712 karma · joined July 6, 2013
Email: tieshun at company domain
[ my public key: https://keybase.io/tieshun; my proof: https://keybase.io/tieshun/sigs/eRca0NSZCfVclX0LJmFduLOGazCjRqIIzSnZmsh1wBg ]
[1] https://twitter.com/NamebaseHQ/status/1348707701744922625?s=...
[1] https://twitter.com/NamebaseHQ/status/1348707701744922625?s=...
For owners, it's important that their domain names can't be taken down or seized from them. Sci-Hub has dealt with this issue numerous times and has had to register a pool of domain names to try too counteract this issue before getting their Handshake name. Domain registrars can seize domain names and there isn't much recourse for the owners — it doesn't even need to be for a good reason[1]. On Handshake, ownership is controlled by your wallet's private key (similar to owning Bitcoin). As long as you control your private key no one can take your name from you.
For consumers, it's important that you can 1) access the domain name and 2) trust that the DNS records you're seeing are authentic. Handshake is a distributed network so as long as you can connect to a single node you can access it. This mechanic is what gives other distributed networks like Bitcoin and BitTorrent their strength. Furthermore, you can verify the authenticity of the records since each DNS update is reflected on the blockchain similar to how you can verify transactions on Bitcoin.
[1] https://www.izoologic.com/2018/12/20/zoho-domain-taken-mista...
I'm happy to talk through how Handshake works if you have any questions about it. I also wrote an article on how Handshake can improve the root of trust for DNS which was previously discussed on HN [1]
51% attacks on blockchains used as a store of value are bad because an attacker can spend their coins (ie BTC) on an exchange, withdraw their profits, then perform a 51% attack on the previous block to take back their spent coins.
On Handshake, that same attack exists for HNS, but DNS updates on chain take 36 blocks (about 6 hours worth of transactions) to propagate, which is significantly more expensive and unlikely than pulling off a normal 51% attack on a single block (it gets exponentially more unlikely). Furthermore this wouldn't even be an attack per se. An attacker may be able to undo a DNS update, but they wouldn't be able to falsify DNS records because only the owner of the name who controls the private key would be able to submit valid UPDATE transactioins.
- Handshake names are not *.bit domains like NameCoin they're actually top-level domains. This is because Handshake's purpose is not to decentralize domain names per se but too decentralize the root zone and create a more secure root of trust than Certificate Authorities [1]
- Handshake name auctions were spread out over the course of the first year after launch to prevent early adopters from hoarding all the good names. For instance, .crypto was available in the first few weeks after launch but .information isn't available until next week. This is important because early adopters hoarding names prevents latecomers from supporting the protocol.
- Handshake names are sold via vickrey auction instead of a flat fee. Different names are more valuable than others. Flat fee pricing allows a hoarder to arbitrage that fact by being first whereas auction pricing ensures that names are better distributed. .X sold for 311k HNS[2] (about $40k) whereas other names sell for a few cents.
- Handshake has a light client[3] that can trustlessly verify DNS records on-chain. This is critical because very few people run full-nodes, so without a light client the majority of users would rely on third parties which provides worse security than users resolving names in a decentralized manner
[1] https://news.ycombinator.com/item?id=20995969 [2] https://namebase.io/domains/x [3] https://github.com/handshake-org/hnsd
- There is no centralized party that owns Handshake. This allows for any party to step in and contribute to the protocol. We've already seen this play out in building Namebase (I'm the CEO) as numerous unrelated parties have come together to further Handshake adoption
- It's not just about opening up the TLD namespace. Handshake's main technical goal is to improve the security and censorship-resistance of DNS by shifting the root of trust from CAs to a distributed ledger. My article on the technical improvements Handshake can provide was previously discussed on HN [1]
- TLDs aren't sold for a set price. There's a vickrey auction which awards the TLD to the highest bidder. This creates a better distribution of names than selling at a set price or to the first buyer
- The Handshake coin (HNS) provides an incentive for miners to provide security to the network and for holders to support ongoing adoption of the protocol, similar to how Bitcoin holders have put in massive efforts to evangelize it (I recognize that on HN people may find the Bitcoin evangelists annoying but I believe Bitcoin wouldn't be where it is today without them)
[1] https://twitter.com/NamebaseHQ/status/1348707701744922625?s=...