A top-level domain (TLD) is the part of the domain name located to the right of the dot (" . "). The most common TLDs are .com, .net, and .org which anyone in the world can register. Other TLDs exist for country codes and restricted communities/industries which require proof before domains can be registered with them. When you register a traditional domain today, you're registering a second-level domain -- i.e. mysite.com or cats.org.
With Handshake, all domains are Top-Level Domains (TLDs) that anyone can register. They can be used like a traditional TLD — i.e my.wallet/ — or by themselves — i.e wallet/ — as a standalone name. By owning a TLD, you can even become your own domain registrar where others pay you to register domains (second-level domains) with your TLD. Before Handshake, only big organizations were allowed to bid on TLDs, and even then, they had to pay a $185,000 fee just to submit their bid. With Handshake, anyone can place a bid on whichever TLD they want without having to pay fees.