SPACE ID (ID): Managing All Your Digital Identities in One Place

The world is swiftly transitioning into the innovative realm of web3. As this metamorphosis continues to build momentum, there's an increased need for decentralized identities that allow users to maneuver through various web3 platforms. 

Powered by blockchain technology, such identities have become popular due to their private, secure and transparent nature. With the increased demand, numerous domain name service providers have mushroomed. As such, when you own multiple identities, registering, searching and managing them can be a headache because of the highly segregated nature of the name service market.

There's also the risk of data breaches that comes with owning too many identities, which can be compromised at some point.

SPACE ID seeks to solve these issues by building a one-stop platform for web3 decentralized identities. Let’s take a deeper look at how SPACE ID's platform makes web3 even more convenient for its users. 

Key Takeaways:

• SPACE ID is a one-stop solution for web3 users to manage their digital identities.

• SPACE ID 2.0 includes new features, such as a multi-chain name service and a unified Web3 Name SDK.

• The ID token is a governance token that can also be used for staking and payments in the SPACE ID network. 

What Is SPACE ID?

SPACE ID (ID) is a universal name service network that offers a one-stop identity platform for registering, trading, discovering and managing web3 domains. Founded in April 2022, SPACE ID aims to become a gateway between your digital identity and the real world.

Via a concept initiated by Ethereum Name Service (ENS), using a web3 domain helps replace complex crypto addresses with a human-readable identity to facilitate all your web3 interactions. 

At launch, SPACE ID started out with a .bnb name service to help users interact with various features on the BNB Chain ecosystem. Since then, the project has also integrated the .arb and .eth domains designed for Arbitrum and Ethereum users looking to scale their operations with speed and reliability.

Besides the multi-chain domain names, SPACE ID also provides customizable community domains and subdomain management, which are essential for businesses with multiple services. 

How Does SPACE ID Work?

SPACE ID started with version 1.0, launched in August 2022, and quickly gained momentum. In February 2023, it was upgraded to SPACE ID 2.0.

Built as an ultimate solution for the web3 domain infrastructure, this revolutionary upgrade for SPACE ID takes web3 efficiency and user experience to the next level.

One-Stop Web3 Domain & Identity Platform

SPACE ID offers a one-stop web3 domain and identity platform. You can easily manage diverse aspects with a single SPACE ID domain, which eliminates the need to use multiple products for different domains.

SPACE ID 2.0 operates on the basis of these four actions: Discover, register, trade and manage.

Discover

Source: docs.space.id

With Discover, you can easily navigate through web3 domains and create your unique domain name.

Enter your preferred keyword on the search bar, and a list of preferred domains will be displayed. Select a domain name that works best for you. 

Register

Source: docs.space.id

After creating your name, you can easily register it. SPACE ID supports the .bnb, .arb and .eth top level domains in their current mainnet. 

The registration process starts when you click on your chosen domain name. A pop-up page with the Register button in the top right corner will appear. Click on it and you’ll be led to the domain info page, where you can request information such as the number of years you wish to register your domain. Proceed by paying for your domain. 

You can also add multiple domains at a go with the Bulk Register button, though this feature only allows you to add domains from the same chain at the time.

Trade

Source: docs.space.id

Besides registering your domain name, you can also buy and sell web3 domains. SPACE ID 2.0 enables users to purchase web3 domains in OpenSea, ENS.Vision and Element. Likewise, bulk purchase is possible, but only from domains from the same chain each time. 

If you wish to sell your web3 domain, you can list it at your chosen price and select your sale duration. After listing, you can even edit or cancel it.

Manage

Source: docs.space.id

You can easily manage the renewal, recording and ownership of all web3 domains in SPACE ID by heading to your profile picture at the top-right corner of the interface and selecting My Domains. Pick a domain to get access and manage your records.

Multi-Chain Name Service

Among the top priorities of SPACE ID is supporting more blockchains and top-level domains (TLDs). Unlike SPACE ID 1.0, whose main emphasis was on .bnb Name Service, SPACE ID 2.0 instead focuses on multi-chain name service. 

SPACE ID has reached out to various blockchains for partnership discussions, and expects its ecosystem to flourish with time.

Web3 Name SDK & API

SPACE ID aims to streamline web3 services through the use of a single SDK to assist in the building of DApps. This saves developers time, since they don't have to work with multiple protocols and be encumbered with issues of blockchain incompatibility. 

This vision is being realized by adding an all-in-one API over the SDK, allowing current and future partners to seamlessly integrate their web3 services with their unified Web3 Name SDK.

What Is SPACE ID Token (ID)?

ID is the native token for the SPACE ID ecosystem. As a utility-enabled token, ID’s primary functions on the platform are:

• Governance — ID token holders play a crucial role in the decision-making process on the future of SPACE ID through voting on SPACE ID DAO proposals. 

• Staking — You can stake ID tokens to enjoy discounts on trading fees on the SPACE ID NFT Domain marketplace, or when registering domains on the network. 

• Payments — ID tokens are used to facilitate payments within the SPACE ID network, and for the integration of Web3 Name SDK. 

SPACE ID Token Price Prediction

As of Apr 4, 2023, the ID token price was valued at $0.459, an approximately 50% drop from its all-time high (ATH) on Mar 22, 2023. On this date, the SPACE ID token hit its highest and lowest prices of $0.915 and $0.389, respectively. 

Despite the price decline, experts remain bullish about the future price of SPACE ID token. Price analysts at Digital Coin Price believe that ID could hit a maximum price of $1.68 in 2025, which could increase to $4.89 by 2030. 

According to Bitnation, the ID token price could hit $1.77 in 2025 and increase to $4.10 by 2030. 

Is SPACE ID Token a Good Investment?

Despite its nascency, SPACE ID's name service platform has already onboarded hundreds of thousands of web3 domains. Its focus on the robust BNB Smart Chain ecosystem is already a  drawing point for the many users on the platform. 

Further, with the upgrade to SPACE ID 2.0, users can now access multi-chain name services, including .arb for the Arbitrum blockchain, which is widely regarded as a highly EVM-compatible Layer 2 Ethereum scaling solution. 

Additionally, SPACE ID has attractive programs, such as its referral program to reward those who invite their friends to the .bnb domain service. You can also receive a SPACE ID Gift Card, which is a BEP-1155 NFT that can be listed and transferred.

There's also the SPACE ID Cosmic Council and SPACE ID Voyage, which are programs designed to engage the platform's community. 

SPACE ID seems to be a good investment, designed to make a mark in the web3 domain name service niche. However, remember that our views aren't intended as investment advice. Because of the crypto market's extreme volatility, always do your own research before investing in any crypto token. 

Where To Buy SPACE ID

SPACE ID is available on many top crypto exchanges, including Bybit. ID can be purchased by creating an account and funding your wallet with USDT. After your account has received funding, you can trade ID as a USDT Perpetual contract (IDUSDT) or a Spot pair (ID/USDT) on Bybit’s easy-to-use trading terminal.

Final Thoughts

There’s a growing demand for decentralized identities as the web3 movement continues to gain momentum. SPACE ID has packaged itself as a robust and user-friendly comprehensive platform for web3 identities. 

Its upgrade to SPACE ID 2.0 adds to the platform’s innovative infrastructure, facilitating the use of a multi-chain name service across web3 platforms. Looking forward, SPACE ID has made significant progress and is well-placed to dominate the web3 name service niche and help simplify life for web3 users across the board. 

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