What Is Handshake (HNS)?
Handshake is a decentralized permission-less system that is intended to incentivize a distributed network of computers to operate a system for domain name ownership. Handshake is using HNS governing token to validate transactions of data on the network.
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 Protocol – Decentralized naming and certificate authority
The Handshake HNS token is a type of cryptocurrency that uses a decentralized platform to facilitate computer network distribution. This technology utilizes a peer-to-peer mechanism that replaces the role of a third party by allowing peers to manage the DNS naming zone. This will provide users with an alternative to current naming systems and certificate authorities. It is designed to support a variety of applications, including email, instant messaging, and social networks.
Handshake token can be bought through Bittrex and Gate.io exchanges, with a minimum purchase of 10 HNS. The Handshake Protocol is used to establish connections and to authenticate clients and servers. It has four phases: server-hello packet, server-hello-end, client-exchange-key, and change-cipher suite. During the first phase, the client and server exchange protocol versions and cipher suites. When the server replies with the Client-exchange-key, the server will reply with its certificate and exchange-key. The process continues until both sides have validated that the connection is secure.
When downloading content from a website, the Three-Way Handshake is used. The client, who requests access on port 80, which serves up the website, then connects to the server. The server then opens the connection for the client, who downloads the content to their browser. The connection stays open depending on the keep-alive header. To connect to a server, the client should first authenticate with the server. Once authenticated, the server will then send the content.
A cryptocurrency whose value derives from a network of users is the Handshake Protocol. While the value of Bitcoin comes from being a costly store of value, the Handshake’s value is derived from its network of users. To make the Handshake more valuable, its incentive design relies on Metcalfe’s Law. This principle states that the greater the user base, the more valuable the network becomes. Thus, any allocation of value must benefit all participants.
Currently, the Handshake coin pairs with USDT, ETH, and BTC. With these many pairs, you can expect to see more of the other trading pairs soon such as HNS/BNB, or HNS/KCS. When you purchase Handshake tokens, make sure you choose the one that best fits your needs and your preferences.
Moreover, you can use HNS coins to buy or register domains. Handshake’s mechanism utilizes new technology ways so If you’re thinking about buying a domain, you should keep in mind that it is a relatively new technology and is still unknown.
INTERNET NAME TRANSFERS USING COINS TO PREVENT SYBIL ATTACKS
Handshake is a piece of software (and a loose consensus on agreement of the software itself). This software’s primary function is for people to come to agreement on names and cryptographic keys authorized to represent that names in a decentralized way. To do this in a decentralized way, we need to prevent a single party from claiming all the names. Therefore, a unit of account is needed to prevent that single party from claiming all names.
Handshake uses a coin system for name registration. The Handshake coin (HNS) is the mechanism by which participants transfer, register, and update internet names. The community will be able to initiate auctions and place bids for top-level domains using HNS or trade their HNS as they see fit, with differing value per name.
Therefore, Handshake allocates the majority of its initial coins towards the FOSS community with absolutely no obligation attached, as it is this community most relevant with decentralized software and tools. The goal of the initial design was to account for all possible stakeholders.
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.