Handicapping is a system devised to level the playing field, so that players of varying ability can compete with each other and have it be meaningful. The PlayerLink system allows for instant calculations, Peer Review to keep players honest, and a way to track your scores and stats online, and it's all free to the user.
There have been many handicapping schemes in the official history of golf handicapping. All the major golf councils, unions and associations around the world have considered countless options and proposals. Over the last three decades many revisions have been made.
In the end, as golfers have known from the beginning, the most important ingredient in an equitable golf-handicapping formula is the high integrity level of the players.