Handshake with blockchain
New technology requires modern solutions! Of course, that sounds like a worn-out slogan, but isn’t that what it really is? Or, to be more precise in virtual reality. Because we are talking about blockchain, of course. A virtual, decentralized, new world where old solutions no longer fit current needs. And so we already have decentralized finance and the Web3 internet. The next step is a handshake. What is such a handshake in virtual space? Nothing other than what we already know, i.e. the Internet domain. Nevertheless, such a domain is significantly different from this old version.
Handshake (handshake domain) is a decentralized permissionless naming protocol that enables peer-to-peer communication and provides a convenient alternative to centrally managed domain names like country code domains, .com domains, and generic domains. It is intended to serve as an alternative DNS string to the current default root string. Currently, top-level domains (.gov, .edu, .agency) are managed by the Internet Corporation for Assigned Names and Numbers (ICANN). You can apply for a top-level domain. In order for a domain to be created, you must win an auction for it and wait for approval. It is a centralized, long, expensive and complicated process. And therefore vulnerable to abuse — hacker attacks, corruption and censorship. What changes Handshake is the introduction of top-level domains that will be more efficient, cheaper and secure. Its task is to bypass ICANN and actively use blockchain technology and build a decentralized landscape of online domains.
A domain in Handshake can be purchased on similar terms. The winning bidder pays the second highest price according to the Vickrey auction format, the auction has a sealed bid and the other bidders are unaware of the other prices. In such conditions, everyone is treated fairly, domain names are allocated efficiently and at a fair price.
What can a Handshake domain be used for? First of all, to build simpler, shorter domains, because instead of a hexadecimal string, you can use an ordinary phrase specifying the action you want to perform. It is user-friendly and more convenient. It also gives you better control over your data, security and privacy.
It is worth mentioning that Handshake (HNS) is not going to replace the current DNS quickly. And that’s not the intention of the developers either. This would render the current TLDs unless they also request and recreate their TLDs on the Handshake blockchain. Another problem is the huge and constantly growing number of TLDs. Meanwhile, Handshake has reserved TLD addresses for their organization for the next three years.
Nevertheless, the Handshake domain can be registered through Namecheap, the fee is paid in cryptocurrency. There is currently no other payment method. However, you will need to use a VPN, browser extension or special Handshake software to access these sites. This is an issue that makes the use of these types of domains impractical.
The emergence of these types of projects is gaining interest among blockchain enthusiasts. It can be expected that the further development of Web3 will revolutionize the use of new technologies or privacy, but above all thinking about domains. In the future, the decentralized Internet may be based on stable and resistant to domain name takeovers or server failures.
