We aim to create a decentralized autonomous organization (DAO) that will replace the aging DNS system and change the economics of domain ownership. Only by incubating a DAO Registrar with its own token system can we create a lasting and self-sustaining economy that can replace ICANN.
Currently, the web is under the de facto control of ICANN, a non-profit organization, and all of the top level domains (TLDs) such as .com and .io are chosen and controlled by ICANN. ICANN then delegates the TLDs to one or more registrars like GoDaddy. GoDaddy finally has wide latitude to create their own Terms of Service. Recently some registrars have revoked domain registrations due to violations of those terms of service. The age of Internet censorship is now upon us. What was once free and open has now become a heavily regulated over scrutinized censorship machine. Power has consolidated into the hands of Facebook, Google, and Twitter. As they seek to stay on the right side of politicians and regulators, they offer up our freedoms like cheap carnival prizes. Their jobs are made nearly impossible due to the sheer vitriol and animosity on both sides of any issue these days.
In addition to censorship major corporations are now controlling vast amounts of personal data. Massive data breaches including 3 billion records from Yahoo! in December 2016, 145 million records from Equifax in December 2017 and 110 million records from Target in November of 2013 are regularly occurring. The public is becoming aware that they need to have greater control of their data, which means the need for a new, more decentralized and anonymous internet is in demand. The existing infrastructure was not designed to allow for this.
We believe that the decentralized web name system is a necessary starting point to fill this void. People need to be able to find resources within the new decentralized internet that is forming, and they will demand that the naming system remains decentralized. We believe the proper combination of blockchain technologies and P2P networks can create a system similar to ICANN without the arbitrary control and fallacies of humankind. It can be fault tolerant and censorship-resistant. However, there is no point in taking the existing system and just putting it on a blockchain. Butterfly isn't merely DNS on a blockchain, it is a better naming system. We looked at where the current system was lacking and what it could look like if it weren't held back by legacy technology. We built Butterfly to be the name system the brave new internet needs and deserves.