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.
Coin difficulty: 1068459442.6857
Coin algorithm: Handshake
Coin network hashrate(H/s): 7762957943931219
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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.
· 65% Available to Free Open-Source Software (FOSS) contributors via a faucet
· 7.5% Pre-launch development contributors
· 7.5% Financial contributors (investors) with no lockup period
· 7.5% Certificate Authorities (CAs) and other naming corporations
· 7.5% Domain name holders
· 5% Non-profits and FOSS projects
Handshake uses a combination of SHA3 and BLAKE2b for its mining algorithm. In order to encourage mining pool support for Handshake, the Proof of Work also includes a mechanism to prevent block withholding attacks. Similar to Bitcoin, there is a target block interval of ten minutes, however difficulty adjustments in Handshake are made after each block, rather than every 2016 blocks as in Bitcoin. The initial block reward of 2000 HNS is slated to be halved every 170,000 blocks, estimated to occur every 3.25 years, until block 5,270,000 (projected around 2119), at which point block rewards cease and miners will be compensated entirely by transaction fees. This provides for an overall miner subsidy of 680,000,000 HNS. On March 5th 2020, the first publicly available ASIC miner for Handshake was announced.