Convert ID to SAR

SPACE ID is a leading universal name service protocol that provides a comprehensive platform for discovering, registering, trading, and managing web3 domains and digital identities.

Key takeaways

• SPACE ID is a multi-chain Web3 identity protocol, best known for its .bnb and .arb domain name services.
• The ID token is the native utility and governance token of the SPACE ID ecosystem, used for payments, staking, and voting.
• The protocol has expanded beyond its initial BNB Chain roots to support multiple networks including Ethereum, Arbitrum, and opBNB.
• The ecosystem features a marketplace, developer SDK, and tools to simplify Web3 domain integration for users and projects.
• You can trade ID tokens on major exchanges like BTCC via spot or perpetual contracts.

What is SPACE ID? Key Specifications & Tokenomics

SPACE ID is a foundational Web3 infrastructure project that simplifies blockchain interactions by turning complex wallet addresses into human-readable names, much like a decentralised version of the internet's Domain Name System (DNS).

Who created SPACE ID (ID)?

SPACE ID was founded by a team with strong backgrounds in blockchain technology and entrepreneurship. The project gained significant early backing from Binance Labs, the venture capital and incubation arm of the world's largest cryptocurrency exchange, which was a major vote of confidence. The core team has focused on building robust, user-friendly identity solutions, steering the protocol from its initial launch as a BNB Chain-centric domain service (.bnb domains) to a multi-chain universal name service protocol. Their roadmap execution, including the expansion to networks like Arbitrum (.arb domains) and the development of a comprehensive software development kit (SDK) for developers, demonstrates a clear vision for becoming a key piece of Web3 infrastructure.

How does SPACE ID (ID) work?

At its core, SPACE ID functions as a decentralised naming protocol that maps human-readable names to machine-readable identifiers like blockchain addresses, hashes, and metadata. Here’s how it operates:

• Domain Registration: Users can search for and register domain names (e.g., yourname.bnb or yourname.arb) through the SPACE ID platform. These registrations are recorded as NFTs on their respective blockchains, giving the user full ownership.
• Resolution Service: The protocol's resolver translates the easy-to-remember domain name into the associated wallet address when used in supported wallets or dApps, eliminating the risk of sending funds to a wrong address.
• Multi-Chain Architecture: Instead of being confined to one network, SPACE ID has deployed its protocol on several major EVM-compatible chains. This allows users to manage identities across different ecosystems from a single interface.
• Ecosystem Tools: It provides a suite of tools including a marketplace for trading domains, a developer SDK for easy integration into any dApp, and a Web3 Name SDK that supports multiple name services beyond its own.

What makes SPACE ID (ID) unique and valuable?

SPACE ID distinguishes itself through its multi-chain approach and comprehensive ecosystem, moving beyond being a single-chain domain service.

• First-Mover Advantage on Key Chains: It established the standard naming service early on major networks like BNB Chain (.bnb) and Arbitrum (.arb), giving it significant network effect and user base within those ecosystems.
• Universal Resolution: Its Web3 Name SDK can resolve not only SPACE ID’s own domains but also other popular naming services like ENS (.eth), creating a unified identity layer for users.
• Strong Utility and Integration: The ID token is deeply integrated into the protocol's functionality for payments (registering/renewing domains), staking, and governance. Furthermore, its SDK is widely adopted by hundreds of dApps and wallets, embedding SPACE ID deeply into the Web3 stack.
• Strategic Backing and Partnerships: Initial incubation and investment from Binance Labs provided immense credibility and access. Its expansion has been marked by official partnerships with major layer 2 networks like Arbitrum.

What is SPACE ID (ID) used for?

The ID token is the utility and governance lifeblood of the SPACE ID ecosystem, with several key use cases:

• Domain Registration and Renewal: ID tokens are used to pay for registering new Web3 domain names and renewing existing ones across all supported top-level domains (TLDs).
• Platform Governance: ID holders can stake their tokens to participate in the decentralised autonomous organisation (DAO), voting on crucial proposals about the protocol's treasury, new TLD launches, fee structures, and ecosystem grants.
• Staking Rewards: Users can stake ID tokens to earn rewards, which may include a share of protocol revenue generated from domain registration fees.
• Payment for Services: Within the broader SPACE ID ecosystem, the token can be used to pay for services provided by partners or integrated dApps that adopt the protocol.

How Is the SPACE ID (ID) Ecosystem Developing?

The SPACE ID ecosystem is rapidly evolving from a domain service into a full-stack digital identity platform.

• Multi-Chain Expansion: After its success with .bnb domains, the launch of .arb on Arbitrum was a major milestone. The protocol continues to explore integration with other high-potential blockchains and layer 2 solutions.
• Developer Adoption: The SPACE ID SDK is a critical growth driver, making it easy for any developer to integrate Web3 domain resolution into their application. Widespread SDK adoption increases the utility and necessity of SPACE ID domains.
• Ecosystem Fund and Grants: The DAO manages an ecosystem fund to incentivise development, onboard new partners, and fund community projects that build on or integrate with SPACE ID, fostering organic growth.
• Marketplace and Community Features: The built-in marketplace facilitates a vibrant secondary market for domain trading, while community initiatives help curate premium names and build identity-centric sub-communities.

How to mine SPACE ID (ID)?

ID tokens cannot be mined. They are a utility token with a fixed maximum supply, initially distributed through a Binance Launchpad sale and allocated to the foundation, ecosystem fund, team, advisors, and for community incentives. New tokens enter circulation according to the project's vesting schedule for team and investor allocations, and through community reward programs, not through a proof-of-work or proof-of-stake mining process.

How to keep your ID Coin safe?

Keeping your ID tokens secure involves using reputable wallets and following best practices for private key management.

• Hardware Wallets (Most Secure): For long-term storage of significant amounts, transfer your ID tokens to a hardware wallet like Ledger or Trezor. These devices keep your private keys offline, making them immune to online hacking attempts.
• Software Wallets (For Active Use): If you frequently use your ID for staking, voting, or domain transactions, consider a trusted, non-custodial software wallet like MetaMask or Trust Wallet that supports the BNB Chain or Ethereum networks (where ID is commonly held).
• Security Practices: Never share your seed phrase or private keys with anyone. Be cautious of phishing websites impersonating the SPACE ID portal. Always double-check contract addresses when interacting with staking or DeFi protocols. Enable all available security features (2FA, whitelisting) on any exchange account where you hold ID.

How to buy ID Coin?

ID is a popular cryptocurrency listed on many exchanges. However, it is recommended to trade on a major platform like BTCC exchange for higher liquidity and better customer support.

1. Register a BTCC Account: Sign up using your email or mobile number and complete the KYC verification to unlock more features and benefits of the platform.
2. Deposit Funds: Deposit fiat currency (via bank transfer, card, or third-party payment) or transfer USDT from an external wallet into your BTCC account. You can follow this guide.
3. Start Trading: Go to the trading page and search for the spot trading pair ID/USDT or the perpetual contract ID/USDT.
4. Place an Order: Enter the amount of ID you wish to purchase and submit the order. For contract trading, you can also choose to go short (sell) and adjust the leverage multiplier according to your strategy and risk tolerance.
5. Confirm Your Purchase: For spot purchases, check your personal account to see if the coins have arrived. For contract trades, check the trading page to see if your order was filled successfully.