What Is Space ID? How does It Work? A Complete Beginner’s Guide[2024]

Space ID (ID) is a name service network for different blockchains. Users can have their own web3 domain registered on different blockchains, such as BNB Chain and Arbitrum. They can also trade and manage different domains, similar to the Ethereum Name Service. Web3 domains are human-readable names that can be used to access decentralized applications (DApps), smart contracts, NFTs, and other blockchain-based resources. Another feature provided by Space ID is the Web3 Name SDK and API for developers. It facilitates the integration of web3 domain functionality into various applications.

ID is the native governance token. It was launched on the Binance Launchpad platform in a heavily oversubscribed auction in March 2023. ID is a governance token that allows holders to participate in the project’s governance process.

Space ID has an ambitious roadmap for 2023. The project plans to achieve several milestones to enhance its functionality, usability and adoption:

• Q2 2023: Launch a merch store gated by NFTs with exclusive personalized merchandise for Space ID domain owners; initiate the launchpad for custom TLD domain names that allows communities to build and launch their own domains.
• Q3 2023: A SID universal domain that represents all user identities and multi-chain addresses with a colon domain syntax
• Q4 2023: The SID DAO launch that enables decentralized governance of the project by ID token holders

This follows several achieved milestones, such as the integration with major DApps and wallets on the BNB Chain and cross-chain support. Space ID’s goal is to add value to its users and partners and emerge as a comprehensive and innovative solution in the domain management space in web3. By following its roadmap, the project strives for leadership in the web3 industry, which entails creating a more efficient and accessible future for blockchain technology.

Understanding What is SPACE ID (ID)?

SPACE ID (SID) is a decentralized universal name service network that runs on top of blockchains (Ethereum, BSC, and Arbitrum). SID is also a Web3 domain and identity management platform which allows users to register, exchange, and manage crypto-based domain names. In short, SPACE ID is like a marketplace that specializes in selling name services.

Web3 domains are human-readable names that can be used to access dApps, smart contracts, NFTs, and other blockchain-based resources—for example, domains on the Ethereum network such as pintu.eth and pintuacademy.eth.

The Web3 domain name is a tradable NFT. With SPACE ID, users can create, sell and manage them in one place. Unlike the Ethereum Name Service (ENS), users need a different marketplace to buy and sell domain names.

Apart from individuals, SID also features Web3 names for Software Development Kit (SDK) and Application Programming Interface (API) for cross-blockchain developers. It aims to facilitate the integration of web3 domains into various applications.

SPACE ID has a primary token known as ID. The ID token was released through an Initial Exchange Offering (IEO) on Binance in March 2023. ID tokens are used in the SID platform as governance tokens.

SPACE ID Founders and Funding

SPACE ID was founded in March 2022 by a team with experience in Web3, entrepreneurship, DAO, and others. This platform aims to solve the problem of an easy-to-use universal ID for the Web3 world.

In September 2022, the .bnb Public Registration Domain was launched by SPACE ID. It attracted about 370,000 registrants and 175,000 unique domain holders within six months. In addition, the .bnb Domain Service successfully integrated into more than 100 leading projects and protocols such as BSCScan, Trust Wallet, and so on.

Then, in February 2023, SID announced the 2.0 upgrade and merger with ARB ID (Arbitrum), which plans to launch .arb domain registration.

In the same month, February 2023, SPACE ID successfully raised 10 million US dollars in a strategic funding round led by crypto investment firms Polychain Capital and dao5. With this funding, SPACE ID can accelerate the development of universal name services and products.

How Does Space ID Work?

Space ID is built on a modular and scalable architecture comprising three main components: the Space ID protocol, the Space ID platform and the Space ID DAO.

The Space ID protocol is a set of smart contracts that provide the core functionality of web3 domain registration, resolution, management and governance. The protocol supports multiple top-level domains (TLDs) such as .eth, .bnb and .arb, as well as custom TLDs that can be launched by communities. The protocol also enables cross-chain interoperability by allowing users to link their web3 domains to any blockchain address or resource.

The Space ID platform offers a pleasant interface for users to interact with the protocol. The platform offers various features such as domain discovery, registration, trading, management and referral. It also integrates with major DApps and wallets on BNB Chain and other blockchains to provide seamless web3 domain usage. Additionally, the platform provides a Web3 Name SDK and API for developers.

