HNS RATE

About Handshake

What Is Handshake (HNS)?

Handshake is a decentralized, permissionless network designed to incentivize computers to maintain a system for domain name ownership. By introducing a peer-to-peer approach, it aims to address vulnerabilities present in centralized systems.

The network empowers every participant to validate and manage the root DNS naming zone, reducing dependence on traditional certificate authorities and centralized naming systems. Social networking handles and domains typically rely on centralized infrastructures, which operate on trust but remain susceptible to fraud and cyberattacks.

Through its decentralized structure, Handshake seeks to eliminate these risks, paving the way for a more secure and distributed internet ecosystem.

Handshake Mining

Handshake employs a mining algorithm that combines SHA3 and BLAKE2b, designed to ensure robust security and efficiency. To promote mining pool participation and mitigate risks, the Proof-of-Work system incorporates a mechanism to prevent block withholding attacks.

Unlike Bitcoin, which adjusts difficulty every 2016 blocks, Handshake recalibrates its mining difficulty after every block. Both networks share a target block interval of ten minutes. Initially, Handshake miners receive a block reward of 2000 HNS, which is halved every 170,000 blocks — a process occurring approximately every 3.25 years. This halving continues until block 5,270,000, projected around the year 2119, after which block rewards will cease, and miners will rely solely on transaction fees for compensation. The total miner subsidy is capped at 680,000,000 HNS.

Notably, the first publicly available ASIC miner for Handshake was introduced on March 5, 2020, marking a milestone in mining hardware support for the network. This advancement further solidified Handshake's infrastructure and incentivized broader mining adoption.

FAQ

What Makes Handshake Unique?

One of the standout features of Handshake is its focus on decentralizing the root zone and top-level domains, rather than attempting to fully decentralize the existing DNS infrastructure. According to its white paper, Handshake’s naming protocol intentionally avoids implementing namespacing or subdomains at the consensus layer, setting it apart from its predecessors. Its primary goal is to replace the root zone file and root servers, not the entirety of DNS.

While the DNS system is already decentralized beyond the root zone, Handshake seeks to reduce reliance on the Internet Corporation for Assigned Names and Numbers (ICANN). ICANN, established in 1998 as a global non-profit organization, was designed to enhance internet security. However, Handshake proposes a decentralized application built on Proof-of-Work principles as an alternative, aiming to further strengthen the internet’s security through its innovative approach.

How Many Handshake Coins Are There in Circulation?

Handshake coins have a capped maximum supply of 2.04 billion, ensuring scarcity and long-term value within its ecosystem. As of now, roughly 355 million coins are already in circulation, representing a fraction of the total supply.

This fixed supply model mirrors the approach taken by other cryptocurrencies, maintaining a controlled release of coins to support network security and incentivize participation. The limited number of Handshake coins also aligns with the project's goal of creating a decentralized and sustainable naming system for the internet.

How Is Handshake Secured?

Handshake ensures security through the unspent transaction output (UTXO) model of its blockchain, utilizing Proof-of-Work (PoW) principles similar to Bitcoin. This approach provides a robust and decentralized foundation for its operations.

The naming system incorporates on-chain smart contract functionality, referred to as covenants. These covenants are designed to restrict how future transaction outputs can be used, adding an additional layer of control and specificity to the system.