Space ID offers a universal name service network that leverages decentralized identities to seamlessly connect users, data, assets, and applications across blockchain networks. Its one-stop-shop platform lets users find, register, trade, and manage web3 domains.
Space ID’s Web3 Name SDK & API lets developers generate and manage web3 domains across blockchain ecosystems. In addition, its multi-chain name service makes it easy for users to create and manage their web3 identity in a blockchain-agnostic manner.
The project’s universal domain name service aims to function as a gateway between decentralized identities (DIDs) and the real world. Space ID’s goal is to serve as web3’s core and drive mainstream adoption and use of decentralized IDs in the physical and web2 worlds.
Space ID Token (ID) is the governance token of the platform. ID token holders can participate in the platform’s decentralized governance mechanism and offer incentives for engaging with the Space ID community. It is also used to make payments on Space ID and can be staked on the platform to receive discounts on its NFT marketplace.
Space ID is a chain-agnostic, decentralized, open-source, and censorship-resistant universal name service network that solves the challenges of current Domain Name Services (DNS). Its modular and scalable architecture comprises three essential components:
This set of smart contracts provides core functions of Space ID, including web3 domain registration, resolution, management, and governance. Users can leverage the Smart ID protocol to register web3 domains and bind them to blockchain-based addresses.
This user interface allows users to register and manage their web3 domains. It offers access to several features, including domain search, registration, transfer, and management.
The decentralized autonomous organization governs the Space ID protocol and platform. ID token holders form the DAO’s community and enjoy voting rights to contribute their thoughts on how the project should evolve.
The Space ID project launched in April 2022 to create a universal name service network powered by blockchain technology. A team of engineers and web3 enthusiasts with experience in blockchain development, smart contract security, UI design, and community building founded it.
In September 2022, Space ID closed its seed round led by Binance Labs. As of March 2023, the project has raised $10 million in funding from its seed and strategic rounds. Polychain Capital and dao5 led the second round of funding.
Space ID 2.0 was introduced in February 2023, ushering in significant upgrades to the original version of the project that went live on BNB Chain in August 2022. The upgraded version would offer a blockchain-agnostic service for web3 domains and decentralized identities.
The ID token - Space ID’s governance token, was launched on Binance Launchpad in March 2023. The heavily oversubscribed auction for the Space ID token sale saw interested participants commit more than 8.4 million BNB tokens, for a round that aimed to raise $2.5 million.
Period | Change | Change (%) |
---|---|---|
Today | $-0.0156 | -3.50% |
7 Days | $-0.012 | -2.71% |
30 Days | $0.0261 | 6.50% |
3 Months | $0.0661 | 18.27% |
Space ID is a good crypto asset that enjoyed significant attention at launch. Its token sale was oversubscribed on Binance Launchpad and enjoyed high volatility on trading platforms shortly after.
Consider investing in ID token, especially if you believe in the potential of web3 and mainstream adoption. Rising interest in making web3 technologies mainstream could increase the demand for services such as those offered by Space ID, increasing its appeal among investors and supporting the ID token price.
The Space ID price could increase as more users and developers leverage its platform to create and manage their web3 domain names. The higher on-chain activity could boost the ID price statistics.
Although it is impossible to offer an accurate ID token price prediction, we recommend monitoring the following fundamentals to get a better understanding of the price action and volatility in the Space ID token:
Higher use of Space ID’s services among users, developers, and businesses could increase the value of the ID crypto. The price of Space ID token could also trend higher if more mainstream organizations use its services to register and manage web3 domains.
The value of Space ID cryptocurrency could also increase when the developers introduce more features that make its platform more attractive. News about more partnerships, investments, and integrations could boost investor confidence in $ID.
The ID to USD price could witness an uptrend amid an improvement in investor sentiment toward cryptocurrencies and web3. On the other hand, a bearish sentiment in the crypto market could drive selloffs that could weaken the ID crypto price.
$ID is the native token of Space ID and has the following use cases:
ID is the native currency of the Space ID platform. It is used for making payments on the platform and is also required for Web3 Name SDK Integration.
$ID token holders can become members of the Space ID DAO. The community-led DAO gives ID holders voting rights to decide the project’s future evolution.
$ID can be staked on the platform to receive discounts on trading fees within Space ID’s NFT marketplace. Staking ID also lets you enjoy discounts on registering web3 domains on the platform.
Trade Space ID against other digital assets to profit from changing market conditions and volatility. Buy or sell ID against other cryptos or hold it long-term if you believe in the future potential of Space ID. Review the current price of Space ID token, ID current market cap, current circulating supply, and 24-hour trading volume, and perform technical, sentiment, and fundamental analysis on the ID price chart before trading Space ID in the market.
Although a relatively young project in the crypto market, Space ID boasts an impressive list of investors. As of March 2023, investors in Space ID include Binance Labs, Polychain Capital, Bullet Labs, and dao5.
Space ID’s partners include Trust Wallet, BscScan, ARB ID, DODO, Galxe, Plant Crossing, CARV, and more.
As of March 2023, Space ID is yet to introduce its official staking program. However, you can stake ID on supported platforms to earn passive income. Watch this space for more on staking $ID on Space ID!
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