What is Handshake ?
Handshake is a decentralized, open-source cryptocurrency and network protocol that is designed to replace the SSL/TLS certificate authority system used on the internet. It aims to create a decentralized, permissionless, and censorship-resistant network for the issuance and validation of SSL/TLS certificates, with the goal of making the internet more secure and accessible. The Handshake protocol is implemented using a decentralized, public blockchain, and the native cryptocurrency of the Handshake network is also called Handshake (HNS).
The Handshake protocol and cryptocurrency were created by Andrew Lee, the founder of the cybersecurity firm ESET, and Joseph Poon, the co-author of the Lightning Network and Plasma protocols. The project raised more than $10 million in a private sale of HNS tokens in 2018, and the mainnet was launched in February 2019.
Is Handshake (HNS) mineable?
Yes, Handshake (HNS) can be mined using a process called “proof-of-work” (PoW). In the Handshake network, miners compete to solve complex cryptographic puzzles and add new blocks of transactions to the Handshake blockchain. Miners who successfully add a new block are rewarded with a certain number of HNS tokens.
The Handshake mining process uses a custom PoW algorithm called “Cuckoo Cycle,” which is designed to be resistant to ASIC mining hardware and to encourage decentralization. Cuckoo Cycle is a memory-hard PoW algorithm, which means that it requires a lot of memory to be mined efficiently. This makes it more difficult for specialized mining hardware (ASICs) to achieve a significant advantage over general-purpose hardware.
To start mining Handshake, you will need to set up a Handshake node and configure it to participate in the mining process. You will also need to have a computer with a sufficiently powerful CPU or GPU, and you may need to download and install special mining software. It is also important to note that mining can be a resource-intensive process that requires a lot of electricity, so you should be prepared to incur some costs in order to mine HNS.
How do you store HNS?
There are several options for storing Handshake (HNS) tokens. The most secure way to store HNS is to use a hardware wallet, such as a Trezor or Ledger Nano. Hardware wallets are physical devices that store your private keys offline and protect them from online threats. They are generally considered to be the most secure way to hold cryptocurrency.
You can also store HNS on a software wallet that runs on your computer or mobile device. There are several software wallets available for Handshake, including the official Handshake wallet called the Bob wallet. Software wallets offer convenience and ease of use, but they are generally considered to be less secure than hardware wallets because they are connected to the internet and are vulnerable to hacking and malware attacks.
Another option for storing HNS is to use an exchange wallet. Many cryptocurrency exchanges, such as Binance and Kraken, offer their own wallets that you can use to hold HNS and other cryptocurrencies. Exchange wallets are convenient because they allow you to buy, sell, and trade HNS easily, but they are also generally considered to be less secure than hardware or software wallets because you do not have complete control over your private keys.
Regardless of which wallet you choose, it is important to keep your HNS safe by protecting your private keys and backing up your wallet regularly.
