On January 20th 2021, our community had a chance to welcome Dana Farbo - President of Butterfly to join in an AMA to give fruitful information about some key features and roadmap of Butterfly Protocol.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA session, the representative of Butterfly went live to greet the community and introduce in detail Butterfly Protocol - A decentralized name system for the new Internet. It aims to create a decentralized autonomous organization (DAO) that will replace the DNS system and change the economics of domain ownership.
Time: 20:00 PM (UTC + 7) on Wednesday, January 20th, 2021
Airdrop 100 USDT for members with the best questions in the AMA.
Below are some main points of this AMA session:
PART I: INTRODUCTION OF BUTTERFLY PROTOCOL
Question 1: First, could you please introduce your team and Butterfly Protocol? Tell me some features that make Butterfly excel other projects.
Mr. Farbo: I am basically a serial entrepreneur in the technology space. I built a digital agency in New York City and sold it after 12 years in 2012 and then got into bringing leading edge technology into the mainstream including augmented and virtual reality and blockchain. I run the Butterfly business and we have built a multinational team that spans the US and Mexico, Ukraine and India. Josh Robinson is the Chief Architect and the primary person behind the building of Butterfly. He works with Eddie Quiroz to manage our various teams.
At Butterfly, we took the approach to build the technology first, and then start to work with partners. All the work was done in-house to this point and significant resources have been spent. We are now working with ecosystem partners and those will start to be announced soon. Features include te ability to have your own domain, forever, without paying again and to be able to build a complete ecosystem underneath that domain that you completely control.
Question 2: Thank you for the detailed introduction. Now please share with us some new upcoming events, as well as big partners Butterfly Protocol has been working with during its development period.
Mr. Farbo: Some events that will soon happen
• Mainnet for sponsorship is launched – January 2021
• Social Media app Butterfly Social Beta launched – January 2021
• Auction UI and UX refined and ready for use – February 2021
• Public sale of BFLY tokens and exchange listing – February 4th, 2021
• Platform Partners expanded starting in February 2021
• Butterfly Social released to widespread use – Q2 2021
• New DApps for decentralized repositories, trust ID and others begun Q2
This is just a start. You will see lots of events happen over the next year as we integrate more technologies and support into the ecosystem. We are also excited about what we can do with Polkadot and others.
We are now working with ecosystem partners and those will start to be announced soon. A sister company, AVRILAR is building VR and AR Learning Management solutions and we are integrating Butterfly for personal data ID and management. As mentioned, other partners will be announced soon. Our goal is to have many partners focused on building their own DApps that integrate Butterfly as a naming convention. As such, our tech will be open for those partners to use.
Crypto Family: Thank you. Can't wait to see next big steps of the project.
I believe all the members here would love to hear more about the project, and they have many questions submitted to our Google form and Twitter as well.
Part 2: PRE-COLLECTED QUESTIONS FROM GOOGLE FORM AND TWITTER
Question 1. Now, the token launch process is easy, but to develop the ecosystem, stabilize prices, expand the market is a challenge to every project. So what are your team's first steps towards solving this problem? What is your plan to maintain token price & supply in the market? @CLbhuwana
Mr. Farbo: This is a great question. And I agree that creating hype around an idea can be done regardless of what the product is. But we built first rather than hype first. We will launch several Top-Level Domains in February that support ongoing and new work with DApps and project ecosystems. In the end, it is about building a business, not a shell game. For token supply, it follows the demand of the token. To sponsor a Top Level Domain like .HUMAN, it takes approximately 10,000 BFLY tokens and they are burned upon sponsorship. So, for every 100 TLD’s that is 1 million tokens that leave the supply forever. We replace those out of a burn pool.
Question 2: Do token holders have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project? @soundslikesharksfightingg
Mr. Farbo: At this time, we do not have governance options for token holders but all owners are automatically staked for when a new TLD is sponsored. When people or groups sponsor a top-level domain, this sponsorship creates a series of events to happen. For example, if someone sponsors .DEFI, 10 million subBFLYs tokens are created specific to that TLD. Of these, the sponsor gets 500k, the holders of BFLY get 1.5 million distributed as prorated against ownership and an auction for 8 million is automatically opened up that last for 10 days. At the end of the auction, the buyers are distributed their percentage based on the total raised. Imagine hundreds of TLD’s being sponsored and all the subBFLYs that get distributed and are able to be traded. People use these subBFLYs for buying domains.
