The launch of the Space ID token on Binance Launchpad is in the headlines because of the price surge of more than 2000%. Therefore, it has been hot news that Space ID jumped with a big margin, and if you want to trade Space ID, you can opt for the available cryptocurrency exchange such as Binance, CoinW, BiTrue, and Bitget.
This article will teach us more about the Space ID tokens and the platform. So, let’s dive in together and better understand this token.
What is Space ID?
Space ID is a decentralized autonomous organization that aims to create a compelling and more accessible future for Blockchain Technology. The Space ID platform is mainly focused on NFT and Web3 Domain Registration.
The Space ID ecosystem also has a decentralized exchange for NFTs, a domain registration service, and a governance system allowing token holders to participate in decision-making.
Space ID’s token is called ID, and it is used to participate in the decision-making process in the Space Ecosystem. Withholding Space ID tokens, users will have the authority to vote on proposals and decide the future of this ecosystem.
One of the main features of the Space ID ecosystem is that it helps with domain name registration services. This service allows users to register new domains on a decentralized platform, which can be used to host decentralized websites in the future.
It is a crucial step to create a decentralized internet where users will have complete control over their online presence. Space ID also has a decentralized exchange for NFTs, which allows users to buy and sell NFTs without the involvement of any centralized authority.
It is also a significant advantage for the NFT market because it reduces high fees and lack of transparency associated with Centralized NFT Exchanges.
Ultimately, Space ID is a big name in cryptocurrencies and blockchain. By creating a decentralized exchange for NFT and Web3, Space will craft an efficient and accessible future for Blockchain Technology.
Space ID can also be called a universe name service, which connects more people, information, and applications into the digital world.
Why is it a Universe Name Service?
We all know that the Internet boom is rising because of more social interaction. Today, people want their identities displayed on leaderboards and other platforms. They don’t have to be an address to become a brand.
It is necessary to have a universal identifier that works across all chains to make all such things influence and work efficiently.
Today, you have multiple names and addresses on different Blockchain platforms. However, with the evolution of Universe Name Service, there will be your legal name, address, Twitter handle, etc.
This Universal Identifier will play an optimistic role in this decentralized world. Your Space ID will not be just a name; it will be a multi-chain identity in the metaverse where you can buy, sell, or trade crypto in a decentralized world only with one ID.
Challenges with Current Domain Service
There are several challenges with the current domain name service (DNS) system, which translates domain names into IP addresses that computers can use to connect to websites and other internet resources. Some of the main challenges include the following:
- Lacks Decentralized system
- Complicated Registration Process
- A mixture of other brand domains
- Zero Width Issues
- Lack of Privacy and Security
Features of Space ID Ecosystem-
Some of the main features of the Space ID ecosystem are-
1. Universal Domain
With Space ID, we are heading to a multi-chain future. A Blockchain user will like to use the same name on every blockchain where the name is already taken, but this can cause them to lose their brand. However, Space Id will provide you with a unique identity for all the chains.
Moreover, it also simplifies the interactions because you don’t need to check the address repeatedly. A name can be linked with his identity across multiple Blockchains. Apart from that, Space ID also allows you to connect with Web 2.0, such as Twitter Handle and Email Address.
2. Customized Top-Level Domains
Even after having a universal identifier, you will still need multiple identities. Space ID supports TLDs in the form of BAYC or ETH.
It comes with a seamless NFT Integration; let us understand with an example. If BAYC wants to airdrop more APE coins to their holders, they must send funds directly to BAYC subdomains. You don’t need to know their full name; the funds will be sent automatically to the owner’s address in BAYC.
3. One SDK for All
To cover the entire market, we don’t need only users but also partners. It will be done through their product integration to reach new eyes. That’s why the integration of the SDK will take less than 30 minutes.
Space ID also has TLDs that help resolve other domain and name services. It means the developers must only integrate SDK with other primary name services.
A team of engineers founded Space ID Ecosystem to create a universal name service network backed by a decentralized Blockchain.
Moreover, Space ID received immense support from investors and other partners in the blockchain industry. This project has already raised $10 million in two rounds, and its ecosystem is expected to bring many changes in the future.
Q. How does Space ID work?
Space ID is building a universal name service network that connects people, assets, information, and apps across Blockchains.
Q. Where can I buy Space ID tokens?
Space ID tokens can be purchased on cryptocurrency exchanges, including Bittrex, BitMart, and KuCoin.
Q. What are the benefits of the Space ID token?
The Space ID Ecosystem enhances the security system and gives users more privacy to hold their funds. Moreover, it came with an easy registration process to make it convenient for beginners.