![]() ![]() Further, like Bitcoin, Handshake has a fixed 2.04 billion limit on the supply of HNS that can ever be created. #NAGAOKA HANDSHAKER SOFTWARE#For example, miners running the Handshake software compete to unlock newly minted HNS tokens by solving mathematical puzzles and adding blocks to the Handshake blockchain.Īs on Bitcoin, new blocks are added to the blockchain every 10 minutes. The Handshake blockchain shares several similarities to the Bitcoin blockchain. ![]() These auctions are all handled automatically by the Handshake software. ![]() The winning bidder pays the second-highest price, using a format known as a Vickrey auction. Users must bid Handshake’s cryptocurrency, HNS, to take part in the auction. With Handshake, auctions for top-level domain names are held every two weeks. Put simply, Handshake is a system for distributing website addresses through auctions. Handshake officially launched on February 3, 2020. ![]() The rest of the HNS was allocated to the owners of the web’s top websites, ICANN and CAs, as Handshake’s creators reasoned that all parties with an interest in domain names would need an incentive to adopt their new system. Of note is that Handshake’s creators tried to jumpstart the disruption of the HNS cryptocurrency by pricing and distributing HNS tokens creatively.Īfter setting aside about 15% of HNS tokens for developers and investors, the team proceeded to give away the remainder of the initial supply, with 68% going to open-source developers. Investors received 7.5% of the initial supply of 1.36 billion HNS. A total of 67 investors took part in the funding round. These include Andreesen Horowitz, Draper Associates and Peter Thiel’s Founders Fund. The Handshake team has so far attracted $10.2 million in investment from a cast of prestigious venture capital firms. This group includes Joseph Poon, who helped to create Bitcoin’s Lightning Network and Christopher ‘J.J.’ Jeffrey, the CTO of early bitcoin startup Purse. Handshake is the product of a group of technologists with deep involvement in cryptocurrency. #NAGAOKA HANDSHAKER VERIFICATION#On Handshake, the verification that tells users whether they can trust a website would move to the blockchain, potentially creating a new way to manage one of the web’s oldest resources. The CA system also depends on ICANN to maintain a list of domains, making it subject to errors that could arise from central management. Yet, a problem with the current system is that CAs - through error or manipulation - can make mistakes in identifying a genuine website. (You can see a CA at work every time the green padlock icon appears on your browser URL bar.) On today’s web, CAs tell users whether they are connecting to a genuine website. Over time, it could help make a group of companies involved in the management of domains called Certificate Authorities, or CAs, obsolete. Since ICANN isn’t in the picture, Handshake believes it can offer an unlimited range of top-level domains.Ĭreating an alternative to a centralized entity like ICANN also has another important side-effect. Handshake seeks to replace ICANN’s role as central authority for creating and issuing top-level domains with an open auction system operated by its computing network. You may not be aware, but today, website addresses are governed by a non-profit body called ICANN, which sets standards for what letter combinations can be used after the dot in any domain (such as. Handshake is a software that aims to incentivize a distributed network of computers to operate and manage a new system for domain name ownership. ![]()
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