Space ID (ID)

About SPACE ID (ID)

What is SPACE ID (ID)?

SPACE ID (ID) is a universal name service network built to simplify the creation and management of Web3 identities. It provides a comprehensive platform for users to discover, register, trade, and manage Web3 domains. SPACE ID also offers a Web3 Name SDK & API for developers, enabling them to integrate Web3 services seamlessly across blockchains. The ID token serves as the governance token of the SPACE ID ecosystem, allowing token holders to participate in decision-making processes and incentivizing users to engage with the platform.

How does SPACE ID (ID) work?

SPACE ID functions by offering a centralized platform for managing all aspects of Web3 domains:

1. Domain Management:
   • Users can discover trending domain collections, register Web3 domains on the SPACE ID Mainnet, and trade Web3 domains within the platform’s marketplace.
   • They can also manage key aspects such as domain renewal, ownership records, and DNS configurations for their domains.
2. ID Token Features:
   • The ID token is the native utility token within the SPACE ID ecosystem. Users can stake ID tokens for benefits like discounts on domain registration and reduced trading fees in the marketplace.
   • The ID token can also serve as a means of payment for services within the ecosystem, including integration with the Web3 Name SDK for developers.
   • Token holders can participate in governance by voting on DAO proposals, contributing to the development and direction of the project.
3. Marketplace:
   • SPACE ID has built a marketplace where users can buy, sell, and trade Web3 domain names, fostering a decentralized economy around digital identities.

What are the potential use cases for SPACE ID (ID)?

1. Web3 Identity Management:
   • Individuals can use SPACE ID to manage their digital identities within the Web3 ecosystem, registering and managing domains associated with their decentralized persona.
   • Businesses can utilize Web3 domains for their brand presence, leveraging SPACE ID for domain registration and management.
2. Developer Tools:
   • Developers can take advantage of the Web3 Name SDK & API provided by SPACE ID to integrate Web3 domain services directly into their applications, streamlining the onboarding process for Web3 users.
3. Marketplace for Web3 Domains:
   • SPACE ID’s marketplace allows users to trade Web3 domains, unlocking a new revenue model for those holding valuable domains. It also enables businesses and individuals to buy and sell Web3 identities in a decentralized fashion.
4. Governance Participation:
   • ID token holders can vote on governance proposals related to the future direction and features of the SPACE ID platform, promoting a community-driven development model.
5. Web3 Domain Integration:
   • SPACE ID simplifies the process of integrating Web3 domains into decentralized applications (dApps), supporting seamless Web3 service implementations for various use cases like decentralized finance (DeFi), NFT platforms, and metaverse projects.

What is the history of SPACE ID (ID)?

SPACE ID (ID) was launched with the mission to create a universal name service network for Web3, addressing the need for an easy-to-use system for managing decentralized identities. The platform’s initial success came from its introduction of the .bnb Name Service on BNB Chain, which quickly garnered a strong community of 168K unique domain holders in just 6 months.

In its evolution, SPACE ID launched SPACE ID 2.0, a platform designed to help users discover, register, trade, and manage Web3 domains with enhanced functionality. The introduction of the ID token in March 2023 marked a significant milestone, offering users the ability to participate in governance, stake tokens, and benefit from ecosystem-wide discounts.

With its growing platform and the backing of an active community, SPACE ID continues to contribute to the Web3 space, simplifying the management of digital identities and facilitating broader adoption of Web3 technologies.