Startup Namebase has officially launched a handshake app, which allows users to send money to a simple name instead of a complex address.

Handshake is a DNS compliant decentralized naming protocol created by Namebase, as well as an exchange wallet, cloud wallet and cryptocurrency called HNS.

The startup claims to have raised a total of $10.2 million, from investors including Andreessen Horowitz, Sequoia Capital and SV Angel.

Namebase describes Handshake as an experimental project that makes DNS more secure.

Where tell “Namebase”:

The centralized nature of Internet names can lead to censorship and a loss of privacy, and billions of dollars are passed on to potentially unsafe websites.

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If your personal identity is exposed as the owner of a valuable asset, there is a risk to your personal safety.

The goal of Handshake is to simplify the entire transaction and make it easier and safer by allowing users to name domains, rather than using complex addresses that often have to be copied and pasted to complete the transaction.

However, Handshake will use names so that users can only type in specific names they want to trade with in order to complete a transaction.

It can be used like a traditional top-level domain (i.e. my.wallet /) as a separate name.

DNS records can only be modified by the domain owner, Namebase tells you.

Owners are free to create their own “handshake” domains as they want to receive crypto inline.

Select “Namebase”:

They can use this on their own site or become a registrar who sells subdomains – such as thisis.cool or my.wallet – to other users.

In addition, these domain names will be registered on the “Namebase” blockchain, while the “HNS” coin will be used for transfer, registration and update.

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The mainnet was launched on February 3 and miners were able to start HNS mining, but other transactions such as transfers, claiming and bidding have not yet been enabled.

This will happen on February 17, according to the schedule, when the first batch of “Handshake” names will be released to bid.

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Handshake domains are initially offered through auction and HNS coins are offered to ensure a fairer distribution.

In addition, you will use HNS to prevent Sybil attacks.

On March 1, the first “Handshake” auctions will close.

Names will be released for grant submissions over a 52-week period, with a new batch of names being held up each week.

The Handshake option is similar to what the Ethereum Name Service introduced in August 2019.

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