With the popularity of the Web3 sector, domain name projects have recently received a lot of attention from the cryptocurrency community. Among them, SPACE ID stands out, a domain name project operating on the BNB Chain, and is also the 31st project of Binance Launchpad. So, what is ID coin, and what is SPACE ID? Do they have the potential for investment? Let’s find out more in the content of this article.
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SPACE ID – ID coin: What is it, and should you invest?
What is SPACE ID – ID coin?
Space ID is a project providing services for registering, trading, and managing Web3 domain names. Currently, they have developed on three different blockchain platforms including BNB Chain, Arbitrum, and Ethereum. Space ID offers users simple, easy-to-read, and memorable usernames in formats such as: username.bnb, username.arb, username.eth.
Typically, wallet addresses are long strings of letters and numbers, making it very difficult to remember your exact wallet address. With Space ID, these complicated wallet addresses can be transformed into simpler and more memorable addresses in the structure “XXXXX.bnb”.
Currently, Space ID is the largest domain name project on the BNB Chain.
Since early 2023, Space ID has continuously expanded its relationship with other major partners including Galxe, Metopia. As a result, the project has integrated many tools like trade, management, registration… and helped increase the number of users, user registrations, domain registrations, trading volume…
Main Products of SPACE ID (ID)
Space ID was introduced on the BNB chain in September 2022, along with the .bnb domain service. Since its inception, Space ID has attracted over 580,000 registrants and 390,000 domain owners. In February 2023, Space ID collaborated with the .arb domain service of Arbitrum, attracting over 197,000 registrations and 168,000 domain owners in just a few weeks after opening public registration.
Currently, there are about 2.5 million .eth domain registrations and about 626,000 owners.
The main products of Space ID include:
- Domain registration
- Buying, selling, and exchanging domain names
- Domain renewal
- Community programs
– Domain registration: You can visit https://beta.space.id/ to search for and register desired domain names.
– Changing domain names: During registration and use, issues related to wallets such as hacking, forgetting passphrase… may arise, and you can edit the wallet address right after.
– Renewal: Domain names registered will have a minimum validity period of 1 year (depending on when you register). To renew, select Extend, choose the number of years to register, and pay the transaction fee.
– Domain transfer: Unused domain names can be transferred to other wallet addresses by selecting Profile and Transfer Registrant.
– Invite friends and get rewards: Also, in the main interface, click on the avatar in the top right corner of the screen. Select Referral to join the Space ID referral program. You need to invite a minimum of 30 friends by sharing your ref link. There are up to 600 levels for you to conquer, and for each level passed, you will receive corresponding rewards in your wallet.
Space ID must have 3 to 10 characters, including letters, numbers, and hyphens.
If an ID Name has been registered, subsequent users cannot register the same name.
You can find your domain name by accessing the email sent during registration on Space ID.
Currently, the price for registering a Space ID domain is as follows (excluding gas fees): 3-character name: $650 4-character name: $160 Names of 5 characters or more: $5
What makes SPACE ID – ID coin unique?
Now that you understand what SPACE ID coin is, it is the leading and most prominent domain name project on the BNB network. Space ID aims to build a decentralized identity system combining user information, assets, and domain names across multiple blockchains using an oracle technology named Yoda. Yoda is an Oracle ensuring that Space ID domain names are unique across all chains. Yoda will collect registration events from various networks.
Key features of SPACE ID include:
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One Domain Name for All Networks: This means you only need to register a single domain name for multiple blockchains. This helps you build your personal brand across different chains without needing to purchase domain names on each blockchain separately. For example, if you take the name “chicken.bnb”, this name can be used on BNB, Ethereum, Cosmos, etc.
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High Availability and Security: Space ID is supported by Lucas – a specialized blockchain capable of connecting and storing user data across various networks. Additionally, Space ID has two other components deployed to improve security and availability, named Jedi and Yoda. Jedi is a smart contract running on various chains for registering and resolving names. It only accepts valid domain names from Yoda. Yoda aggregates information and provides authentication signatures for users wanting to register or link domain names on any Jedi.
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Ranked Domain Names: These are special domain names provided by Space ID for communities to increase recognition with customized domain names. For instance, a user named NICK can buy and set the domain name :nick for all chains supported by Space ID.
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Connecting Web2 and Web3: Space ID allows users to connect their platform’s domain name with Web2 social media accounts like Twitter, Facebook, LinkedIn, Github, etc.
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NFT Projects Integrated with Space ID: NFT projects can also integrate and use domain names for their communities. This increases community engagement, thereby aiding the growth of NFT projects. For example, Yuga Labs could use the domain name “yuga:”, allowing the community to register domain names for different NFT communities like yuga:luke, etc.
Overview of ID Token and Tokenomics
- Token Name: Space ID.
- Ticker: ID.
- Blockchain: BNB Chain, Ethereum.
- Token Type: Utility, Governance.
- Total Supply: 2,000,000,000 ID.
- Circulating Supply: 430,506,132.
