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Friday, April 28, 2023
April 28th 2023 is a very special day. It marks a major milestone in the evolution of the Handshake (HNS) network, as the first Handshake halving event takes place, reducing block rewards and increasing the scarcity of HNS tokens. The event is a significant step forward for the Handshake community, as it continues to build a decentralized, censorship-resistant extension to the traditional DNS system.
Handshake is a decentralized naming protocol that is built on top of the Bitcoin network. It was created with the goal of creating a more secure, decentralized, and open internet. Handshake provides a decentralized system for domain name registration, enabling users to register and manage top-level domain names without the need for centralized authorities or third-party intermediaries.
To understand Handshake’s vision of a decentralized internet one must go back to the genesis moment in 2009 Satoshi Nakamoto released his seminal white paper, where he argued for the need to free two of the most important pillars of human civilization, Money and the Internet. He called the solution to an open economic system Bitcoin and he called this internet BitDNS. While he was able to fulfill his vision with Bitcoin, BitDNS remained elusive.
Satoshi had proposed the concept of BITDNS as a solution for a free and open internet. He recognized that the existing DNS system was centralized and vulnerable to censorship and control by governments and corporations. He believed that a decentralized alternative was necessary to ensure the continued freedom and openness of the internet.
Many a team have taken a shot at BitDNS, but none managed to recreate the magic of Bitcoin. This was until the team behind the Bitcoin lightning network decided this problem needed to be urgently solved.
Handshake fulfills this prophecy by providing a decentralized system for domain name registration that is resistant to censorship and control. Handshake does this by taking a radical approach where the decentralized option instead of trying to create an alternative that “breaks” the internet, it simply seeks to extend it to the whole world and ensures that everyone can find personal expression on the internet on their own terms. It ensures compatibility with the existing DNS infrastructure by reserving all existing Top Levels Domain (TLDs) like .com & .org and others along with the top 100K domains as per Alexa rankings for their rightful owners. Everything new that’s created on the network is open to the world to build interesting and path-breaking use cases.
By enabling users to register and manage top-level domain names in a decentralized manner, Handshake empowers individuals and communities to take control of their online identities and content.
Just as Bitcoin frees money, Handshake frees the internet. With Handshake, users can create and manage domain names in a decentralized, secure, and censorship-resistant manner. This enables them to build websites, create content, own their data, and interact with others online without fear of censorship or control.
The Handshake network is built on top of the Bitcoin network, leveraging the security and decentralization of Bitcoin to create a new system for domain name registration. By utilizing the same proof-of-work consensus mechanism as Bitcoin, Handshake ensures that the network is secure and resistant to attacks.
Handshake has already achieved significant milestones in its development. In February 2020, it launched its mainnet, enabling users to register and manage top-level domain names in a decentralized manner. Since then, the Handshake community has grown rapidly, with developers, entrepreneurs, and enthusiasts working to build new applications and services on top of the Handshake network.
The Handshake halving event is a major step forward for the Handshake community, as it further increases the scarcity and value of HNS tokens. This event is similar to the Bitcoin halving, which occurs approximately every four years and reduces the block reward for Bitcoin miners.
In conclusion, the Handshake halving event marks a significant milestone in the development of the Handshake network. By providing a decentralized system for domain name registration, Handshake fulfills Satoshi Nakamoto’s dream of a free and open internet. Bitcoin created Fintech 3.0 and now Handshake has finally created Web 3.0. The prophesy is finally fulfilled.