SPACE ID ( ID ) Price Live Chart

What is SPACE ID (ID)?

SPACE ID is constructing a comprehensive naming service network accompanied by an all-in-one identity platform. This platform aims to facilitate the exploration, registration, exchange, and administration of web3 domains. 

Additionally, it encompasses a Web3 Name SDK & API tailored for developers working across various blockchains. Moreover, it offers a multi-chain naming service designed to empower individuals to effortlessly establish and foster a web3 identity. Also represents a decentralized universal name service network that operates atop blockchains like Ethereum, BSC, and Arbitrum.

Web3 domains are easily readable names employed to access dApps, smart contracts, NFTs, and other blockchain-based resources. Examples of such domains within the Ethereum network include pintu.eth and pintuacademy.eth.

These Web3 domain names are tradeable NFTs. SPACE ID offers users the capability to create, sell, and manage these domains within a single platform, unlike the Ethereum Name Service (ENS) which necessitates using different marketplaces for domain transactions.

Aside from catering to individuals, ID also provides Web3 names tailored for Software Development Kits (SDKs) and Application Programming Interfaces (APIs) for cross-blockchain developers. The objective is to streamline the integration of web3 domains into diverse applications.

The primary token within SPACE ID is known as ID. Released through an Initial Exchange Offering (IEO) on Binance in March 2023, ID tokens operate as governance tokens within the ID platform.

Who are the founders of SPACE ID?

Established in March 2022, SPACE ID was founded by a team possessing expertise in Web3 technology, entrepreneurship, and DAO, among other fields. The platform's aim revolves around addressing the need for a user-friendly universal ID within the Web3 sphere.

In September 2022, SPACE ID launched the .bnb Public Registration Domain, attracting approximately 370,000 registrants and 175,000 unique domain holders within six months. Additionally, the .bnb Domain Service successfully integrated into over 100 prominent projects and protocols such as BSCScan and Trust Wallet.

Subsequently, in February 2023, ID announced the 2.0 upgrade and merger with ARB ID (Arbitrum), intending to introduce .arb domain registration.

During the same month, SPACE ID secured a strategic funding round amounting to 10 million US dollars led by crypto investment firms Polychain Capital and dao5. This funding is earmarked to expedite the development of universal name services and associated products.

What are the main functions of SPACE ID?

The SPACE ID architecture consists of three integral components that collaborate to enhance the system for storing and safeguarding information:

• Lucas: An ad hoc blockchain facilitating the connection and storage of information across multiple chains.

• Jedi: A smart contract operational across various chains, responsible for registering and validating names on different computer networks. Before permitting the use of a name, this contract confirms its validity via Yoda.

• Yoda: A network oracle ensuring the uniqueness of registered names across diverse chains. Yoda collects registration events from multiple chains, aggregates the data, and furnishes authentication signatures to users seeking to register or bridge names on any Jedi.

Upon a user registering a name on the network, Jedi examines its availability. Subsequently, Yoda verifies whether the name is unique and unregistered. If the name remains available, Yoda provides evidence to the Jedi, authorizing the name's use. This process allows users to acquire a distinctive and well-protected domain name, aiding in establishing their identity securely and effectively.

What are the use cases of SPACE ID?

• Through Space ID, users gain the ability to engage with multiple web3 applications using a single domain name.

• The platform seamlessly integrates with over 100 web3 service applications, such as TrustWallet, NFTScan, ChainBase, PancakeSwap, and others.

• Several prominent Top Level Domains (TLDs) supported by Space ID encompass .eth (Ethereum), .bnb (BNB chain), and .arb (Arbitrum blockchain).

• Token holders of ID have the opportunity to engage in governance by voting on proposals within the Space ID DAO.

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