Handshake HNS
About
What Is Handshake (HNS)?
Handshake is a decentralized permissionless system that is intended to incentivize a distributed network of computers to operate a system for domain name ownership.
Under Handshake, every peer is tasked with validating and managing the root DNS naming zone, with the objective of providing an alternative to current certificate authorities and naming systems.
Different participants across the internet such as social networking handles and domains rely on a centralized approach. This means the systems depend on a system of honesty — and are still prone to cyber attacks and fraud.
Handshake aims to eradicate this problem by creating a decentralized internet that relies on a peer-to-peer system.
Who Are the Founders of Handshake?
Joseph Poon and Andrew Lee are the two main co-founders of Handshake.
Lee quit a job at Merrill Lynch to co-found Purse — one of the largest marketplaces for Bitcoin in early 2014. As Purse expanded, he began to explore other ways of innovating in the marketplace and investing in infrastructure.
He and Poon had been discussing the ideas underpinning Handshake for years before they co-founded the company.
Aside from developing Handshake, Poon co-wrote the Plasma Papers in collaboration with Vitalik Buterin, the co-founder of Ethereum.
Poon worked at a Big Four accounting firm before becoming involved in the crypto space, while in between jobs. He’s also the co-creator of the Lightning Network and Plasma.
Other co-founders include Boyma Fahnbulleh and Christopher Jeffrey.
What Makes Handshake Unique?
One of the most unique features of Handshake is that it is not a blockchain project looking to fully decentralize current DNS infrastructure. It is rather about decentralizing the root zone — and/or the top-level domains.
This is because apart from the root zone, the entire of DNS is already decentralized.
Handshake’s white paper states: “the Handshake naming protocol differs from its predecessors in that it has no concept of namespacing or subdomains at the consensus layer. Its role is not to replace all of DNS, but to replace the root zone file and the root servers.”
A key concept about Handshake is that it aims to decentralize or reduce dependence on the Internet Corporation for Assigned Names and Numbers (ICANN.)
ICANN was launched in 1998 as a non-profit partnership made of people across the globe, with the aim of keeping the internet more secure.
Handshake instead aims to use a decentralized application based on Proof-of-Work principles to improve the security of the internet.
How Many Handshake Coins Are There in Circulation?
The maximum supply of Handshake coins is fixed at 2.04 billion — and at present, there are approximately 355 million coins in circulation.
How Is Handshake Secured?
Handshake is secured using the unspent transaction output (UTXO) of the blockchain and uses the principles of proof-of-work (PoW) in the same way as Bitcoin.
The naming system comprises on-chain smart contract features which are known as covenants, which are intended to limit the use of future transaction output.
Where Can You Buy Handshake (HNS)?
Handshake is traded on more than a dozen exchanges. The most known exchanges for buying and selling Handshake are Bittrex, Gate.io, BigOne, MXC.com and ZB.com. Read more about how to convert fiat currencies to crypto here.
AI Analysis
What is the Handshake (HNS) cryptocurrency good for? What are its main use cases?
Handshake (HNS) is a decentralized, permissionless naming protocol that aims to replace the existing Certificate Authority (CA) system for domain names with a blockchain-based solution. Its primary goal is to create a more secure and resilient Internet ecosystem by allowing users to own and manage their domain names without the need for intermediaries. Below are some of its main use cases:
Decentralized Domain Name Registration: Handshake allows users to register domain names directly on the blockchain. This eliminates the need for traditional domain registrars, making the process more secure and transparent.
Ownership and Control: With Handshake, users have full ownership of their domain names. Instead of renting a domain from a registrar, users can permanently own their domains by holding the associated HNS tokens. This reduces the risk of domain seizure or loss due to registrar failures.
Enhanced Security: Handshake replaces the conventional CA system with a decentralized alternative. This reduces vulnerabilities to attacks, such as domain hijacking or DNS spoofing, which are common in traditional domain management.
User-Friendly Resolution: Handshake domains can be resolved using existing DNS infrastructure, making it easy for users to access websites without needing to adopt entirely new tools or technologies.
