Space ID Review: Build Domain With Many Outstanding Features
When people have a demand for greater “freedom,” like DeFi, it has been born and flourished extremely powerfully till now, and that boom requires time to construct the infrastructure base. Web3 is also good enough to optimize other aspects.
After the success of ENS, domain ventures have recently piqued the curiosity of the bitcoin investment community (Ethereum Name Service). Space ID, a BNB Chain project, has just announced that it has been launched on the Launchpad of the world’s biggest exchange, Binance. Let’s learn about this project with Coincu through the Space ID Review article.
What is Space ID?
Space ID is a web3 domain name registration, transaction, and administration project. They are currently developing three major blockchain platforms: BNB Chain, Arbitrum, and Ethereum. The project gives users usernames that are basic, easy to remember, and easy to read in the following formats: username.bnb, username.arb, and username.eth.
It offers domain names with a one-stop identification platform for Web3 domain administration and commerce. Moreover, the project includes Web3 Name SDK and API for blockchain developers, as well as a multi-chain enabled domain name service allowing anybody to simply establish and create identities on Web3.
The project also contributes to the seamless connection of all users, information, crypto assets, and decentralized applications (dApps) on various blockchains (multi-chain). These are decentralized chains that are open source and unfiltered.
Space ID has a vibrant ecosystem that has proven its market position through successful integrations with over 100 prominent and trustworthy products, such as BSCScan, and Trust Wallet,…
Products of Space ID
Provide domain name
- Space ID was introduced on BNB Chain in September 2022, along with the .bnb domain name service. Since its inception, Space ID has amassed over 580,000 registrants and 390,000 domain owners.
- In February 2023, Space ID joined with Arbitrum’s .arb domain name service, which collected over 197,000 registrations and 168,000 domain owners in only a few weeks after launching public registrations.
- There are now around 2.5 million .eth domain registrations and about 626,000 owners.
Discover, register, trade and manage domain names
The identity platform includes four primary characteristics, including:
- Discover: Enables users to search for specific domains and browse popular domain collections. Space ID includes features like auto-suggestion and a rapid check of domain registration status.
- Register: All Web3 domains may now be registered on the SPACE ID Mainnet. Space ID now supports three kinds of domain names .arb, .bnb, and .eth are all extensions.
- Trade: Establishes a marketplace particularly tailored for trading Web3 domains, with liquidity pooled from existing trading platforms such as OpenSea.
- Manage: An integrated platform for managing all Web3 domain renewals and ownership.
Program for the community
Some Space ID programs are rolling out for the community:
- SPACE ID Referral Program
- SPACE ID Gift Card
- SPACE ID Comic Council
In terms of the referral program, you might earn up to 15% of the registration price.
In Web2, domain services will be the third party hosting the user’s/domain business’s name; they will push the data to the cloud and every time the user visits it, the data on the server will return according to the IP address that the user has registered/leased.
Since everything is decentralized in Web3, user data will be placed into Space ID’s network of nodes, and every time the user accesses, there will be an algorithm that calls to that node address and returns it to the user, which is SID technology, according to Space ID.
- You register once and utilize it throughout the whole chain. That is, if you register just one identifier, you may use it on all chains, and it will be unique.
- You may access Web2’s domain or email, Github, Twitter, and so on.
- Your domain name is now considerably more secure.
- Using Oracle technology dubbed Yoda, Space ID hopes to create a decentralized identity domain name system that connects user information, assets, and domains across several blockchains.
It is more than simply a domain name; it also contains the following characteristics:
One domain for all chains
Space ID enables people to register and utilize their own unique domain name without relying on a certain blockchain.
Users get more than simply a domain name
Space ID is not just a user domain name but also a proprietary database for finding resources based on any text.
SID is also the multi-chain identification of users in the metaverse: trading cryptocurrencies, lending tokens, minting NFTs, purchasing tickets, and even purchasing a home in the future decentralized world are all made simpler with only an ID. And the ID owner will own all data privacy linked to the ID.
The purpose of Space ID is to be the bridge between decentralized identification and the physical/digital world, as well as the key to finding answers to the issues that all existing domain name systems face.
The Space ID concept is for a multi-chain future. When current blockchain users try to secure the same identity on several blockchains, they lose their personal brand once that name is utilized. SID will provide the owner with a unique identification for all chains.
