What Is Space ID and How to Buy ID Tokens?

Space ID is a platform that offers Domain Name Services (DNS) for the decentralized web, also known as Web3. It provides users with the ability to register, manage, and trade Web3 domains across multiple blockchain networks. The platform supports various top-level domains (TLDs) such as .eth, .bnb, and .arb, and aims to simplify the process of interacting with the Web3 ecosystem.

In this article, we will learn about Space ID, its Domain Name Services (DNS), its native token "ID," its tokenomics, the history of Space ID, its features, the value of the ID token, and finally, we will provide a step-by-step guide on purchasing ID tokens.

What is Space ID?

In the emerging era of Web3, digital identity has gained paramount importance as a foundational pillar for decentralized ecosystems. Web3 digital identity goes beyond the traditional notion of usernames and passwords, revolutionizing how individuals authenticate, interact, and transact in the digital realm. It empowers users with self-sovereign control over their personal information and online presence, ensuring privacy, security, and autonomy. With Web3 digital identity, individuals can securely engage in decentralized finance, access decentralized applications (dApps), and participate in tokenized ecosystems. 

Recognizing the significance of Web3 digital identity, innovative platforms like Space ID have emerged to provide a comprehensive solution for discovering, registering, trading, and managing Web3 domains. By offering a one-stop identity platform and a multi-chain name service, Space ID aims to facilitate seamless Web3 digital identity management, empowering users to harness the full potential of decentralized technologies.

By providing a multi-chain name service and a Web3 name SDK & API, Space ID empowers users to easily establish and maintain their Web3 identities. With the complexity of managing various domains and the limitations of existing marketplaces, Space ID's integrated platform brings convenience and efficiency, streamlining the process of owning and interacting with Web3 domains. This one-stop Web3 domain & identity platform from Space ID simplifies the management of Web3 domains, placing all the necessary tools and capabilities at users' fingertips.

SPACE ID is dedicated to the mission of establishing a universal name service network, which serves as the driving force behind our endeavors. We firmly believe that Web3's essence lies in bridging the gap between decentralized identities and the physical/digital world, necessitating solutions to overcome the challenges faced by existing domain services. While the current iteration of SPACE ID represents a significant milestone in realizing this objective and provides a solid foundation for future advancements in Web3 identity, it is important to acknowledge that achieving this goal is a complex endeavor. However, SPACE ID remains committed to continual progress, steadily approaching the realization of an all-encompassing universal digital identity solution with each stride forward.

Space ID Domain Name Services

Space ID currently provides support for two Name Services: the .bnb Name Service for the BNB Chain and the .arb Name Service for the Arbitrum Blockchain. In the following sections, we will delve into each of these name services in detail.

Space ID .bnb Name Service

The .bnb Name Service offers the first BNB Chain name on the SPACE ID platform. Through .bnb names, individuals can enjoy various features within the BNB Chain ecosystem:

• Users can register .bnb domains to enhance their traditional BNB Chain addresses.
• Ownership of domain names is represented through domain NFTs.
• Custom records can be set for .bnb domains, providing a more user-friendly experience with thousands of dApps in the BNB Chain ecosystem.

The BNB Domain Name Service is built upon ENS's foundation. While ENS is noteworthy, its technical design is primarily based on the Ethereum MainNet's condition. In this regard, SPACE ID has made significant advancements in user experience. The search and registration processes are simplified and intuitive for end-users. With SPACE IDs multi-chain oracle and EIP712 signature distributor, users can register a BNB Domain Name with just one click. The registration process no longer requires a one-minute wait time. On average, it takes less than 1 minute and costs less than $10 from name search to successful registration on the BNB chain.

Space ID .eth Name Service

Space ID also provides services for .eth domain names which is facilitated by Ethereum Name Service (ENS). The .eth Domain Name Service(DNS) is a decentralized name system for addresses on the Ethereum blockchain. It serves as a secure and reliable domain name solution for the decentralized world. ENS domains provide a way for users to map human-readable names to blockchain and non-blockchain resources, such as Ethereum addresses, IPFS hashes, or website URLs.

The benefits of using .eth ENS domains include:

• Secure Domain Names: ENS domains offer a high level of security, making them ideal for the decentralized environment.
• Mapping Resources: Users can associate human-readable names with various resources, enabling easy access to Ethereum addresses, IPFS hashes, or website URLs.
• Secondary Market: ENS domains can be bought and sold on secondary markets, providing opportunities for users to acquire or trade domains as needed.

By incorporating .eth ENS domains, SPACE ID extends its range of services, providing users with a seamless experience for managing their Web3 domains securely and efficiently.

Space ID .arb Name Service

The .arb Name Service offered by SPACE ID is a decentralized name system built on the Arbitrum network. It serves as a replacement for Arbitrum wallet and contract addresses, making it a go-to solution in the Web3 realm. By leveraging the advantages of the Arbitrum network, which is a layer-2 solution for the Ethereum blockchain, the .arb Name Service brings several benefits compared to traditional DNS systems:

• In the Web3 realm, the .arb Name Service becomes a crucial component, especially on the highly EVM-compatible chain.
• Integration of the arb Name Service into various facets of the powerful Arbitrum ecosystem is planned.
• The registration process and overall user experience have undergone significant enhancements, resulting in improved speed, efficiency, and reliability.

