Have you ever wondered how to streamline domain and identity management in the decentralized world? Enter Space ID — the answer to your Web3 domain and identity needs. But what is Space ID all about? Without wasting any time, let’s dive into further details.
What is Space ID (ID)?
SPACE ID is a comprehensive Web3 platform that serves as a single destination for users to explore, register, exchange, and oversee Web3 domains and identities.
These decentralized identities have gained importance in evolving Web3 processes, as they can be utilized across multiple decentralized applications (dApps) and blockchain networks.
Founders and History
In March 2022, Xu Nuo and Xu Xei came up with the idea of Space ID. But they weren’t alone; they were accompanied by a team of tech geeks, entrepreneurs , and several decentralized autonomous organizations (DAOs).
Investors and Partners
In February 2023, SPACE ID achieved a significant milestone by securing $10 million in strategic funding during a funding round. The primary investors were two renowned crypto investment firms: Polychain Capital and Dao5.
Besides these two strategic investors, Space ID is being funded by many investors, but the identities are kept hidden.
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What does SPACE ID solve?
SPACE ID addresses two critical challenges in the Web3 and blockchain space, which are as follows:
A Lack of Decentralization
Decentralization is a core principle of Web3 technology, and SPACE ID helps promote this by allowing users to manage their domains and identities in a decentralized way. This means that users have more control over their online presence without relying on centralized authorities or intermediaries. Furthermore, this mechanism also aligns with the true essence of the blockchain and Web3 ecosystems.
Difficult Addresses
Cryptocurrency addresses and blockchain domain names can often be complex and difficult to remember. SPACE ID offers customizable domain names and identities, making it easy for users to develop and manage addresses. This can enhance the user experience and promote wider adoption of Web3 technology by reducing the friction associated with complicated addresses.
Features of SPACE ID
Some of the features are mentioned below.
One-Stop Web3 Domain and Identity Platform
It allows users to register or customize Web3 domain names and verify/control their digital identities on blockchain networks.
It provides developer-friendly tools for integration of Web3 applications — all within a user-friendly, decentralized, and secure environment.
Customizable Top-Level Domain (TLD)
This feature allows users to create unique top-level domains, which can be important for branding and establishing an identity within the Web3 space.
Customizable TLDs can help organizations and individuals create a distinct online presence.
Easy Web3 Name SDK and API
This indicates that SPACE ID provides a software development kit (SDK) and application programming interface (API) that developers can use to integrate Web3 identity and domain management into their applications and services.
How Does SPACE ID Work?
There are three processing components that power Space ID. Let’s explore each of them below.
Lucas
Lucas is a record or transcript of the registration metadata.
It is maintained by Yoda, which means that Yoda keeps track of the information related to name registrations across different blockchain networks. This transcript could serve as a historical record, helping users verify the authenticity and history of name registrations.
Jedi
Jedi is a smart contract that runs on various blockchain chains, serving as a name registration and resolution system.
It only accepts names that have been granted validity from Yoda. In other words, before a user can register a name with Jedi, they must obtain an authentication signature from Yoda, confirming that the name is unique.
Yoda
Yoda is an Oracle network responsible for ensuring the uniqueness of names registered across multiple blockchain chains.
It collects registration events and data from various blockchain networks and monitors different blockchain networks for name registration activities.
Benefits of SPACE ID
Here are some benefits of Space ID in the digital space.
Build a Personal Brand
Users can create a distinct online presence by customizing their Web3 domains and digital identities, helping them establish and promote their personal brand effectively in the digital realm.
NFT Integration
SPACE ID integrates with NFTs (Non-Fungible Tokens), allowing users to associate their digital identities and domains with unique, tradable assets, which further enhances their online presence and value.
Connect Web2
It enables a seamless connection between Web2 (traditional internet) and Web3 (decentralized internet) technologies, facilitating interoperability and access for users transitioning to the Web3 space.
High Security
The platform prioritizes security by giving control of private keys to the users. Plus, the platform offers robust measures to protect users’ Web3 domains, digital identities, and linked assets from potential threats.
ID Token
Let’s now talk about the native token of Space ID, also known as the ID Token.
Roles
Space ID is a platform for Web3 domain management, enabling users to trade, register, and oversee cryptocurrency-based domain names. The ID token holds significance on the platform, functioning as a governance token. For its token distribution, Binance Launchpad employs a lottery-based system.
Binance Launchpad
Binance Launchpad is a platform offered by the Binance cryptocurrency exchange. It’s designed to facilitate token launches and fundraising for blockchain projects. As Space ID was launched on Binance Launchpad, the team relies on Binance’s platform to raise funds and distribute their token to a broader audience.
Tokenomics
ID is the native token within the SPACE ID ecosystem, offering multiple use cases.
The total supply of ID tokens is 2 billion, out of which 370 million (18%) are already in circulation.
Some important uses of Space ID token are as follows:
- It is the primary means of conducting transactions throughout the ecosystem and is pivotal in integrating Web3 Name SDK.
- Furthermore, ID token holders enjoy governance rights, allowing them to participate in crucial decisions within the SPACE ID DAO.
- Additionally, users can stake ID tokens to unlock benefits, such as reduced trading fees on the NFT SPACE ID domain marketplace and discounted rates for Web3 domain registration on SPACE ID.
How to Buy SPACE ID (ID) on Binance
Here are the steps you must follow to buy Space ID on Binance.
Setting Up an Account on Binance
Opening an account on Binance is as simple as opening an email account, so there are no such complications that you should worry about.
Binance will give you two options to sign up, one with the email and the second with your phone number. You can go with the option which is more convenient to you.
Whatever you choose, enter it into the provided space on the screen and create a strong password with which you can log in anytime soon. The password should be firm, and remember to provide a valid email address, as Binance will send a confirmation link to it.
