What is Space ID? All You Need to Know About ID

What is Space ID?

Space ID (ID) is a name service network created to assist users in personalizing their web3 experience across various blockchains, like BNB Chain and Arbitrum.

Like Ethereum Name Service, users can conveniently trade and manage different domains. These web3 domains are designed to be user-friendly rather than the long, complicated addresses needed for accessing decentralized applications (DApps), smart contracts, NFTs, and other valuable blockchain-based resources. So how do users participate in the project’s collaborative and inclusive ecosystem?

History Of Space ID (ID)

Space ID started publicly building its ecosystem early in 2022. The project eventually launched in September 2022. Then, in March 2023, Space ID launched its governance token, ID, using the Binance Launchpad. The project was based in Singapore and focused on simplifying the technical processes of onboarding new users.

The project garnered significant support from prominent investors through two funding rounds. Binance Labs and the venture capital arm of Binance led the first seed round. This led to the integration of .bnb domains into the Binance blockchain.

The second funding round saw Polychain Capital and dao5 taking the lead. Other notable contributors in the funding rounds include Foresight Ventures and various institutions and industry leaders.

These funding endeavors helped Space ID to expand, advance product development, and cultivate a thriving ecosystem. The project has seamlessly integrated with over 100 prominent projects and protocols on BNB Chain and other blockchains, including notable collaborations with BscScan, Trust Wallet, and ApeSwap.

How Does Space ID Work? Protocol, Platform and DAO

Space ID’s modular architecture comprises three key components: the Space ID protocol, platform, and DAO.

Space ID

At the heart of Space ID is the protocol. This collection of smart contracts handles essential functionalities such as web3 domain registration, resolution, management, and governance. The protocol facilitates cross-chain interoperability by enabling users to link their web3 domains to multiple top-level domains (TLDs) like .eth, .bnb, and .arb, as well as customizable TLDs initiated by the community.

Space ID platform

The Space ID platform assists the protocol by providing a user-friendly interface for every level of user interaction. It integrates with prominent DApps and wallets on the Binance Chain and other blockchains, ensuring a smooth experience when utilizing web3 domains.

Space ID DAO

Driving the decision-making processes of Space ID is the decentralized autonomous organization known as the Space ID DAO. This DAO operates autonomously, overseeing the protocol and platform. It relies on the ID token, the project’s governance token. It also serves as an incentive mechanism for users to actively engage, contribute, and foster the growth of Space ID’s ecosystem.

Features of The Space ID Ecosystem: Staking, Payments and Governance

Space ID offers a range of features to enhance its ecosystem. These include:

Staking

Image Source: Space.id

Users can stake their ID tokens for incentives, granting them discounts on trading and domain registration fees. This incentivizes token holders to actively participate in the Space ID project and contribute to its growth.

Payments

Image Source: Space.id

The ID token can be used as payment for various transactions within the Space ID ecosystem. Users can use the tokens to purchase NFTs, register Web3 domains, and engage in other transactions, eliminating the need for traditional fiat currency.

Governance

The ID token functions as a governance token, allowing holders to participate in the project’s governance process. Token holders can vote on governance proposals, shaping the future of Space ID.

Collections

Space ID allows users to upgrade their wallet addresses to human-readable addresses by allowing these users to purchase a domain NFT, which represents the ownership of the domain name.

The “Explore Collections” page on the Space ID website is a page that showcases the various name collections available on different blockchains, like .bnb or .arb. These NFT collections are created by different creators and artists for other users to purchase.

To purchase a name domain, click on the “Explore Collections” tab on the Space ID website. One would be redirected to a page that showcases all the available collections and the blockchains they are available on.

The user can then browse through the hundreds of NFTs available and purchase by clicking on the “Buy Now” button.

Voyage

The SPACE ID project is undergoing an event, “the Voyage Season 2 - Calling,” which started on March 19, 2023. To get involved, users must either register a .bnb or .arb domain after March 14th or have been eligible for the Retroactive Early Adopter Airdrop by registering a .bnb or .arb domain before March 14.

To begin the Voyage, the user must connect their wallet to the event and start claiming Voyage boxes. Users can earn more boxes by referrals, ensuring new users unlock them.

What is the ID Token?

ID is the native token of the SPACE ID ecosystem, and it has various functions, including staking, finance, and governance.

