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Handshake logo

The entire landscape of how we authenticate domain names likely will see a complete overhaul, all powered by blockchain technologies. Just released, Handshake brings with it the much needed security and reliability on which we rely. Backed by venture capitalists and industry-established blockchain developers, Handshake has raised $10.2 million to replace the current digital entities maintaining our current internet infrastructure.

The project and protocol has been led by Joseph Poon (creator of Bitcoin’s Lightning Network), Andrew Lee (CEO of Purse), Andrew Lee (founder of Private Internet Access or PIA) and Christopher Jeffrey (CTO of Purse). The effort also is backed by 67 individuals with funding coming from A16z, Founders Fund, Sequoia Capital, Greylock Partners, Polychain Capital and Draper Associates.

The Handshake project pledges to donate its initial funding of $10.2 million to FOSS projects, university research departments and more. The list of recipients includes projects and foundations such as the Apache Software Foundation, FreeBSD, Reproducible Builds, GNOME, FSF, SFC, Outreachy, ArchLinux, systemd and many more.

What Is Handshake?
Handshake aims to be a wholly democratic and decentralized certificate authority and naming system. Handshake does not replace the Domain Name System (DNS). It is, however, an alternative to today’s certificate authorities—that is, it uses a decentralized trust anchor to prove domain ownership. Although the primary goal of the project is to simplify and secure top-level domain registration while also making the root zone uncensorable, permissionless and free of gatekeepers.

A traditional root DNS supports the current infrastructure of the internet and, therefore, facilitates online access. The root servers hosting the internet publish root zone file contents, which are responsible for the internet’s DNS functionality. DNS associates information with domain names and maps them to public-facing IP addresses.

The way Handshake differs from this is that it’s all peer to peer. Every peer is responsible for validating and managing the root zone (via the use of “light clients”). All existing entries in the root zone file will form the genesis block of the blockchain supporting it. The same root zone will be distributed across the nodes forming the chain. The implementation allows for any participant to help host this distributed root zone and add to it.

How Does It Work?
Handshake makes use of a coin system for name registration (that is, the Handshake coin or HNS). It is the mechanism by which participants are able to transfer, register and update internet domain names. Currently, Handshake has opened a faucet to distribute HNS coins to qualified FOSS contributors. If you are one such contributor and you meet the project’s criteria, you can sign up here.

Once HNS coins have been distributed, the Handshake mainnet launches. A “mainnet” forms the central part of a blockchain. In fact, it is the blockchain in that it carries out the functionality of transferring digital currency from senders to recipients. This is the point where coin-holders can start auctioning, registering and transferring top-level domains.

With enough support and Non-Governmental Organization (NGO) cooperation, Handshake eventually will migrate to a more global distribution. Project governance and maintainability are and will continue to be community-driven.

To Learn More
You can find additional information on the official Handshake website: https://handshake.org. In addition, you can access all source code from the project’s GitHub page: https://github.com/handshake-org.

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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

Wells Fargo Is The Latest Bank To Block Cryptocurrency Purchases On Credit
You can’t buy bitcoin with Wells Fargo credit cards anymore. Engadget reports, “Wells Fargo is pumping the brakes on customers using their credit cards to buy bitcoin — the bank has banned credit card cryptocurrency purchases. However, this isn’t a permanent measure, as Wells Fargo will monitor the crypto market and reassess the issue as needed”.

SEC Launches ICO Portal: Highlights Risks, Rewards, and Responsibilities
According to Tony Spilotro of BlockExplorer, “The United States Securities and Exchange Commission (SEC) is vehemently opposed to a common crowdfunding practice in the cryptocurrency industry called the initial coin offering (ICO). An ICO is similar to an initial public offering where a company or corporation raises investment capital by offering its stock to the public for the first time. Only in an ICO, a digital currency or token is distributed instead of a stock, and the token can have a variety of uses that blur the line of what defines a traditional security.”

Hackers Steal $20 Million Of Ethereum From Ethereum-based Apps and Mining Rigs
The Chinese cyber-security firm Qihoo 360 Netlab reported hackers stole over $20 million of Ethereum. BleepingComputer tells us, “The cause of these thefts is Ethereum software applications that have been configured to expose an RPC [Remote Procedure Call] interface on port 8545. The purpose of this interface is to provide access to a programmatic API that an approved third-party service or app can query and interact or retrieve data from the original Ethereum-based service —such as a mineror wallet application that users or companies have set up for mining or managing funds.”

Argo Blockchain to List on London Stock Exchange, Launches Subscription Crypto-mining
Argo Blockchain, a business that seeks to offer cryptocurrency-mining to the masses, announced its plans to list its shares on the London Stock Exchange. BlockExplorer’s Julia Travers shares with us that “the announcement coincided with the launch of Argo’s Mining as a Service, or MaaS, program, which will allow users to participate in mining through the Argo site with their home computers or smartphones.”

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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

Gemini To Become First BitLicensed Exchange To Offer Trading in Zcash
The New York State Department of Financial Services has authorized Gemini Trust Company to offer trading of Zcash, Litecoin and Bitcoin Cash. Tyler Winklevoss, Chief Executive Officer of Gemini Trust Company, LCC said, “We are proud be the first licensed exchange in the world to offer Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash, an incredible new form of digital cash.”

Crypto Mining Company Coinmint Moving To Revamp 1,300 Acre Alcoa Plot
Once used for aluminum smelting, an Alcoa plant in Upstate New York is going to be converted into one of the world’s largest bitcoin mining centers. CNBC reports Coinmint said Tuesday it “would invest up to $700 million in the upstate New York location, which it expects to be the biggest bitcoin mining center in the world. The project will create an estimated 150 jobs over the next 18 months.”

Cryptocurrency Theft Malware Now An Economy Worth Millions
According to a new research report titled “Cryptocurrency Gold Rush on the Dark Web” by Carbon Black, the market for malware and tools designed for the theft of cryptocurrency is growing swiftly. ZDNet states, “The researchers estimate that over the past six months alone, a total of $1.1 billion has been stolen in cryptocurrency-related thefts, and approximately 12,000 marketplaces in the underbelly of the Internet are fueling this trend.”

Image courtesy of Carty Sewill, http://cartyisme.com/.

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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

Blockchain To Be Integrated In ‘Dungeon Defenders’ Game
Video game publisher Trendy Entertainment, Coindesk reports, “is partnering with startup Signal Zero to integrate a blockchain-based rewards system with its flagship Dungeon Defenders franchise.”

About Half Of Crypto Investors Plan To Hodl Long-Term
On June 7, 2018, BlockExplorer’s Julia Travers reported that South Korean Cryptocurrency Exchange Bithumb released the results of a user survey called, ‘Cryptographic Investment Trends’. It captured the perspective of 2,507 virtual currency investors over the age of 20. The survey included questions on investment plans and government regulations. A notable finding was that 42.8 percent of those surveyed plan to “hodl” or keep their crypto-investments over the long term.

Andy Warhol Art To Be Sold For Bitcoin Via Ethereum Blockchain
In the latest landmark for Bitcoin, Forbes reports, “cryptocurrency and blockchain technology, a London art gallery will later this month auction a portion of Andy Warhol’s 1980 work 14 Small Electric Chairs for cryptocurrencies.”

Chinese Whale Has Amassed Largest Non-Exchange Bitcoin Stash
BlockExplorer’s Tony Spilotro says, “A mysterious Chinese investor has been ‘buying the dip’ so to speak, again and again, amassing one of the largest bitcoin wallets in the entire world.”

Image courtesy of Carty Sewill, http://cartyisme.com/