Handshake (HNS): Expanding Crypto Knowledge

Handshake (HNS): Expanding Crypto Knowledge

It’s not the handshake itself that’s important, but what it represents. Handshakes have been around since the beginning of time, and they’re a gesture that people use to show trust, respect, and friendship. In the business world, a firm handshake is often seen as a sign of confidence and professionalism.

In the world of cryptocurrency, Handshake (HNS) is also one of the most important gestures. It’s a decentralized, open-source protocol that’s designed to improve the security and censorship resistance of the Domain Name System (DNS). In this article, we’ll take a look at what Handshake is, how it works, and why it’s an important part of the cryptocurrency ecosystem.

What is Handshake?

Handshake is a decentralized, open-source protocol that’s designed to improve the security and censorship resistance of the Domain Name System (DNS). The protocol achieved this by using the cryptocurrency HNS (which is short for Handshake) to create a decentralized, permissionless naming system that’s resistant to censorship.

The Handshake protocol was first proposed in 2017 by Joseph Poon and Tadge Dryja, the co-authors of the Lightning Network white paper. The protocol was later implemented by Blockstack, a New York-based startup that’s building a decentralized internet.

In 2018, Blockstack held an initial coin offering (ICO) to raise funds for the development of the Handshake protocol. The ICO raised $52 million, making it one of the largest ICOs at the time.

How Does Handshake Work?

Handshake is a decentralized system, permissionless naming protocol where anyone can register or resolve names. The Handshake blockchain is a new public decentralized root DNS – replacing ICANN and existing Certificate Authorities. Handshake improves security, censorship resistance, privacy, and decentralization of the web.

The protocol uses a novel consensus algorithm called Proof-of-Work Linkage (PoWL) which allows for decentralized mining without specialized hardware. Handshake is also the first application of Zero-Knowledge Proofs (ZKP) in a production cryptocurrency system.

Digital currencies are currently intermediated by centralized exchanges, Handshake aims to provide a decentralized solution for exchanging cryptocurrency without the need for a third party.

In addition, Handshake can be used to create fungible and non-fungible tokens which represent assets or rights on the Handshake blockchain.

Advantages of Handshake (HNS)

There are a lot of advantages that you can observe in Handshake.

Here are some of them:

  • Highly Secured: Handshake is a highly secure system. It makes use of Zero-Knowledge Proofs to keep the network secure from malicious actors.
  • Censorship Resistant: Handshake is censorship-resistant. This means that no single entity can shut down the Handshake network.
  • Privacy Focused: Handshake is privacy-focused. It does not require users to reveal their identity in order to use the network.
  • Improved User Experience: No third party is needed to use Handshake. This makes it a very user-friendly protocol.
  • Fungible and Non-Fungible Tokens: Handshake can be used to create both fungible and non-fungible tokens. This makes it possible to represent assets or rights on the Handshake blockchain.
Disadvantages of Handshake (HNS)

There are also some disadvantages that you need to take into consideration when looking at Handshake.

Some of these disadvantages include:

  • Lack of Awareness: Handshake is still a relatively new project, and it lacks awareness in the cryptocurrency space.
  • Low Adoption: Handshake has low adoption. This is due to the lack of awareness and the fact that it is still a relatively new project.
  • Bad Actor Problem: Handshake has a bad actor problem. This means that there are individuals or groups who can take advantage of the network for their own personal gain.

These are the advantages and disadvantages of Handshake that you need to take into account. Overall, Handshake is a promising project with a lot of potential. However, it is still a relatively new project and it needs more time to develop.

Handshake Tokens

Handshake tokens also called HNS tokens are the native tokens of the Handshake network. The total supply of HNS tokens is 2.04billion and the circulating supply is 355 million.

HNS tokens are used to pay for registration and resolution of Handshake names. They are also used to create and mint new Handshake names.

There are two types of Handshake tokens:

  1. HNS token: The HNS token is the native token of the Handshake network. It is used to power the network and incentivize users to participate in the network.
  2. HSK token: The HSK token is a utility token. It is used to pay for Handshake’s decentralized DNS services.

The Handshake network is a cryptocurrency market only. This means that you can only buy and sell Handshake tokens on cryptocurrency exchanges.

