Imagine IPv6, but if it was somehow designed to squat on top of the IPv4 namespace, so that switching to IPv6 would cause existing addresses to start pointing somewhere else. That's pretty much the situation Handshake has chosen to be in.
Not to mention that allocating TLDs
- confuses non-technical users ("what do you mean, there's no dot in the address?")
- conflicts with the choice of most browsers to unify the address and search bar (if I type refrigerators and press enter, I want a search results page, not the homepage of whoever registered the TLD 'refrigerators')
- may conflict with other non-standard domain name systems, including special-purpose TLDs like .onion – though they've at least reserved the existing ones, so it would only be a problem for not-yet-developed systems
It's strange, because I want to support decentralized name systems, and Handshake seems better designed than some of the previous attempts, but that one decision makes it seemingly guaranteed to fail.