SPACE ID:A Universal, Seamlessly Coordinated network of Multi-chain Domain Name Services
#SPACEID #ID #NFT #DomainNameService #DNS
Last week, the decentralized domain name service SPACE ID announced the launch of its governance token $ID, as well as an upcoming airdrop and a public release on launchpad. The news quickly spread through the market, which was heating up as prices rose, and generated a lot of buzz.
Decentralized Domain Name Service
Services on Web 3 are usually provided by using a wallet address, which is an unordered number and letter combination. Domain name services can convert these unordered on-chain addresses into words or symbols that are easier to remember and use. For example, Ethereum Name Service($ENS) allows users to convert their Ethereum wallet address starting with 0x into a combination of numbers and characters, such as bitunix.eth, making it much easier for transactions.
Introduction to SPACE ID
Established and launched in Q3 2022, SPACE ID is a decentralized domain name service based on BNB Smart Chain and Arbitrum One. It is a protocol dedicated to building a name service network that seamlessly connects people, information, assets and applications across the blockchain. And by allowing users to be able to bind their identities across multiple chains, communities can build their own domain name services through SPACE ID’s network. It offers “.bnb” name services at the early launch and it soon achieved over 360,000 registrations and 168,000 unique owners.
After the launch of 2.0, SPACE ID expands its product and service to Arbitrum with “.arb” domain name service. SPACE ID 2.0 provides a one-stop Web3 domain name and identity platform for discovering, registering, trading, and managing Web3 domain names. It also includes a Web3 domain name SDK & API for cross-blockchain developers and provides a multi-chain domain name service for everyone, making it easy for everyone to create Web3 identities. It is worth mentioning that while Ethereum Name Service currently only supports Ethereum Network, SPACE ID now also supports domain name service registration on Ethereum network.
A dashboard on Dune shows that there are already over 470,000 total names registered, held by over 270,000 holders, and over 1,000 new names are registered everyday, showing a trend of steady growth.
Tokenomics and Airdrops
SPACE ID’s governance token is the $ID, with a total supply of 2 billion tokens. $ID is designed to play a key role in the project’s decision-making process and to give users a voice in the direction and future of SPACE ID. ID tokens are an essential component of the growth and sustainability of the SPACE ID ecosystem, inspiring users to participate in the project and contribute to its success.
Holders of $ID can enjoy: 1) Staking: Staking $ID tokens provides access to discounts on SPACE ID domain NFT market transaction fees and discounts on registration of SPACE ID domains; 2) Payments: Used as a payment method in the SPACE ID ecosystem and Web3 Name SDK integration. 3) Governance: ID token holders can participate and vote on proposals for the SPACE ID DAO.
Fundings and Investments
In September 2022, SPACE ID received a seed round of investment from Binacne Labs, while it partnered and integrated with many projects in the BNB Chain ecosystem. On February 7, 2023, SPACE ID announced the closing of a $10 million strategic financing round led by Polychain Capital and dao5, with participation from other institutions and industry leaders.
SPACE ID: More Than a Domain Name
Domain names also have multiple utilities compared to traditional website domain names. In addition to acting as a blockchain address, they also act as NFTs with identity, in which personal data and other information can be stored, equivalent to a digital identity card on the chain. The SPACE ID is not just a name, it is the your multi-chain identity in the meta-universe.
*Risk Warning
This article represents only the views of the writer and does not constitute any investment suggestions.
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