Everything You Need to Know About SPACE ID (ID)

The blockchain industry has swiftly emerged over the past few years. And the introduction of web3 space has further boosted the growth of this industry. However, users especially companies face problems while sending or receiving funds. In the traditional blockchain industry, users need to share alphanumerical wallet numbers to receive funds.

Thus, it hinders the mass adoption of the blockchain industry. Fortunately, some naming services have now started providing unique identities to the users so they may use a human-readable name to send and receive funds.

These naming services follow the model of traditional domain name services. But the problem is that the extension for these domain names changes depending on the platform they’re built on. So, businesses still need to use multiple domain names to interact with customers.

Space ID provides a distinctive solution to the problem by allowing users to create a single domain name for multiple chains.

What is Space ID?

Space ID is a multichain naming service network dedicated to bridging the gap between the real world and digital identity. The users can discover, register, trade, and manage web3 domains using this platform. The platform was built after taking inspiration from Ethereum Name Service (ENS) which converts complex wallet addresses to human-readable domain names.

This service was initially introduced for the BNB chain ecosystem. Thus, it assigned a .brb extension to the domains registered through this platform. However, it now allows them to scale their operations by integrating the .arb and .eth extensions. The platform also provides a subdomain management service for businesses that are providing multiple services.

Space ID Brief History

Space ID was founded in March 2022 with the goal of providing a universal ID for the Web3 world. The platform was introduced by an experienced team of Web3, DAO, and entrepreneurship experts. The platform introduced the .bnb Domain Registration service in September 2022.

This service was successfully integrated into 100+ leading projects including Trust Wallet, BSCScan, and more. More than 370,000 users registered with this service within six months. The platform announced its merger with Arbitrum in February 2023.

Space ID team organized a funding round with crypto investment firms Dao5 and Polychain Capital in February 2023 and raised around $10 million. The team is planning to use these funds for the further development of universal name services and products.

Benefits of Space ID

Decentralization – The traditional domain names are always vulnerable to hacking attacks because they’re controlled by a single authority. Space ID provides a decentralized environment for registering domain names. It ensures better security by eliminating the potential points of failure.

Interoperability – Space ID isn’t the only naming service in the blockchain space. But there are other participants like Ethereum Name Service. However, it stands out with its interoperable nature as it enables users to access multiple blockchain networks with a single unique name. Thus, businesses will be able to better accommodate the needs of the customers.

Privacy – Space ID provides users with complete control over their privacy. The users have the complete authority to determine the amount of information they want to share with others.

Efficiency – Space ID quickly completes the verification process compared to traditional platforms because it eliminates the need for intermediaries and third-party services.

Flexibility – Space ID can be used in multiple business categories including healthcare, banking, e-commerce, and more. Thus, it can easily accommodate the needs of different industries.

How Does Space ID Work?

Space ID is dedicated to providing the next-level experience in the web3 space.

Universal ID

The users no longer need to use multiple products for different domains as they can use a single Space ID domain to manage multiple aspects. The platform offers a user-friendly interface to register an account and use the platform’s services.

Discover

This feature is similar to traditional domain name services as it enables users to search for the available domain names. The users can also look at the list of domain names created in different categories. They can then create their own domain name depending on the services they’re willing to offer.

The network offers a set of available domains once the user submits a keyword in the search bar. The user can simply choose a domain name from this list or they can request for a customized name.

Register

The users can opt for .brb, .eth, and .arb extensions to register their domains. The platform displays a pop-up page with a Register button when the user clicks on a domain name from the list. The users are directed to the next page once they click on the Register button. On this page, the user needs to choose the duration for domain registration. The domain is registered in the user’s name once the payment is processed.

The users can also opt for the Bulk Register option if they’re willing to register multiple domains in one go. However, the users can only choose the domains from the same chain when using the Bulk Register option.

Trade

The users can trade the Space ID domain names in ENS.Vision, OpenSea, and Element. The users can choose their desired price while listing the domain name on these platforms. They can also delete or edit the listing in the future.

Manage

The users can transfer ownership rights to other users by visiting the My Domains tab from their profile page. They can also renew their ownership following this process.

Space ID Tokenomics

ID is the native token of this platform that is primarily used to register domain names within the platform. The users can also use this token to purchase domain names from other users. With a circulating supply of 304 million tokens, Id has a market cap of $165 million. It ranks among the 200 best cryptocurrencies in terms of market cap.

Conclusion

Space ID is a multichain naming service network that aims to provide a universal ID for the Web3 world. It offers a decentralized, interoperable, and efficient platform for registering and managing domain names. With the integration of .arb and .eth extensions, Space ID provides a distinctive solution to the problem of using multiple domain names to interact with customers.

With its innovative approach, Space ID has the potential to drive the mass adoption of the blockchain industry and revolutionize the web3 space. If you need more information about Space ID, feel free to get in touch with us. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and the crypto market.