What if I told you that over $100 million of Crypto is about to be given out, for free?
According to a recent report released by Coindesk, a project called Handshake has secured over $10 million in funding.
Joseph Poon, who is best known as the creator of Bitcoin’s Lightning Network, is leading this project in connection with several other big players like Andrew Lee, the CEO of Purse, which is a company that acts an exchange location for Amazon gift cards and Cryptocurrencies.
On top of this, the project is already backed by heavy-hitter Venture Capitalists like the Founders Fund and Polychain Capital, which are both known for leading the charge in terms of traditional finance backing the Blockchain space.
What is most interesting about Handshake, however, is its plan to release a large amount of Crypto coins and tokens into the community for free, which begs the questions: how and why?
According to Poon, one of the major reasons for doing this is to eventually “kill” the ICO space including its overall importance.
The way that they hope to do this is through what they term the uniqueness of their project’s basic technology.
At its heart, Handshake will exist as a simple Blockchain that does what Blockchains do best.
In other words, it will serve to record transactions between all of its users.
Beyond this, Handshake aims to change how companies prove ownership of domains and products through allowing them to publish ownership of these items on the project’s main chain and thus, prove it forever.
While this may not seem to be a unique idea so much as a repetition of what almost every Blockchain project aims to do, leaders and VCs like Ryan Zurrer, an executive at Polychain Capital, seem to think otherwise.
In Coindesk’s piece on the subject, Zurrer was basically quoted as saying that Polychain sees Handshake as an interesting social experiment that bears watching.
On top of this, it plans to release a multitude of tokens for free to promote its usage, which it has compared to the early age of Bitcoin faucets that aimed to promote Bitcoin usage.
As Handshake moves forward, time will tell if it releases further information related to how it intends to stand out from the pack, but having such leadership as well as such investors can only bode well for its future.
By: BGN Editorial Staff