterfly Protocol project to our community ?
Josh Robinson : Butterfly Protocol is at it’s root a structured naming system for the new internet. On the surface it works very much like a normal domain name system but we have several unique features such as our use of NFTs to control ownership, censorship resistance, and giving a name owner true control without yearly renewal fees.
Q2, What is the main objective of the butterfly Protocol project ?
Josh Robinson : Butterfly Protocol provides an important component of the new decentralized internet. The concept is simple, provide a flexible and powerful naming system using decentralized technologies to give people a way to truly own their name and use it how they want.
Q3, Can you explain about TLD in butterfly Protocol ?
Josh Robinson : Butterfly Protocol is an alternate root to traditional domains. This let’s the community choose what Top Level Domains (like .com or .io) are created. The BFLY token is a utility token that’s function is to create these TLDs. Currently we have two options. The first is for someone to burn about 9k BFLY (it goes down daily) to sponsor a community TLF which goes through an airdrop and auction process for the subBFLY used to create domains for that TLD. The second option is a fully owned TLD which is created by burning 100k BFLY and the creator has full control over.
Q4, Binance Smart Chain is crowded in Crypto circles, will the butterfly Protocol launch it on the Smart Chain network ?
Josh Robinson : Butterfly Protocol is on ethereum mainnet currently and we will most likely keep the core on ethereum. However with Butterfly we have the ability to manage specific TLDs on other chains. So if someone creates a fully owned TLD they will be able to run that TLD on BSC or any other ethereum compatible chain.
Q5, How important is project collaboration for the Butterfly Protocol? And how many projects have collaboration with the Butterfly Protocol ?
Josh Robinson : Collaboration is important in general but it is especially important for us. Our technology enables many different use cases that are beyond our core project. Instead of trying to do everything ourselves we are focused on partnering with new innovative companies and helping them build using our technology. That is why we have created a 1.5m BFLY innovation fund to specifically support up and coming projects. For each company we partner with through the fund we burn 100k BFLY to create a fully owned TLD that is used for their project.
SESSION QUESTION FROM TWITTER
Q1, from @Kenny_kimora : There are many ways to achieve scalability, reduce costs and transaction speed of Ethereum, you are bound to face some challenges. can you share a few stories of some of the challenges faced in very briefly? and is this the first BUTTERFLYPROTO team is working on?
Josh Robinson : For Butterfly Protocol we focused on only keeping what was needed on chain. That means we use standard tokens and only use the chain to track ownership and a small pointer to the full data stored on IPFS.
Q2, from @basilbijuK1 : If you plan to create ERC-721 tokens and ERC-223 tokens, won’t users have to pay high Ethereum gas fees? And these strings are not compatible with NFT? Do you plan to integrate NFTs in the future?
Josh Robinson : The gas needed to change the information on a domain is minimal since the only thing stored is a hash pointing to the data in IPFS. In the future we plan to build out a separate data layer that makes updates to the domain free. With the data layer the only time you have to pay a gas fee will be when transferring ownership of a domain. This is normally not something that happens often.
Sorry, one more comment on the tokens. As far as NFTs go ERC-721 is the standard used for NFTs. So every domain is a NFT and can be use anywhere standard NFTs are supported. ERC-223 is a superset of ERC-20 so it adds features on top of a standard ERC-20 token but is still compatible with standard wallets.
Q3, from @g76974595 : Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
Josh Robinson : While price is an important part of a projects health it is only part of the story. The majority of our core tech has already been built and we are mainly adding interfaces and to make the system more user friendly. The project is setup as a DOA with a short incubation period where we help it grow. Long term Butterfly Protocol will run itself. Because it is a vital component of the decentralized web the real question is do you believe in the long term success of the decentralized web.
Q4, from @Mariam52833364 : Security is always the top task of projects. But lately, a lot of cryptocurrencies and blockchain have been appropriated by hackers. What security measures does your project have in place to avoid the possibility of being appropriated by hackers?
Josh Robinson : All token contracts are based on the heavily audited OpenZeppilin references contracts with the unique aspects kept in other contracts. Beyond that we follow standard security best practices using multi sig and hardware wallets.
Q5, from @ETaguebou : Would you agree with me that adoption and utility are key factors a to project’s survival and success? What’s being done to drive global adoption of amidst crypto regulations, legislation, and competition?
Josh Robinson : We are working hard to increase adoption and utility primarily through partnerships like our recently announced partnership with StackOS. Being integrated into projects makes it very easy for end users to get and use Butterfly Protocol domains.
SESSION FREE ASKING
Q1. TEHOK Jambe : What do you focus on in marketing next?
Josh Robinson : Our current marketing is focused on partnerships and growing the usefulness of our projects along with supporting the community. This means more AMAs , an upcoming ambassador program, and coding bounty program.
Q2.Montu Biri : Do you have plan B, if there is a recession now, if crypto-winter suddenly comes and everyone starts to sell tokens and exit the projects
Josh Robinson : We have been working on Butterfly Protocol for over two years now. The core platform is built and we are in it for the long run. The token itself is a utility token so our focus is building value in the system beyond the token price.
Q3.om jawo : Who are partners in your project?
Josh Robinson : So far we have announced two partnerships and have several more in the works. Our first partnership was with a sister company, Avrilar, that was founded by the president of Butterfly Protocol. It is a VR learning platform and has many interesting usecases in the works using the NFT domains to track courses.
The second is StackOS which is providing a way to create and run fully decentralized full stack applications. We are very excited about both using their project for ourself and integrating Butterfly Protocol domains into their system so users of there project can easily onboard to Butterfly Protocol.
Q4. Crazy Killer : In terms of profit, what can you guarantee to users?
Josh Robinson : We cannot guaranee any profit at all. If someone is promising profits then you should be very suspicious. What we do guaranee is that we are working hard on building something we believe in and think is an important part of the new internet.
Q5.N@r0t0 : Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.
Josh Robinson : Our team is very experienced and has been in the crypto space for a long time. As I mentioned in my intro I’ve been coding for about 25 years with the last 6 focused on crypto. Dana the president has successfully lead many companies as well and we are both open and have our linkedin profiles listed on our site.
It has been great being here and I look forward to seeing your community join us https://t.me/butterflyprotocol
Telegram Group official : https://t.me/butterflyprotocol
Telegram Channel Official : https://t.me/bproto
Twitter official Butterfly Protocol : https://twitter.com/butterflyproto
Website Butterfly Protocol : https://www.butterflyprotocol.io/
Medium : https://medium.com/bproto