Your domain name on Space ID may be linked to your identity across various blockchains. For instance, the term satoshi may be used as satoshi on BNB, satoshi on Ethereum, and satoshi on Cosmos.
SID also enables you to link users’ identities from other social networks, such as your Twitter username, email address, and Github account.
Security and accessibility
Lucas, a unique blockchain that integrates and saves user data across many chains, powers Space ID. Jedi and Yoda are two further components used in the SPACE ID architecture to improve security and availability.
- Jedi is a smart contract that operates on several chains to register and resolve names. It only accepts legitimate Yoda domain names.
- Yoda is an Oracle that ensures the uniqueness of domain names registered on several chains. It will gather registration events from many chains, integrate information, and offer authenticator signatures to users wishing to register or bridge domains on any Platform.
One SDK for all
Integrating the SID SDK will take around 30 minutes using the SDK software development kit, and SID includes a Top Level Domain that may be used to resolve domains and domain name services.
This implies that developers simply need to integrate the Space ID SDK to connect to all of the major domain name providers. No more integrating several domain name services while keeping an eye out for new name services to remain current.
Top Level Domains that may be customized
Usernames that are unique to the community: Even though you have a common ID, you still require various identities in distinct groups. As a result, Space ID offers a custom Top Level Domain in the form of BAYC: or ETH: this will eventually be comparable to a .eth domain.
In order for BAYC to airdrop a higher quantity of APE tokens to holders, these holders must pay cash to all BAYC: XX subdomains. You don’t need to know any additional aliases or even their common names since it’s automatically forwarded to the owner’s BAYC: XX address.
Mixing Top Level Domain with Multi-chain Domain Service: Combining Top Level Domain and Multi-chain Domain Service has several benefits. If the user’s common domain is set to :satoshi, he may also set his identity to:
- 001 on BAYC
- satoshi on ETH (satoshi.eth)
- satoshi on BNB (satoshi.bnb)
- If the username on Twitter is @satoshi, you may also use Twitter: satoshi as one of your domains to engage.
Space ID Review article will continue with the benefits the project brings.
The advantages that the project provides
- Brand name defense
- Subdomains for that brand’s users
- Make it simple for people to locate domain names.
Individual users should:
- Let users engage using domain names rather than wallet addresses.
- Reduce the probability of transmitting the incorrect wallet.
- Display your domain name in the search results.
- People may quickly discover one another on social networks.
- Develop your own Web3 brand.
- Token Name: Space ID Token
- Ticker: ID
- Blockchain: BNB Chain
- Token Contract: 0x2dfF88A56767223A5529eA5960Da7A3F5f766406
- Token Type: Utility
- Total Supply: 2,000,000,000 ID
- Circulating Supply: 286,000,000 ID
- Seed Sale: 20%
- Core Team: 15%
- Marketing: 13%
- Foundation: 12%
- Ecosystem: 10%
- Community Airdrop: 10%
- Strategic Sale: 8%
- Advisors: 7%
- Binance Launchpad: 5%
- Tokens are used for platform staking.
- Used for payment in the Space ID ecosystem as well as Web3 Name SDK integration.
- ID token holders may also participate in the Space ID DAO’s community governance.
Roadmaps & updates
The project does not provide any information about its participants. According to the Binance Blog, team members have worked on Web3 companies and contributed to different DAOs.
Investors & Partners
Space ID successfully received funds in a seed round sponsored by Binance Labs in December 2022.
In February 2023, it completed a $10 million strategic fundraising round headed by Polychain Capital and dao5.
Conclusion of Space ID Review
The Space ID project is being considered as a prospective initiative in the realm of Web3 domain names. The usage of domain names on blockchain platforms is becoming more popular as blockchain technology advances, and Space ID is one of the leading efforts in this space.
Space ID not only adds value to people and organizations by allowing them to register and own domain names on the blockchain platform, but it also offers a smart, secure, and user-friendly domain name management platform. Space ID integrates community programming to provide an environment for establishing and developing domain names on the blockchain platform.
The value of domain names on the blockchain platform is growing in today’s market. With the advancement of DeFi and NFTs, holding domain names on blockchain platforms will become an essential component of online company operations. As a result, investment in the Space ID project may provide significant future benefits. Hopefully the Space ID Review article has helped you get more information about this project.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.