Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Co-founded by Joseph Poon, Andrew Lee, Christopher Jeffrey, Boyma Fahnbulleh, and Andrew Lee (different Andrew Lee), Handshake was an idea born out of wanting a more open and free internet. To that end, it was announced shortly after fundraising that all raised funds would go to non-profit organizations or Free and Open Source Software (FOSS), laying out the reasons in its newspaper:
“The free and open source community is the principal coin owner of the project upon launch. These coins are distributed without any expectation of work. As free and open source software is the principle of giving away code without any direct financial return in exchange, similarly Handshake is about giving away financial value without any expectation of code in exchange.”
And they have, so far, kept to this promise.
Unlike other major blockchain based companies like Ethereum, they chose to avoid ICO funding altogether and went straight for private investors. They were able to obtain major private investment funding from companies such as Polychain Capital, A16Z Crypto, and Founders Fund (purchasing 7.5% coin supply of HNS between them at $10.2M) with the idea that they could be responsible for replacing entire layers of Domain Name System (DNS) layering. This removes the need for those who safeguard these layers, saving future companies large amounts of cash up front.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.