Users can stake ID tokens to receive discounts on trading fees in the SPACE ID domain NFT marketplace and Web3 domain registration discounts on SPACE ID. Additionally, ID tokens can be used to finance within the SPACE ID ecosystem.

ID is also the governance token for the Space ID platform. This token is designed to give users a say in the direction and future of the Space ID project. As a result, ID serves as a critical component for the smooth operations of the SPACE ID ecosystem.

ID token holders can participate in SPACE ID DAO proposals and vote on various matters, making them integral to the project’s decision-making process. ID tokens promote a thriving and active community within the SPACE ID ecosystem by incentivizing user engagement and contribution.

Is Space ID a Good Investment?

While we explore the future potential of the Space ID project, its paramount to conduct independent research and examine such critical points as:

Innovation and Market Demand

Space ID’s concept of providing a universal name service backed by decentralized blockchain tech is highly innovative. The project addresses the growing market demand for user-friendly solutions to interact with decentralized applications, smart contracts, and NFTs, aiding global adoption.

Growing Ecosystem and Integrations

Space ID’s ecosystem continuously expands as it integrates with major DApps, wallets, and protocols on different blockchain networks. Space ID benefits from a team of experienced engineers and community builders, which lends credibility to its potential success.

The project’s Partnerships with prominent blockchain platforms and reputable investors also indicate its commitment to interoperability, which is crucial for sustained growth in the evolving blockchain landscape. These partnerships not only provide financial backing but also open doors to collaboration and market expansion

Token Utility and Governance

Space ID’s native token, ID, is vital to the ecosystem. It serves as a utility token, enabling users to access and utilize various services within the Space ID platform. ID token holders also have governance rights, allowing them to decide the project’s future.

Therefore, it’s crucial to calculate the potential risks and uncertainties associated with the crypto market and potential regulatory challenges.

How can you Own Space ID?

To own Space ID and participate in the ecosystem, users can follow a simple process:

Setup a Wallet

One way to own ID tokens is to purchase them through a crypto exchange. The first step is to create a Gate.io account, complete the KYC process, and add funds to your account.

Stake ID Tokens

Once you have acquired ID tokens, you can choose to stake them. Staking ID tokens offer benefits such as discounts on trading and domain registration fees within the Space ID ecosystem.

Explore the Ecosystem

With your ownership of Space ID tokens, you can explore the range of functionalities the Space ID ecosystem offers. Search for the perfect domain name with the search feature, register and manage web3 domains, trade domains with other users, and leverage the Web3 Name SDK for user-friendly interactions.

Latest Space ID Developments

Gate.io to open Space ID for Trading on March 22

In an exciting development, Gate.io announced that Space ID (ID) trading would commence on March 22, 2023. The specific trading period will be announced in due course.

To start trading Space ID (ID) in the USDT market, head over to ID/USDT, and dive into the world of Space identification.

Space ID Launched on Binance

Space ID emerged as a groundbreaking project, collaborating with Binance, the leading cryptocurrency exchange. This partnership between Space ID and Binance opens up new avenues for users to explore and invest in the platform.

With the Binance integration, users can conveniently purchase ID tokens using their debit or credit cards directly from the Binance platform. This accessibility allows novice and experienced users to easily acquire ID tokens and benefit from the Space ID ecosystem. Users can also purchase ID tokens using traditional fiat currencies, simplifying new users’ onboarding process.

SPACE ID Successfully Closes $10M Strategic Funding Round

In a significant development for decentralized identities, Space ID announced the successful completion of a $10 million strategic funding round. This round was led by renowned venture capital firm Polychain Capital and dao5, with participation from other notable institutions and industry leaders.

Since launching the .bnb Domain Public Registration in September 2022, SPACE ID has gained approximately 370,000 registrations and boasts 175,000 unique domain holders in just six months. Additionally, the .bnb Domain Service has also successfully integrated with over 100 leading projects and protocols, including BSCScan and Trust Wallet.

In February 2023, SPACE ID also announced its 2.0 upgrade and a merger with ARB ID, with the highly anticipated .arb domain pre-registration set launched for its users.

Take Action on Space ID

As the adoption of blockchain continues to expand, the demand for Space ID’s services is likely to surge, driving the value of the ID token.

Users can sign up and purchase or trade ID tokens here.