Your registration will be completed after clicking that confirmation link in your inbox.
Click the link below to easily register on Binance with a special Coin Labs referral code.
KYC Verification
Although your account has been created, you cannot trade any cryptocurrency pair until your KYC (Know Your Customer) is completed.
KYC is a method by which Binance verifies a user’s identity. At first, Binance will ask the user to upload the front and backside photos of their national identity card or passport. Remember that these photos clicked should be clear to hide no detail.
Then, Binance will ask for a live photo. It does this to recognize that the same person is making an account whose national identity card details have been provided. It’s also possible that Binance would ask about a mobile phone number for the verification process.
Securing Your Account
Binance will provide many options for securing your account, such as email verification, SMS verification, and Google Authenticator verification. Whenever you try to sign up for your account, Binance will ask you to choose a verification method to confirm that this is the correct user signing in.
In email verification, also known as Two-Factor Authentication, Binance will send a code to the email address that you have provided. Upon entering the code into the Binance app or website, the verification will be completed if the correct code is provided, and you will log into your account.
The same goes for SMS verification, but an SMS will provide the code. With the Google Authenticator, you will have to download a Google or a Binance Authenticator app.
Whenever you try to log in, you can use the code in that Google or Binance Authenticator app to further secure your account.
Funding Your Account
You can fund your account in many ways, such as Credit/Debit card, bank transfer, and P2P transfer. All three methods are pretty convenient and easy to use.
For Credit/Debit cards, you must provide the expiry date and CVC of the card to carry out the transaction. After simply doing this, your desired amount will get deposited into your account. The exact process will be followed with a bank transfer, as after providing the Binance account details, you can quickly transfer it from your bank account.
And finally, for P2P transactions, you will have to find a verified seller in the P2P marketplace. You will transfer money in your local currency into the seller’s account, and he will transfer the desired USDt into your Binance account.
Search and Place an Order
After your account has been funded, you can search for Space ID on the search bar, and after clicking on it, you will be headed to the buying and selling page of Space ID.
There will be a Buy Button, and upon clicking on it, you can buy whatever amount of Space ID you want.
Withdrawal and Storage ID
A withdrawal option on the Binance app allows you to withdraw a specific amount of money into your local currency directly from your Binance account into your Bank account.
Storage ID is your Binance account ID, which is different for every Binance account. The main reason for introducing Storage ID is to enhance the privacy of the user’s account.
SPACE ID Roadmap
SPACE ID is set to revolutionize the Web3 domain landscape by establishing a robust multi-chain domain support infrastructure, which will simplify the domain registration process across multiple blockchains.
Additionally, it will provide domain holders with an exclusive personalized merchandise store featuring NFT-based items exclusively available to SPACE ID users.
Growth potential
The future growth of Space ID looks positive since individuals now care about their digital identity. As we move forward in the digital age, we can expect an increase in demand for services provided by Space ID.
According to many experts and technical analysts, its price is predicted to rise more than 600% by 2030, roughly around $1.50.
Conclusion
Whether you’re a blockchain enthusiast, entrepreneur, or simply curious about the Web3 world, Space ID invites you to explore, register, and embrace the endless possibilities of developing a decentralized digital identity.
We Coin-Labs.com provides only objective information about SPACE ID.
Therefore, we are not responsible for the investment decision in SPACE ID and the resulting loss.
SPACE ID Basics
Here are some factors that investors should consider before investing in SPACE ID.
| Cryptocurrency Features | SPACE ID (ID) |
|---|---|
| Publisher or Developers | Xu Nuo, Xu Xei |
| Headquarters (Registration Number) | United Kingdom |
| Symbol | ID |
| Platform | multiple blockchains |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | 2,000,000,000 ID |
Reliability Score of SPACE ID in 2024
These are indexes mesuring the investment reliability of SPACE ID conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 6 Exchanges |
| Number of Available Pairs Worldwide | 209 Pairs |
| Market Cap of the Cryptocurrency | 130,566,959 USD (Rank #292) |
The table above shows the result of investment suitability evaluation for SPACE ID.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
SPACE ID Price
Here are the price and recent trading volume of SPACE ID. (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of SPACE ID |
|---|---|
| SPACE ID Price | 0.413 USD |
| Price Change 24h | -4.34% |
| Price Change 7d | -0.39% |
| Trading Volume 24h | 48,296,056 USD |
| Trading Volume Change 24h | -15.34% |
Cryptocurrency Metadata
You can check the development status and social media information of SPACE ID through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| 🎺 Message Board |
Where to Buy SPACE ID
Here are the top ten world crypto exchanges where traders can buy SPACE ID in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/ID_BTC |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Not listed | |
| Bitfinex | Listed | https://trading.bitfinex.com/t/IDX:USD?type=exchange |
| OKX | Listed | https://www.okx.com/trade-spot/id-usdt |
| Huobi | Listed | https://www.huobi.com/en-us/trade/id_usdt?type=spot |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/trade/usdt/IDUSDT |
| Gate.io | Listed | https://www.gate.io/trade/ID_USDT |
Frequently Asked Questions
What is the current price of SPACE ID?
SPACE ID price today is 0.413 USD. Furthermore, the price of SPACE ID has fluctuated by -4.34% from 24 hours ago, and by -0.39% from a week ago.
Where is SPACE ID listed?
Currently, it is listed on a total of 6 among the world top 10 exchanges.
What is the market cap of SPACE ID now?
Currently, SPACE ID has a market cap of 130,566,959 USD, which is ranking 292 among cryptocurrencies worldwide.
How much is the trade volume of SPACE ID?
Currently, 777,571,070 ID coins are circulating through 209 market pairs. As a result, in the last 24 hours, 48,296,056 USD of ID coins were traded in the market.
