What is SPACE ID? A Multi-chain Name Service

Introduction

As we enter the Web3 age, it is becoming increasingly necessary to have a digital identity that is easily distinguishable and trustworthy. The user experience is seamless since decentralised identity functions as a universal login for Web3 sites. For this reason, each blockchain, protocol, and network system has a unique domain name, which implies that a user must manage several domains or identities.

As more people engage in activities online, there is a corresponding rise in the likelihood of fraudulent conduct, identity theft, and the loss of access to crucial accounts. The use of digital identity technology that is both dependable and effective is essential in order to address these concerns. 

This is where SPACE ID can be of assistance, as it offers innovative approaches to enhance the safety of online activities. Nevertheless, what precisely is the SPACE ID, and how does it function? As we move further, let’s take a look at its characteristics and the benefits it offers.

What is a Space ID?

SPACE ID is a flexible platform that changes the way people use Web3 by giving them all the tools they need to look for, register, and trade domain names. Web3 domain management is easy and efficient with its user-friendly interface.

It makes domain name searching easy. Users may rapidly identify suitable domain names using its built-in search engine. It also simplifies finding a unique domain for your dApp or a memorable moniker for your blockchain enterprise.

The SPACE ID platform lets users register a suitable domain name. This registration allows users to +secure domain ownership and management. Users can update and customise their registered domains on the platform, giving them full control.

It allows Web3 domain registration and trading. The portal lets users sell names and accept bids. This simplified trading mechanism makes domain buying and selling straightforward. The liquidity for these trades can come from other well-known marketplaces like OpenSea, which offers expanding domain trading.

It’s trading feature is incorporated into the domain management platform, making it smooth. Domains, details, and sales can be monitored and updated in one spot. Integration eliminates the need to manage Web3 domains on numerous systems.

History of Space ID

SPACE ID began publicly building its ecosystem early in 2022, quickly establishing itself as a significant player in the Web3 space. The project officially launched in September 2022, aiming to simplify the technical processes of onboarding new users. By March 2023, SPACE ID had successfully launched its governance token, ID, using the Binance Launchpad, which marked a pivotal milestone in its development.

Based in Singapore, It received substantial support from prominent investors through two key funding rounds. The first seed round was led by Binance Labs.

How does Space ID work?

The Space ID protocol, platform, and DAO constitute a modular and scalable architecture.

Web3 domain registration, resolution, management, and governance are smart contract-based. The protocol supports.eth,.bnb,.arb, and community-created TLDs. Web3 domains can be linked to any blockchain address or resource for cross-chain interoperability.

The Space ID protocol interface is pleasant. The portal enables domain search, registration, trading, maintenance, and referral. It interacts with major BNB Chain and other blockchain DApps and wallets for seamless web3 domain usage. The platform offers developers a Web3 Name SDK and API.

Decentralised autonomous organisation Space ID DAO governs Space ID protocol and platform. ID token, Space ID’s governance token, powers the DAO. Users are encouraged to participate in the project and help it develop and survive with the token.

Features of Space ID

Personal Branding:

In a multi-chain future, unique identities across blockchains are essential. Every chain has a unique SPACE ID (SID), eliminating name duplication. It lets users develop and maintain a personal brand in the decentralised world.

Name Design: 

SID’s colon-based naming scheme is more advanced than .eth and.btc. XX for TLDs and user domains. This structure delineates TLDs from user domains for clarity and organisation.

Make interaction simple: 

Users no longer need to double-check addresses with SIDs. On BNB, Ethereum, and Arbitrum, a username can be linked to an identity. Cross-network transactions are simplified.

Web2 connect: 

Users can connect their Twitter, email, and GitHub accounts to SID, bridging Web2 and Web3. In the SID system, @Ari can become Twitter, creating a seamless identity link across platforms.

All networks under one name: 

Users can customise their SPACE ID username for use across blockchain networks. Users can avoid creating new usernames for each blockchain, simplifying the process.

Metaverse username: 

Beyond a username, SID is a personal database that lets users use resources across blockchain networks. A person’s metaverse identity is their username, which integrates with virtual worlds.

Highly Secure: 

SPACE ID stores user data on blockchains, using Lucas to protect it. For added security, Yoda uses oracles to protect user data.

Conclusion  

SPACE ID is a strong cryptocurrency platform for Web3 service providers. It provides a complete set of tools for searching, registering, trading, and managing domain names securely and quickly on Ethereum. All transactions are secure with this decentralised technique, protecting user privacy and data.

It stands out for its versatile features and easy-to-use UI. Users may easily search for, manage, and trade domain names. This simplified experience makes Web3 ecosystem engagement easier, increasing adoption and usage.

It prioritises security and privacy. The platform uses Ethereum’s decentralised infrastructure to protect user interactions and transactions against fraud and unauthorised access, giving users peace of mind.

Users can earn money by registering and trading domain names on SPACE ID. However, investing in cryptocurrency is risky, so proceed with caution. Trade carefully, and invest only what you can afford to lose.

The Web3 domain management and trading platform SPACE ID is innovative, secure, and easy to use, making it a promising candidate.