Fungible Tokens

Fungible tokens are tokens that represent a unit of value. They can be traded on cryptocurrency exchanges and used to purchase goods and services.

If the crypto market is a stock market, then fungible tokens are like shares of stock.

Non-Fungible Tokens

Non-fungible tokens are tokens that represent a unique asset. They cannot be traded on cryptocurrency exchanges and can only be used to purchase specific goods or services.

The difference is, non-fungible is more like a certificate of authenticity for a work of art, rather than a share in a company. If the crypto market is a stock market, then non-fungible tokens are like bonds.

Handshake Use Cases

The fungible and non-fungible tokens make it possible to represent assets or rights on the Handshake blockchain.

Some potential use cases for Handshake include:

  1. Decentralized Domain Name System
  2. Identity Management
  3. Supply Chain Management

The root DNS naming zone helps to keep the internet secure and decentralized.

Cryptocurrency transactions

To participate in the Handshake networks, you will need to pay a small transaction fee. These fees go to the miners who power the network.

The Handshake network is powered by a decentralized network of computers. These computers are called “miners”. Miners are rewarded with Handshake tokens for their contribution to the network.

To buy Handshake tokens, you will need to use a cryptocurrency exchange. Currently, the only way to buy Handshake tokens is with Bitcoin (BTC).

To sell Handshake tokens, you will need to find a buyer who is willing to pay the price you are asking for. You can find buyers on cryptocurrency exchanges or online forums.

When buying or selling Handshake tokens, you will need to pay a small transaction fee. These fees go to the miners who power the network.

Handshake Naming Systems

There are various types of naming system Handshakes that are used for different purposes.

Here are the list of the naming system Handshakes:

  • Handshake (HNS): A cryptocurrency.
  • Handshake Authority (HNSA): The organization that manages Handshake’s root zone file.
  • Handshake Registrar (HSR): An entity that sells Handshake names.
  • Handshake Resolver (HSRV): A DNS server that resolves Handshake names.
  • Handshake Service Provider (HSP): An entity that provides services related to Handshake, such as hosting Handshake domains or offering Handshake-related products

These are the important Handshakes in the Handshake Ecosystem.

Handshake Price

Crypto market data shows that the Handshake price is currently $0.067279 and has a market cap of $34,418,577.15 and this has the potential to grow in the future.

Bitcoin accounts for 50% of the cryptocurrency market share, Ethereum at 19%, and Handshake constituting a mere 0.48% currently. This suggests that there is significant scope for Handshake growth in the future as it gains more mainstream adoption.

Bitcoin miners currently receive 12.5 BTC per block as a reward for their efforts. Handshake, on the other hand, will airdrop 8% of its total supply to Bitcoin miners as an incentive to switch to mining Handshake blocks. This should help Handshake attract more hashpower and make it more decentralized than Bitcoin.

Handshake (HNS) Partnership

Handshake team in participation to the blockchain project, Handshake team is excited to announce a new partnership with Opera Browser.

This partnership will allow Handshake (HNS) owners to use their Handshake (HNS) cryptocurrency in the Opera Browser dApp store.

With this partnership, Handshake (HNS) becomes the first cryptocurrency native to the decentralized web that is accessible to users of the mainstream Opera browser.

The Handshake team views this as a major step forward in the Handshake project’s mission to decentralize the internet.

Handshake (HNS) Roadmap

The digital asset and crypto-assets Handshake (HNS) has set out an ambitious roadmap for 2020-2022.

The global economy is in the process of a major shift, with digital assets and cryptocurrencies rapidly gaining mainstream adoption. Handshake (HNS) is positioning itself at the forefront of this new economy, with a roadmap that includes several major milestones.

Some of the key objectives for Handshake (HNS) over the next two years include:

  • Launching a Handshake (HNS) mainnet
  • Listing on more exchanges
  • Establishing partnerships with major corporations
  • Growing the Handshake (HNS) community

If Handshake (HNS) is successful in achieving these objectives, it could become one of the leading digital assets and cryptocurrencies in the world.

Final Say

Virtual currencies, digital assets, and now Handshake (HNS) are untethering the global economy.

The Handshake team is one of the most ambitious and well-funded projects in the space. With a roadmap that includes several major milestones, Handshake (HNS) will not disappoint investors and users who are looking for the next big thing in cryptocurrency.