The Space ID DAO is a decentralized autonomous organization that governs the Space ID protocol and platform. The DAO is powered by the ID token, which is the governance token of Space ID. The token also serves as an incentive mechanism for users to engage with the project and contribute to its growth and sustainability.

The Space ID Team

The project was founded by a group of engineers and web3 aficionados that aim to create a universal name service network backed by decentralized blockchain technology. The team has expertise in blockchain development, smart contract security, user interface design, and community building.

Space ID has received strong support from reputable investors and partners in the blockchain industry. The project has raised a total of $10 million in funding over two rounds. The seed round was led by Binance Labs, the venture capital arm of Binance. The strategic round was led by Polychain Capital and dao5, two prominent venture capital firms that focus on web3 innovation. Other participants in the funding rounds include Foresight Ventures and other institutions and industry leaders.

The funding rounds have enabled Space ID to expand its team, develop its product and grow its ecosystem. The project has integrated with over 100 leading projects and protocols on BNB Chain and other blockchains, such as BscScan, Trust Wallet, and ApeSwap. It also launched its governance token ID on the Binance Launchpad platform in March 2023, attracting widespread attention and participation from the web3 community.

How to use SPACE ID

• Connect Crypto Wallet. You will need to connect a crypto wallet to access SID. One of the most popular wallets is Metamask.
• Search for the Name in the Search Field. You can type the name you want to register in the search field. After that, SID will display the results of the name you are looking for, whether it has been registered or not. You can register it for $5 per year if it still needs to be registered. Or you can make an offer if the name is already registered.Source: Space ID
  Bulk Purchases. You can add multiple domain names from different networks to your cart but can only purchase domains based on the same network. To do so, switch to the preferred network and complete your purchase. You only need to make one transaction, which reduces gas fees and simplifies the process.
  Register and Edit Domain Names. You can sell Web3 domains by registering your domain name at a fixed price, selecting the sale duration, and setting the price. Once you have entered the required information, click “Register” to complete the registration. In addition, you can also make changes to your domain name listing by lowering or raising the fixed price of your listing or canceling it.
  Source: Space ID
  Extend Domain Name. You can extend your domain registration within the registration period and for 90 days after expiration, also known as the grace period. During the grace period, the domain name will be exclusively available for previous registrants to renew their registration. After the grace period ends, the domain name will be available to other users.

Features of SPACE ID

Universal Domain

• Build a Personal Brand. Maintaining a unique identity across different blockchains will be important in a multi-chain future. SID can provide a unique identity across all chains and prevent name duplication.
• Naming Layout. The use of name layouts such as .eth and .btc can only be used for name services. SID is developing a naming layout using colons. XX: for TLDs, and :XX for users. SID requires a more sophisticated structure to separate the Top-Level-Domain from the User domain.
• Simplifiy Interaction. You don’t need to double-check your address again. With SID, for example, a username named Ari, :Ari, can be linked to his identity on multiple blockchains. Ari’s name will be :Ari on BNB, :Ari on Ethereum, and :Ari on Arbitrum.
• Connect Web2. With SID, you can connect your Web2 world identities, such as Twitter usernames, email addresses, and Github accounts. For example, on Twitter, the username @Ari becomes Twitter:Ari.

Read also What is Web 3.0?

Customizable Top-Level Domain (TLD)

• Unique Usernames for Communities. SID supports the use of TLDs in the form of community names, such as BAYC: or ETH:
• NFT Integration. When BAYC wants to send an APE token airdrop to NFT holders, it only needs to send it to the subdomain BAYC:XX
• TLD and Multi-chain Combination. When a person named Ari has the universal domain name :Ari, he can create multiple identities such as BAYC:001, ETH:Ari (ari.eth), BNB:Ari (ari.bnb), and Twitter:Ari.

Easy SDK Integration

Integrating with partners is critical to market success. Space ID SDK integration with partner applications takes only 30 minutes. It also supports users and partners, allowing the product to expand and reach new use cases. In addition, SID has TLDs that can resolve other domains and name services, so developers do not need to integrate multiple name services and keep track of new services.