So you can see, holding BFLY tokens comes with a lot of rewards. We actually predict that the downstream value of the subBFLYs tokens will grow exponentially and be more valuable than the BFLY tokens. Just think if you owned a portion of the proceeds for every .com or .net domain that got created. It is enormous.
Question 3: Marketing is an essential factor for the sustainable development of each project. What strategies does Butterfly Protocol have to bring this quality and potential project to Vietnamese users? Is there any Vietnamese community for news update and discussion? @Willis_00
Mr. Farbo: Ongoing support is critical. This also means that we listen to the community. We will announce after launch all the various groups we work with. Vietnam and the community will be a large part of our focus as we have seen tremendous support there.
Question 4: Can anonymous transactions be performed on the Butterfly network to hide transaction details to help protect the confidentiality of user information and tokens? @Prettyboy071
Mr. Farbo: We provide the infrastructure for naming. The DApps such as our social media app, Butterfly Social control how information is used. We believe that all data is owned and that the owner has the control and responsibility for it. You create it, you own it and you are responsible for it.
Question 5: What is your plan for global expansion? At present, which market does Butterfly focus on, and what feature is it focusing on to to gain users, investors and partners? @QuyenCao11
Mr. Farbo: We are a DAO and global expansion is at the center of what we do. We don't limit to a geography but rather a use case. So, if a partner in Vietnam wants to participate, we will embrace and support.
Crypto Family: We are so thankful for that.
That is alo the end of Part 2, now I will unmute the chat for 2 minutes so that all members here can raise their questions for Butterfly project. Please choose 5 best questions out of them and answer directly in this Group.
PART 3: FREE-ASKING QUESTIONS
Question 1: Internet censorship is an issue that is gaining more ground than ever before. How will Butterfly Protocol help create a censorship-resistant environment and facilitate freedom of expression? What will you do to bring Internet activity completely under my control? @JesusFre1tes
Mr. Farbo: This is at the core of our business. We created Butterfly Protocol to get away from the central control organizations, businesses or countries have over us. You are still responsible for your content but these organizations won't be able to randomly take you down or use a formula to determine if you should be censored or not. We give the control back to the people.
Question 2: What's the focus of the BUTTERFLY now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold $ BUTTERFLY tokens? control flexibility, cost and security? @chaiuzbui
Mr. Farbo: Butterfly's focus is to build a sustainable business and we are well on that path now. Tokens get burned as they are used to sponsor a TLD. It is a finite supply so we have estimated how many TLD's can be sponsored before they are gone. But the subdomains and the businesses that can be built under that is endless.
Question 3: Do you plan to build partnerships with local cryptocurrency developers and local project in each country to make the use of the token more global? @Jakechan_N
Mr. Farbo: Yes - this is critical for our future. We want global distribution of partners and we will help them. We will have a Labs part of our business to support and provide paid for solutions so that groups and devs can rapidly create.
Question 4: Most investors focus only on the token's price in the short term instead of the real value of the project. Can Butterfly tell me the benefits for long-term investors? @linhtiud
Mr. Farbo: Thanks - the token's main benefit is to be used to sponsor TLD's. As discussed above, they are then burned. We are focused on the long term business of building value for the users of the DApps that are in our ecosystem. With that success, the token price can naturally be supported. The short term is all in the eye of the market. We believe we have put in the strategies to have a well supported token at launch and yet, that we be somewhat beyond out control. But the business side is in our control. That is how we support long term.
Question 5: What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community? @Am_kar98
Mr. Farbo: This again is to work with influencers but also to become part of the community. With success, we will have ambassadors in each of our primary countries and Vietnam is at the top right now. Thanks to you.
Crypto Family: We are so excited to hear more about this quality project. But I am afraid the time is up now, also Mr. Farbo has finished all of his answers in this AMA session. Thank you so much for taking your time today , and thanks for many good questions from our community ❤️
For all of the questions that have not been answered yet, feel free to search for more information on the links provided below: