Here it is:
Suppose you wanted to build you own website—we'll call it "mywebsite". Right now the only real option is to rent it from whoever owns ".com", ".org", or another ".dot". However, you *could* just own a ".dot" like ".mywebsite" and never have to pay rent for your website's name again (*and* you won't even have a superfluous ".dot" at the end!), but to do that you'll need to send an application and get it approved—how much do you think the application fee costs?
*Give them a chance to answer and then laugh as it's always orders of magnitude below the true price*
However, now instead of paying an exorbitant $185k for just an APPLICATION FEE, Handshake makes it possible for you to auction for your name instead—and you only pay the second highest bid for it so you could potentially get it for free! AND you're not just limited to owning your name, you could actually own ANY name—and when I say "any" name, I mean Chinese characters, Russian characters, and even emojis!