SPACE ID Advantages

Digital identity is becoming increasingly crucial in the Web3 world. It means that as the internet develops, everyone needs to have a unique digital identity to engage in online activities. In particular, SPACE ID has three excellent features that are critical to the future of digital identity in Web3, namely:

• One Name for All Networks

SPACE ID is a tool that allows people to create a customized username that can be used on different blockchain networks. It means you don’t have to create a new username for every blockchain you use.

• Username for the Metaverse

SPACE ID is not just a username but also a way to keep track of things across different blockchains. It’s like a personal database that helps people find and use resources on various blockchain networks. The username can also be an individual’s identity in the metaverse.

• High Security

To keep user information safe, it uses a system called Lucas to store data on various blockchains securely. There is also a security feature called Yoda that uses oracles to protect user information.

Drawbacks

Another potential drawback of SPACE ID is its reliance on blockchain platforms. While the chain-agnostic nature of SPACE ID allows users to choose the blockchain platform that best suits their needs, it also means that the success of SPACE ID is tied to the success of the blockchain platforms it operates on. If the blockchain platform experiences technical issues or fails to gain widespread adoption, this could negatively impact the performance and reliability of SPACE ID.

Space ID Tokenomics

ID is the governance token of the Space ID project. It was launched on the Binance Launchpad platform in March 2023. The token has a total supply of 2 billion ID, with an initial circulating supply of 14.3% of the total supply.

ID plays a key role in growing the ecosystem since its the incentive for users to make contributions to the Space ID project. Its use cases are:

• Staking: ID can be staked, with users receiving discounts in the native NFT marketplace on trading and domain registration fees.
• Payments: ID serves as a means of payment for domains and SDK integration.
• Governance: ID is used as a governance token to vote on governance proposals.

The token distribution is as follows:

• Seed Sale: 20% with a 12-month cliff and 60-month quarterly vesting.
• Strategic Sale: 8% with a 12-month cliff and 36-month quarterly vesting.
• Public Sale: 5% at $0.025 fully unlocked at TGE.
• Team: 15% with a 12-month cliff and 60-month quarterly vesting.
• Advisors: 7% with a 12-month cliff and 36-month quarterly vesting.
• Ecosystem Fund: 10% with 50% fully unlocked at TGE and 36-month monthly vesting.
• Marketing: 13% with 10% unlocked at TGE and 48-month monthly vesting.
• Foundation: 20% with 48-month monthly vesting.
• Community Airdrop: 10% with 24-month monthly vesting.

What is SPACE ID roadmap?

SPACE ID is a project that’s boldly going where no one has gone before, and their journey promises to be nothing short of epic. So, what’s next for SPACE ID?

Q1-2023

– Multi-chain Top-Level-Domain Infrastructure: SPACE ID will create an infrastructure that provides Top-Level-Domain with multichain support. This new infrastructure will make it easier for users to register and utilize domain names across different blockchains.

– SID Domain Names Referral Program: The release of the referral program will boost user growth and engagement by incentivizing current users to invite their friends and family to join.

Q2-2023

– Domain NFT-Gated Merch Store: It will offer an exclusive personalized merch store for domain holders, featuring NFT-gated merchandise that is only available to SPACE ID users.

– SID Launchpad for Custom TLD Domain Names: The company will launch a platform where communities can readily build and launch their customized Top-Level-Domains (TLDs) in one place.

Q3-2023

– SID Universal Domain: The release of the universal identifier (colon domains, ”:”), which can represent all your identities and multi-chain addresses. This new feature will simplify the management of multiple identities and addresses across different blockchains.

Q4-2023

– SID DAO Launch: SPACE ID will officially launch the SPACE ID DAO, which will enable users to participate in the project’s governance and vote on key decisions related to the development and direction of SPACE ID.

Source: SPACEID Medium

It is important to note that the roadmap presented is subject to change, and SPACE ID may add additional developments or modify their plans in response to changing circumstances.

Conclusion

SPACE ID is a promising blockchain-based project that aims to provide a decentralized and censorship-resistant universal name service. Its features, including decentralization, chain-agnosticism, and open-source development, offer several benefits for users who are interested in building and promoting their brand identity. However, its potential complexity and reliance on blockchain platforms could limit its adoption and success. As with any blockchain-based project, it is important to carefully consider the potential benefits and drawbacks before deciding whether to use SPACE ID.

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