New Business Models: By allowing domain name ownership to be directly linked to cryptocurrency, Handshake opens up new business models for web developers and entrepreneurs. For example, they can monetize their domain names in innovative ways through auctions or by creating unique services tied to their domain ownership.
Integration with Web3 Services: Handshake aligns well with the growing Web3 movement, providing suitable infrastructure for decentralized applications (dApps) and services. It can facilitate domain names in blockchain-based projects, enhancing decentralized identity, and enabling better user experiences.
Censorship Resistance: Given its decentralized nature, Handshake provides a level of censorship resistance that is difficult to achieve with traditional domain name registrars, making it appealing for projects in sensitive or controversial areas.
Support for Creative TLDs: Since Handshake allows users to create TLDs (Top-Level Domains), it enables a broader range of domain name possibilities, including specialized or niche TLDs that might not be available through traditional registrars.
Overall, Handshake's decentralized approach to domain naming is geared towards providing more autonomy, security, and innovative services to users interacting with domain names in a digital world.
What blockchain does Handshake use? Is it its own blockchain or built on top of another?
Handshake operates on its own blockchain. It is a decentralized, permissionless naming protocol designed to replace the traditional Certificate Authority (CA) and Domain Name System (DNS) by allowing users to register and manage top-level domain names (TLDs) through a distributed registry. Handshake uses a unique consensus mechanism based on a modified proof-of-work approach to secure its network and manage domain ownership.
In summary, Handshake is not built on top of another blockchain but is an independent blockchain protocol specifically created for domain name management.
Is Handshake programmable? Does it support smart contracts or decentralized applications?
Handshake is primarily a decentralized naming protocol that focuses on the domain name system (DNS) rather than being a platform for smart contracts or decentralized applications (dApps). It allows users to register and manage top-level domains (TLDs) in a decentralized manner.
As of my last update in October 2023, Handshake does not support smart contracts directly like platforms such as Ethereum, which are built specifically for that purpose. Therefore, while you can use Handshake for domain name registration and management, it does not natively support the programmability features that come with smart contract platforms.
That said, the ecosystem surrounding Handshake may evolve, and there could be projects or developments that integrate Handshake with other platforms that support smart contracts or dApps. For the latest updates on Handshake's capabilities and any potential developments in its ecosystem, it's advisable to check official resources or community channels.
How fast are Handshake transactions? What is the typical confirmation time and throughput (transactions per second)?
Handshake is a decentralized naming protocol that aims to replace the traditional Domain Name System (DNS). As such, it operates differently from typical cryptocurrency networks.
Regarding transaction speed, confirmation times on the Handshake network can vary, but they generally take about 10 minutes, similar to Bitcoin, since Handshake uses a proof-of-work consensus mechanism with blocks being mined approximately every 10 minutes.
In terms of throughput, the Handshake network's transaction capacity can vary based on several factors including network load and block size, but it is generally lower than many other blockchains that are optimized for speed. Throughput is often measured in transactions per second (TPS), but specific figures for Handshake are not widely publicized because its focus is more on the domain registration process rather than high-volume transactions.
For comparison, Bitcoin's throughput is around 7 TPS, and while Handshake may have similar or slightly lower figures, the specific TPS can depend on the actual implementation and usage patterns.
In summary, Handshake generally has a confirmation time of about 10 minutes, with its transaction throughput being relatively modest compared to more specialized blockchain platforms. Always check the latest metrics and updates directly from Handshake resources for the most current data.
How much data can I store on the Handshake blockchain? Does it support on-chain data storage?
The Handshake blockchain primarily functions as a decentralized naming and domain registration system, focusing on providing a distributed alternative to the traditional Domain Name System (DNS). While it is designed for domain name resolution and management, it does not emphasize on-chain data storage like some other blockchains (e.g., Ethereum, which supports smart contracts and more extensive data storage).
Handshake does allow for some limited on-chain data storage related to domain name records, such as DNS records specifying information about the domains. However, the capacity for general data storage on the Handshake blockchain is minimal and not its primary purpose.
If you are looking for a blockchain primarily for storing large amounts of data or complex applications, other platforms with built-in smart contract and storage capabilities may be more suitable. Handshake's focus is on enhancing the DNS infrastructure and enabling decentralized and censorship-resistant domain name ownership.
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