The schedule for unlocking and allocation of ID tokens by Space ID is as follows:
Utilities of ID Token:
- Payment: ID stakers may get discounts when purchasing domain names. ID is also used for payments within the platform.
- Staking: You can stake ID to earn ID tokens.
- Governance: ID owners can participate in governance activities like voting.
Investors and Partners of Space ID
– Investors:
- In December 2022, Space ID successfully raised funds in a seed round with participation from Binance Labs, marking the ecosystem’s development.
- In February 2023, Space ID announced successful fundraising in a strategic round with capital up to 10 million USD, led by institutions such as Polychain Capital, dao5, and many industry leaders.
– Partners: Space ID has collaborated with many projects, and its .bnb domain has been integrated by numerous projects on BNB Chain. Key partners include Galxe, Trust Wallet, Chainlink, Stepn, DODO, CyberConnect, ApeSwap, etc. There are many other partners, which you can find in detail HERE.
– The Team Behind SPACE ID:
Currently, the team behind Space ID remains anonymous. However, according to information on social media platforms, Space ID’s development team is believed to be from Binance, given the substantial support it received in its early stages from major projects in the BSC ecosystem. Space ID was also a part of Binance’s MVB Incubation V program.
Based on current information, the core members of the Space ID team include:
- Denali: Project Lead at Space ID.
- Solo: Growth Lead at Space ID.
- Allen: Product Manager at Space ID.
- Arton: Community Lead at Space ID.
– Similar Projects:
- Ethereum Name Service.
- Lens Protocol.
- Unstoppable Domains.
- .bit (dotbit).
– Additional Project Information Channels:
- Twitter: https://twitter.com/SpaceIDProtocol.
- Discord: https://discord.com/invite/2qrrf79K2A.
- Medium: https://medium.com/@SpaceIDProtocol.
Does Space ID (ID) Have Potential? Should You Invest?
Currently, Space ID is a leading domain name project on the BNB Chain. With the extensive user base of this ecosystem, Space ID being at the forefront can significantly benefit from the increasing number of BNB Chain users registering domain names.
In the past and present of Web1 and Web2, domain names have become an indispensable part of the Internet, acting as the face of the largest brands, companies, organizations, and individuals. Many businesses have emerged from the internet, or almost all large businesses have made their mark online. At present, many .com domain names on Web2 have been sold for millions of dollars.
Although comparing the value of Web2 domains to Web3 is somewhat disproportionate at this point in time, let’s take a closer look at the pioneering project in this field – Ethereum Name Service (ENS).
Many ENS domains have been sold at record prices, such as paradigm.eth for 420 ETH – equivalent to 1.5 million dollars at the time of the transaction, the emoji domain ❤️????.eth for 100 ETH, and brand domains existing on Web2 like Google, Nike, Apple have also been in high demand. Additionally, meme domains like “stop-doing-fake-bids-its-honestly-lame-my-guy.eth” and “buymydomainplz.eth” have also been sold at high prices.
Moreover, there is a group called the 10k Club – specifically for owners of domain names from 000.eth to 9999.eth, with unique privileges and a future DAO revolving around these domains. The hype around this phenomenon has skyrocketed the floor price of domains with only 3 or 4 digits, for instance, 000.eth was sold for 300 ETH.
Returning to Space ID coin, despite its recent launch, Space ID has achieved certain milestones and shown incredible growth potential in user numbers and domain name registrations.
Some highly sought-after domain names like wallet.bnb, abc.bnb, love.bnb, etc., will be auctioned on Binance NFT. They are currently priced very high, over 50 BNB for each domain. The domains 000.bnb and 999.bnb were successfully auctioned for 1100 BNB and 1000 BNB, respectively.
SPACE ID aims to go cross-chain, building a unified identity for users to use across all blockchains. You will be: Nambit on BNB, Nambit on Ethereum, Nambit on Cosmos. People can send crypto to you without having to repeatedly check:
- Is it the correct wallet address?
- Is it the correct blockchain?
- Is it the correct wallet address on that blockchain?
Moreover, SPACE ID asserts that it is not competing with ENS. In fact, users can continue using ENS domain names by using the SPACE ID SDK. ENS will become a part of the SPACE ID ecosystem as one of the most premium domain names, aiming to build a comprehensive name service system rather than just a naming service.
Personally, I assess Space ID as a project with deep and long-term vision, aiming to develop into a comprehensive Web3 identity service ecosystem, not just limited to wallet address domain names. It has the potential to become a leading name on par with the current ENS. Although its current data still lags behind ENS, remember that Space ID is a new project with much time for promotion and development.
SPACE ID’s main revenue source comes from domain name transactions on its platform. The value of a blockchain domain can be very high, hence Space ID could earn substantial registration fees, and certainly, ID coin holders will benefit. The value of blockchain-based domain names in the market is increasingly high.
With the development of DeFi and NFTs, owning a domain name on a blockchain platform will become an essential part of online business activities. Therefore, investing in the Space ID project may offer many future opportunities. However, always have a reasonable investment plan and capital allocation strategy.
Wish you wise investment and success.
