What are Handshake domains?
Handshake domains are a type of Top-Level Domain (TLD). However, unlike traditional TLDs like .com or .org, which are controlled by centralized organizations, Handshake domains are registered on a blockchain network.
Handshake domain names (abbr. “HNS”) hope to change the system and provide alternative Handshake top-level domains that are much more efficient, affordable and secure. The goal is to be able to use blockchain technology to allow Handshake domains to bypass the current ICANN-overseen system and help build a more decentralized domain landscape online.
How does a Handshake domain work?
Handshake primarily distributes website addresses via auctions handled automatically by Handshake’s software. Auctions for TLDs are held every two weeks, and users have to bid using the Handshake protocol’s cryptocurrency, HNS, to participate.
Whoever wins the bid pays the second-highest price following the format of a Vickrey auction, a sealed-bid auction type wherein bidders are unaware of the bids of others. This ensures that everyone is treated fairly and that domain names are allocated efficiently and at a fair market value.
The Handshake blockchain runs similarly to the Bitcoin blockchain. Miners run the Handshake software, competing to unlock newly minted HNS tokens by solving a series of mathematical puzzles. New blocks are added to the blockchain every 10 minutes, and miners are paid 2,000 HNS every 10 mins of mining. The maximum supply of HNS is 2.04 billion.
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