What is Handshake?
Handshake is a revolutionary naming protocol that operates on a decentralized and permissionless network. Its core function is to enable people to reach a consensus on names and cryptographic keys for networks. The traditional naming system on the internet relies on centralized entities that have complete control over the system, which makes it vulnerable to hacking, corruption, and censorship. However, Handshake aims to establish a new way of validating the peer-to-peer system through the participation of network users, which will make the internet more secure, resilient, and socially beneficial.
Over the years, internet services have become increasingly centralized, deviating from the original decentralized vision of the internet. The centralization of internet services became necessary to prevent security threats such as Sybil attacks and spam. Sybil attacks refer to a security threat where individuals take control of a network by creating multiple accounts, computers, or nodes. However, Handshake proposes that internet services can prevent Sybil attacks if built on a decentralized system that eliminates the presence of a singular entity for permanent unitary control of the protocol.
Handshake is designed to provide a decentralized open naming platform secured by a peer-to-peer network. The platform utilizes a coin system for name registration, with the Handshake coin (HNS) being the native token. Through HNS, participants can transfer, register, and update names on the internet. The Handshake community uses auctions and bids to allocate top-level domains using HNS.
One of the most remarkable features of Handshake is its allocation of maximum initial coins to the Free and Open Source Software (FOSS) community without any attached obligation. FOSS refers to free and open software that allows users and programmers to modify, edit, or re-use the software's source code. The incentive design of Handshake relies on Metcalfe’s Law, which states that the value of the network is directly proportional to the increase in the network's user base. Therefore, the value of Handshake is derived from the network of users.
In summary, Handshake is a decentralized naming protocol that allows for the consensus of names and cryptographic keys of networks. Its decentralized system eliminates the presence of a singular entity for permanent unitary control of the protocol, making it more secure and resilient. Handshake coin (HNS) is the native token of the platform, which participants use to transfer, register, and update names on the internet. Furthermore, Handshake's maximum initial coin allocation to the FOSS community without any attached obligation serves as a unique incentive for the growth and expansion of the network.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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