Handshake

Handshake is a decentralized, open-access platform designed to motivate a wide network of computers to manage a system for domain name ownership.

In the Handshake network, each participant is responsible for validating and overseeing the root DNS naming zone. This system aims to offer an alternative to the current certificate authorities and naming systems.

Throughout the internet, various entities, such as social media handles and domain registries, usually operate through a centralized model. This setup relies on a system that assumes trustworthiness but remains vulnerable to cyber threats and fraud.

Handshake seeks to solve this issue by establishing a decentralized internet that functions on a peer-to-peer model.

The primary brains behind Handshake are Joseph Poon and Andrew Lee.

Lee left his role at Merrill Lynch to help start Purse, which became one of the biggest Bitcoin marketplaces in early 2014. As Purse grew, Lee looked into other innovative opportunities and infrastructure investments.

Lee and Poon discussed the foundational ideas for Handshake over several years before officially launching the company.

Besides Handshake, Poon is also known for co-authoring the Plasma Papers with Vitalik Buterin, who is a co-founder of Ethereum.

Before delving into the crypto world, Poon worked at a major accounting firm. He is also recognized as a co-creator of the Lightning Network and Plasma.

Other co-founders of Handshake include Boyma Fahnbulleh and Christopher Jeffrey.

One of the standout aspects of Handshake is that it doesn’t aim to completely overhaul the current DNS infrastructure through blockchain. Instead, it focuses on decentralizing the root zone or top-level domains.

This is because, beyond the root zone, the DNS is already decentralized.

According to Handshake's white paper, “the Handshake naming protocol is distinct from earlier ones because it lacks a concept of _namespacing_ or subdomains at the consensus layer. It’s not meant to replace all of DNS, but to substitute the root zone file and the root servers.”

A significant goal of Handshake is to decentralize or decrease reliance on the Internet Corporation for Assigned Names and Numbers (ICANN).

Founded in 1998, ICANN is a non-profit partnership involving people worldwide, aimed at keeping the internet safe.

Handshake, on the other hand, intends to enhance internet security through a decentralized application that uses Proof-of-Work principles.

The total supply of Handshake coins is capped at 2.04 billion, with around 355 million coins currently in circulation.

Handshake ensures security through the unspent transaction output (UTXO) mechanism of the blockchain and employs proof-of-work (PoW) principles similar to Bitcoin.

Its naming system includes on-chain smart contract elements called covenants, which are designed to restrict the future transaction output usage.

Handshake is available for trading on over a dozen exchanges. Some of the most popular platforms for buying and selling Handshake include Bittrex, Gate.io, BigOne, MXC.com, and ZB.com. Check out more information on converting fiat currency to cryptocurrency here.