The primary goal of the .arb Name Service is to scale Web3 with the help of Arbitrum and facilitate its adoption. Just as many are familiar with the benefits that ENS brings to the Ethereum ecosystem, the .arb Name Service aims to provide similar advantages to Arbitrum. Domain names are increasingly becoming critical infrastructure for platform adoption, including Arbitrum. The .arb Name Service resolves domain names for decentralized applications (dApps) built on the Arbitrum protocol, enabling users to easily access them using human-readable versions of IP/blockchain addresses, thereby enhancing user experience and efficiency.

What is the ID Token?

The ID token is a governance token within the SPACE ID ecosystem, serving a vital role in project decision-making. It grants users the power to shape the trajectory and future of SPACE ID. By holding ID tokens, users actively contribute to the growth and sustainability of the ecosystem, driving engagement and incentivizing their participation. The introduction of the ID token positions SPACE ID as a leading player in the Web3 industry, offering users a comprehensive platform to manage their digital identities effectively.

The ID token within the SPACE ID ecosystem offers the following utilities:

1. Staking: Users can stake ID tokens to receive discounts on trading fees within the Space ID Domain NFT Marketplace and enjoy discounts on Web3 domain registration through SPACE ID.
2. Payments: ID tokens function as a payment method within the SPACE ID ecosystem, enabling seamless integration with the Web3 Name SDK.
3. Governance: Holders of ID tokens have the opportunity to participate and vote on proposals within the SPACE ID DAO, shaping the project's future.

Through its various utilities, the ID token plays a crucial role in enhancing user experiences and driving the success of SPACE ID's ecosystem.

ID Tokenomics

History of Space ID 

Space ID was established in April 2022 by a skilled team of blockchain developers and entrepreneurs. Their vision was to create a decentralized universal domain service network that simplifies the management, registration, trading, and discovery of multiple Web3 domains.

In August 2022, Space ID introduced its .bnb name service, which quickly gained traction. In February 2023, it underwent a significant upgrade to SPACE ID 2.0, incorporating numerous new features and enhancements.

The Space ID team remains dedicated to enhancing the platform and has ambitious plans for the future. They intend to expand support for additional blockchains and introduce new functionalities such as domain leasing and domain names with expiration dates.

As a rapidly growing project, Space ID is positioned to become a prominent player in the Web3 domain name space. The team remains committed to delivering a secure, reliable, and user-friendly platform for managing Web3 domains.

Features of Space ID

Space ID offers the following key features for managing Web3 domains:

1. Discover: A centralized hub where users can search for desired names in various supported top-level domains (TLDs). It includes features such as auto-suggestions and quick domain registration status checks, as well as trending domain collections.
2. Register: Users have the ability to register their own Web3 domains on Space ID using different TLDs, including .eth, .bnb, and .arb.
3. Trade: Space ID provides a marketplace where users can trade their Web3 domains, facilitating domain ownership transfers between users.
4. Manage: Users can conveniently manage their Web3 domains on Space ID. This includes tasks such as changing nameservers, renewing domain registrations, and transferring domains to other users.
5. Web3 Name SDK & API: Space ID offers a Web3 Name SDK and API for developers, enabling them to integrate Web3 domain functionality seamlessly into their applications.
6. Multi-chain Name Service: Space ID supports multiple blockchains, such as Ethereum, BNB Chain, and Arbitrum. This allows users to register and utilize their Web3 domains across different blockchains.
7. Universal Domain: Space ID domains enable users to easily access decentralized applications (DApps), smart contracts, NFTs, and various other blockchain-based resources using human-readable names.

In conclusion, Space ID is a robust platform that offers secure and convenient management of Web3 domains. Continual updates and improvements ensure its position as a significant player in the Web3 domain name space.

ID Token Value

The value of the ID Token as of 17th July is currently trading at $0.26 with a market capitalization of $89 million. The value of ID is influenced by supply and demand dynamics, as the demand for Web3 domain names grows, the value of the ID Token is expected to rise. Factors that could drive the future value of the ID Token include the increased adoption of Web3, platform enhancements, such as domain leasing and expiration dates, and the growing popularity of NFTs, which often utilize Web3 domain names.

How to Buy and Trade ID Tokens?

CoinEx is a global cryptocurrency exchange, trusted by 6+ millions of users worldwide with 100% reserve. With its 1000+ tokens supported, including ID, users can now trade easily and seamlessly. To purchase ID tokens on CoinEx, follow the steps below.

1. Create an Account: Start by signing up for a CoinEx account.
2. Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
3. Navigate to ID Trading Page: Once your account is funded, go to the dedicated ID trading page on CoinEx. You can find a search box and enter the term ID to swiftly locate the trading pair associated with ID tokens.
4. Choose a Trading Pair: Select the trading pair ID/USDT to trade ID against USDT (Tether).
5. Specify the Purchase Amount: Determine the quantity of ID tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. 

By following these comprehensive steps, you can easily trade ID on CoinEx, taking advantage of the available trading pairs.