Buy SPACE ID (ID)

SPACE ID (ID) is a decentralized Domain Name Service (DNS) that runs on top of popular blockchains such as Ethereum, Binance Smart Chain (BSC), and Arbitrum. This project provides a Web3 domain and identity management solution, allowing users to register, trade, and manage domain names across different blockchains.

Web3 domains are human-friendly names that provide access to decentralized applications (dApps), smart contracts, wallets, non-fungible tokens (NFTs), and other blockchain-based resources. Traditional blockchain addresses are long and difficult to remember. SPACE ID makes it possible to associate these complex addresses with simple domain names such as bitvavo.eth. These domain names are tradable as NFTs. With SPACE ID, users can create, sell, and manage these domains on a single platform. Unlike the Ethereum Name Service (ENS), users do not need a separate marketplace to buy and sell domain names.

One of the unique features of SPACE ID is that it acts as a Web3 domain aggregator. It compares domain names from various marketplaces such as OpenSea, Element and ENS Vision, making it easier for users to find and purchase the right domain name. In addition to individual users, SPACE ID also targets developers, offering Web3 names for Software Development Kits (SDKs) and Application Programming Interfaces (APIs), allowing the integration of Web3 domains into various applications.

ID is the native token of SPACE ID and was launched in March 2023 via an Initial Exchange Offering (IEO) on Binance. The ID token was used as a governance token, meaning that token holders are able to participate in decision-making regarding the future of the project.

Since its establishment in March 2022, SPACE ID has achieved several milestones. In September 2022, it launched the .bnb registry, which attracted approximately 370,000 registrations and 175,000 unique domain holders in six months. In February 2023, it announced an upgrade and merger with ARB ID (Arbitrum), including the launch of .arb domain registration.

Who founded SPACE ID?

While the names of the founders are unknown, it is known that SPACE ID was founded by a team of experienced professionals in Web3, entrepreneurship, and Decentralized Autonomous Organizations (DAOs). The platform was launched in March 2022 and has received backing from major investors such as Binance Labs, Polychain Capital, and dao5. In total, SPACE ID has raised $10 million in two investment rounds. The company, which is based in Singapore, has a team of 20 people contributing to the development of SPACE ID.

SPACE ID offers several features for both users and developers:

• Register Web3 domains: Users can register unique domain names that act as their identity within the blockchain ecosystem, such as for wallets, smart contracts, decentralized websites and applications (dApps).
• Trade domain names: Just like traditional domain names, Web3 domains can be bought, sold and traded on the special marketplace that SPACE ID has developed.
• Integrate with applications: Developers can use the Web3 Name SDK and API to integrate Web3 domain functionality into their applications, making it quick and easy to register a Web3 domain name.
• Build a personal brand: SPACE ID offers users the ability to claim a unique identity across blockchains and link it to Web2 identities such as Twitter usernames.

SPACE ID is built on a modular and scalable architecture consisting of three main components: the SPACE ID protocol, the SPACE ID platform, and the SPACE ID DAO.

The SPACE ID protocol

The SPACE ID protocol is a collection of smart contracts that support the registration, resolution, management, and governance of Web3 domains. The protocol supports multiple top-level domains (TLDs) such as .eth, .bnb, and .arb, as well as custom TLDs that can be launched by communities. The protocol also enables cross-chain interoperability, allowing users to link their Web3 domains to any blockchain address.

The SPACE ID platform

The SPACE ID platform provides a user-friendly interface for users to interact with the protocol. The platform offers various features such as domain search, registration, trading, management, and referral. It also integrates with major dApps and wallets on BNB Chain and other blockchains to enable the use of Web3 domains. In addition, the platform provides a Web3 Name SDK and API for developers.

The SPACE ID DAO

The SPACE ID DAO is a Decentralized Autonomous Organization that governs the SPACE ID protocol and platform. The DAO is powered by the ID Token, SPACE ID’s governance token. This token also serves as a reward for users to engage with the project and contribute to its growth and sustainability.

Security

The SPACE ID architecture consists of three key components that work together to enhance protection and security:

• Lucas: This is a blockchain that helps connect and store information across multiple chains. Lucas provides secure and decentralized data storage.
• Jedi: This is a smart contract that runs across multiple chains to register and verify names. Jedi verifies with Yoda before a user is allowed to use a name.
• Yoda: An oracle that ensures the uniqueness of names registered across multiple chains. Yoda collects registrations from multiple chains, aggregates the information, and provides authentication signatures to users who wish to register or connect names on Jedi.

When a user registers a name on a network, Jedi checks the name's availability. Yoda then ensures that the name is unique and has not already been registered. If the name is available, Yoda provides proof to Jedi to authorize the name.

The ID token is the native governance token of the SPACE ID project and was launched via an Initial Exchange Offering (IEO) on the Binance Launchpad in March 2023. The ID token has several functions. First, ID is used for staking, where users receive discounts on trading and registration fees in the native NFT marketplace. Additionally, the ID token acts as a means of payment for domains and SDK integration, making the platform easier to use. Another important function is governance; token holders can vote on proposals and thus participate in decision-making about the future of the project.

The maximum supply of ID tokens is set at 2 billion. The distribution of tokens is as follows:

• Seed round: 20% (400,000,000 ID tokens)
• Strategic round: 8% (160,000,000 ID tokens)
• Public sale: 5% (100,000,000 ID tokens)
• Core team: 15% (300,000,000 ID tokens)
• Advisors: 7% (140,000,000 ID tokens)
• Ecosystem: 10% (200,000,000 ID tokens)
• Marketing: 13% (260,000,000 ID tokens)
• Foundation: 12% (240,000,000 ID tokens)
• Community airdrop: 10% (200,000,000 ID tokens)

The following properties and characteristics make SPACE ID unique:

• Universal domains: Users can have one unique username that works across multiple blockchains such as Ethereum, BSC, and Arbitrum, while many other solutions focus on just one network.
• Web3 domain aggregator: The platform compares domain names from different marketplaces such as OpenSea, Element, and ENS Vision, making it easy to find the right domain name.
• SDK and API for developers: SPACE ID provides a dedicated environment for developers to easily and efficiently integrate Web3 domain functionality into their applications.
• High security: SPACE ID uses an advanced system with Lucas and Yoda to securely store data and ensure domain name uniqueness.
• Flexibility with TLDs: The project supports both standard TLDs such as .eth and custom TLDs for communities, giving users more freedom of choice.

On the platform of Bitvavo you can buy SPACE ID. Both beginners and experienced traders can follow these steps to buy ID tokens via our website or app:

1. Log in to your Bitvavo account or register a new account.
2. Add funds to your account by clicking "Deposit".
3. Go to the SPACE ID (ID) purchase page.
4. Enter the amount in euros you want to spend or the number of ID tokens you wish to purchase and click "Buy".

After your purchase, the ID tokens will be added directly and automatically to your Bitvavo account, where you can easily manage and trade them. Selling ID tokens is just as easy.

You can safely store your ID tokens in your Bitvavo account. Bitvavo keeps the majority of assets in cold storage, which means they are stored offline for extra security. For extra protection of your account, we recommend enabling two-factor authentication (2FA).

Many software and hardware wallets support ID. After purchase, you can easily transfer your ID tokens to an external wallet by linking the wallet address to your Bitvavo account. Storing ID in a hardware wallet adds an extra layer of security.