What is SPACE ID?

Space ID is a service that supports domain name registration on the BNB blockchain. This service enables users to remember and convert complex wallet addresses on the BNB network into simpler addresses.

What is Space ID?

Space ID is a name service network designed for different blockchains. This system aims to give users a unique ID for all chains. Usernames on the system can be associated with identities in more than one blockchain.

The project makes it possible for users to start Web3 of their identities in the Web2 world, including their Twitter, email addresses and Github accounts. It facilitates the integration of Web3 domain functionality into various applications. Also, users can buy and sell different domains, similar to the Ethereum Name Service.

Space ID has an ambitious roadmap for 2023. The project plans to reach several milestones to improve its functionality, usability and adoption:

• Q2 2023: Open an NFTs-protected product store with special personalized products for Space ID registrants; developing the launchpad for custom TLD domains that allow communities to create and launch their own domains.
• Q3 2023: Creating a SID universal domain that represents all user IDs and multichain addresses with colon domain syntax.
• Q4 2023: Organize the launch of SID DAO, which provides decentralized management of the project by ID token holders.

The aim of the project is to add value to its users and partners and to emerge as a comprehensive and innovative solution for domain management in Web3. By following the roadmap, the project strives for leadership in the Web3 industry, which requires creating a more efficient and accessible future for blockchain technology.

What is ID Token?

ID Token is the native cryptocurrency of the Space ID network. It was launched on the Binance Launchpad platform in March 2023, in a highly requested auction. ID holders can participate in the governance process of the project.

ID plays a direct role in the growth of the ecosystem as it encourages users to contribute to the project. ID token use cases are:

• Staking: ID can be staked with users receiving discounts on trading and domain registration fees in the local NFT market.
• Payments: Serves as a means of payment for identity, domains and SDK integration.
• Governance: The ID is used as a governance token to vote on governance proposals.

How Much is the ID Token Supply?

The ID token supply is 290 million units, with a market cap of $132 million. The highest price of ID was recorded on March 22, 2023 as 0.9 USD. The lowest price of the ID token was 0.38 on the same day, that is, on March 22, 2023.

How Space ID Works

Space ID is built on a modular and scalable architecture that consists of three main components: Space ID protocol, Space ID platform and Space ID DAO.

• The Space ID protocol is a set of smart contracts that provide core functions of web3 domain registration, resolution, management and governance. The protocol supports multiple top-level domains (TLDs) such as .eth, .bnb, and .arb, as well as custom TLDs that can be initiated by communities. The protocol also allows users to connect Web3 domains to any blockchain address or resource, enabling cross-chain interoperability.
• The Space ID platform provides a nice interface for users to interact with the protocol. The platform offers various features such as domain discovery, registration, trading, management and routing. It also integrates with major DApps and wallets on the BNB network and other blockchains to ensure seamless Web3 domain usage. Also, the platform provides a Web3 Name SDK and API for developers.
• Space ID DAO is a decentralized autonomous organization that manages the protocol and platform. The DAO is powered by the ID token, the management token of the network. The token also acts as an incentive mechanism for users to engage with the project and contribute to its growth and sustainability.

Who is Space ID Founder?

The project was founded by a group of engineers and Web3 enthusiasts aiming to create a universal name service network powered by decentralized blockchain technology. The team has expertise in blockchain development, smart contract security, user interface design and community building.

Space ID has received strong support from respected investors and partners in the blockchain industry. The project raised a total of $10 million in funding in two rounds. Its first round was led by Binance Labs, the venture capital arm of Binance. The strategic round was led by Polychain Capital and DAO5, two leading venture capital firms focused on Web3 innovation. Other participants in funding rounds include Foresight Ventures and other institutions and industry leaders.

Funding rounds have enabled Space ID to expand its team, develop its product, and grow its ecosystem. The project has integrated with over 100 leading projects and protocols on BNB Chain and other blockchains such as BscScan, Trust Wallet and ApeSwap. Additionally, in March 2023, Binance launched the governance token identity on the Launchpad platform, generating broad interest and participation from the Web3 community.