Space ID offers a universal name service network that leverages decentralized identities to seamlessly connect users, data, assets, and applications across blockchain networks. Its one-stop-shop platform lets users find, register, trade, and manage web3 domains.

Space IDs Web3 Name SDK & API lets developers generate and manage web3 domains across blockchain ecosystems. In addition, its multi-chain name service makes it easy for users to create and manage their web3 identity in a blockchain-agnostic manner.

The projects universal domain name service aims to function as a gateway between decentralized identities (DIDs) and the real world. Space IDs goal is to serve as web3s core and drive mainstream adoption and use of decentralized IDs in the physical and web2 worlds.

Space ID Token (ID) is the governance token of the platform. ID token holders can participate in the platforms decentralized governance mechanism and offer incentives for engaging with the Space ID community. It is also used to make payments on Space ID and can be staked on the platform to receive discounts on its NFT marketplace.

Space ID is a chain-agnostic, decentralized, open-source, and censorship-resistant universal name service network that solves the challenges of current Domain Name Services (DNS). Its modular and scalable architecture comprises three essential components:

Space ID Protocol

This set of smart contracts provides core functions of Space ID, including web3 domain registration, resolution, management, and governance. Users can leverage the Smart ID protocol to register web3 domains and bind them to blockchain-based addresses.

Space ID Platform

This user interface allows users to register and manage their web3 domains. It offers access to several features, including domain search, registration, transfer, and management.

Space ID DAO

The decentralized autonomous organization governs the Space ID protocol and platform. ID token holders form the DAOs community and enjoy voting rights to contribute their thoughts on how the project should evolve.

The Space ID project launched in April 2022 to create a universal name service network powered by blockchain technology. A team of engineers and web3 enthusiasts with experience in blockchain development, smart contract security, UI design, and community building founded it.

In September 2022, Space ID closed its seed round led by Binance Labs. As of March 2023, the project has raised $10 million in funding from its seed and strategic rounds. Polychain Capital and dao5 led the second round of funding.

Space ID 2.0 was introduced in February 2023, ushering in significant upgrades to the original version of the project that went live on BNB Chain in August 2022. The upgraded version would offer a blockchain-agnostic service for web3 domains and decentralized identities.

The ID token - Space IDs governance token, was launched on Binance Launchpad in March 2023. The heavily oversubscribed auction for the Space ID token sale saw interested participants commit more than 8.4 million BNB tokens, for a round that aimed to raise $2.5 million.

Space ID is a promising crypto asset that received significant attention during its launch. It had an oversubscribed token sale on Binance Launchpad and experienced high volatility on trading platforms shortly after.

Consider investing in the ID token, especially if you believe in the potential of web3 and mainstream adoption. The increasing interest in making web3 technologies mainstream could drive the demand for services offered by Space ID, making it more appealing to investors and supporting the price of the ID token.

The price of Space ID could rise as more users and developers utilize its platform to create and manage their web3 domain names. The higher on-chain activity could positively impact the ID token price.

While it is impossible to provide an accurate prediction of the ID token price, we recommend monitoring the following factors to gain a better understanding of the price action and volatility in the Space ID token:

Level of Adoption

A higher usage of Space ID's services among users, developers, and businesses could increase the value of the ID crypto. The price of the Space ID token could also trend upwards if more mainstream organizations utilize its services to register and manage web3 domains.

Future Developments

The value of the Space ID cryptocurrency could also increase with the introduction of more features that enhance the platform's attractiveness. News regarding partnerships, investments, and integrations could boost investor confidence in $ID.

Market Outlook

The ID to USD price could experience an upward trend with improved investor sentiment towards cryptocurrencies and web3. Conversely, bearish sentiment in the crypto market could lead to selloffs that weaken the ID crypto price.

$ID is the native token of Space ID and serves the following purposes:

Utility Token

ID is the primary currency used on the Space ID platform for making payments and is also required for Web3 Name SDK Integration.

Governance Token

$ID token holders can become members of the Space ID DAO. The community-led DAO grants ID holders voting rights to influence the project's future evolution.

Staking

$ID can be staked on the platform to receive discounts on trading fees within Space ID's NFT marketplace. Staking ID also provides discounts for registering web3 domains on the platform.

Crypto Asset for Trading and HODLing

Trade Space ID against other digital assets to profit from market conditions and volatility. Buy or sell ID against other cryptocurrencies or hold it long-term if you believe in the future potential of Space ID. Before trading Space ID, review the current price of the Space ID token, ID's current market cap, circulating supply, 24-hour trading volume, and perform technical, sentiment, and fundamental analysis on the ID price chart.

Although a relatively young project in the crypto market, Space ID has an impressive list of investors. As of March 2023, investors in Space ID include Binance Labs, Polychain Capital, Bullet Labs, and dao5.

Space ID's partners include Trust Wallet, BscScan, ARB ID, DODO, Galxe, Plant Crossing, CARV, and more.

As of March 2023, Space ID has not yet introduced its official staking program. However, you can stake ID on supported platforms to earn passive income. Stay tuned for updates on staking $ID on Space ID!