What is SPACE ID? All-in-One Platform for Web3 Identity

Bittime - SPACE ID (ID) is a decentralized digital identity platform designed specifically for  web3. The platform allows users to create and manage their own digital identities, which can be used for various purposes in the web3 world, such as access to virtual worlds, identity verification and participation in communities.

This article will discuss in more detail what SPACE ID is, including its features, advantages, as well as a guide on how to buy the native token, the ID token. Let's take a look!

What is SPACE ID (ID)?

SPACE ID is a platform that offers universal Service Names and unified web3 identities. With SPACE ID, users can search, register, trade and manage web3 domains easily.

Additionally, SPACE ID provides a Web3 Name SDK & API that supports multiple blockchains, as well as a multi-chain name service that makes it easy to create web3 identities. SPACE ID has introduced the .bnb name service on BNB Chain and succeeded in building a community of 168 thousand unique domain holders in six months. 

Now, SPACE ID expands its multi-chain name service to support more TLDs (Top-Level Domains) and blockchains.

SpaceID

SPACE ID Vision: Universal Name Service Network 

The main goal of SPACE ID is to create a universal name service network. The team believes that the core of Web3 is connecting decentralized identities with the physical and digital worlds. 

To achieve this, SPACE ID focuses on solving the challenges faced by today's domain services. Although SPACE ID has made important steps towards this goal, there is still a long way to go. However, with each innovation, SPACE ID moves closer to a universal, all-in-one digital identity solution.

SPACE ID Key Products & Features (ID)

SPACE ID consists of three main components: the SPACE ID protocol, the SPACE ID platform, and the SPACE ID DAO.

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SPACE ID protocol

This protocol is a set of smart contracts that provides key functions for registration, resolution, management, and governance of web3 domains. The protocol supports multiple TLDs such as .eth, .bnb, and .arb, as well as custom TLDs that can be launched by the community. 

The protocol also enables inter-chain interoperability by allowing users to connect their web3 domains to any blockchain address or resource.

Platform SPACE ID

The platform provides a user-friendly interface to interact with the protocol. Features offered include domain search, registration, trading, management and referrals.

The platform also integrates with major DApps and wallets on BNB Chain and other blockchains, and provides the Web3 Name SDK and API for developers.

SPACE ID DAO

This DAO is a decentralized autonomous organization that governs the SPACE ID protocol and platform. The DAO is powered by an ID token, which serves as a governance token and incentive mechanism for users to engage and contribute to the project.

What is an ID Token?

The ID token is the native token of the SPACE ID platform which was launched on the Binance Launchpad platform in March 2023. 

These tokens are used for various purposes, including:

• Governance: ID is used as a governance token to vote on governance proposals.
• Staking: ID can be staked, with users receiving discounts in the native NFT marketplace on trading and domain registration fees. 
• Payments: ID serves as a means of payment for domains and SDK integration.

The tokenomic details of the ID token are as follows:

• Native token: ID
• Maximum Supply: 2 billion ID
• Circulating Supply: 643,733,694 ID (data as per 17 July 2024)

Token distribution details:

Source: CoinMarketCap

How to Buy ID Tokens on Bittime

Below is a guide on how to buy ID tokens on Bittime:

1. Create an Account. Visit to https://www.bittime.com/login. Fill out the registration form with the required information and create a new account.
2. Verify Your Identity. Complete the identity verification process by uploading the necessary documents such as an ID card or passport. This process ensures the security of your account and compliance with regulations.
3. Deposit Funds. Once your account is verified, deposit funds into your Bittime account using the available payment methods, such as bank transfer or electronic payment.
4. Buy ID Tokens. Select the cryptocurrency you wish to purchase, in this case, the ID token. Enter the amount of ID tokens you want to buy and complete the purchase by following the on-screen instructions.
5. Store Your Crypto Assets. Store your crypto assets in a secure wallet. You can use the Bittime wallet or transfer them to your private wallet for added security. 

For more information about SPACE ID, please refer to: 

• Website: https://space.id/
• Twitter: https://x.com/SpaceIDProtocol
• Blog: https://blog.space.id/
• Discord: https://discord.com/invite/spaceid
• Telegram: https://t.me/spaceid_news 

Keep update of the latest ID token price charts and market developments on Bittime.