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SPACE

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Discover SPACE's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is SPACE?

SPACE ID is a universal name service network that seamlessly connects people, information, assets, and applications across blockchains. It offers a one-stop identity platform to discover, register, trade, and manage web3 domains, along with a web3 name SDK & API for developers and a multi-chain name service for users. The platform aims to simplify the process of managing digital identities and assets across different blockchains, providing a more accessible and interoperable experience for users.

How is SPACE used?

SPACE ID is a decentralized universal name service network that allows users to create and manage human-readable domain names across different blockchain networks. These domain names can be used to access decentralized applications (dApps), smart contracts, non-fungible tokens (NFTs), and other blockchain-based resources. The platform offers a one-stop identity management system, enabling users to discover, register, trade, and manage web3 domains in a single interface.

Key Features
  • Domain Registration: Users can register domain names, which are tradable NFTs, on various blockchain networks such as BNB Chain and Arbitrum.
  • Multi-Chain Support: SPACE ID supports multiple blockchain networks, allowing users to manage their domains across different chains.
  • Web3 Name SDK & API: The platform provides software development kits (SDKs) and application programming interfaces (APIs) for developers to integrate web3 domains into their applications.
  • Governance Token: The ID token is used for governance, staking, and payment within the SPACE ID ecosystem.
Use Cases
  • Personalized Web3 Experience: Users can create customized usernames that can be used across different blockchain networks, simplifying their web3 experience.
  • Domain Trading: SPACE ID offers a marketplace for trading web3 domains, making it easier for users to buy and sell domain names.
  • Identity Management: The platform allows users to manage their digital identities and multiple domain names in a single interface.

Overall, SPACE ID aims to provide a user-friendly and decentralized solution for managing digital identities and web3 domains across various blockchain networks.

How do I store SPACE?

To store SPACE ID tokens, you have several options based on your needs and preferences:

  1. KuCoin Account: You can hold your SPACE ID tokens in your KuCoin account. This provides quick access to trading products like spot and futures trading, staking, and lending. KuCoin serves as the custodian of your crypto assets, ensuring security and convenience.

  2. Non-Custodial Wallets: For enhanced security, you can withdraw your SPACE ID tokens to a non-custodial wallet. This grants you complete control over your private keys. You can use hardware wallets, Web3 wallets, or paper wallets. However, this option may be less convenient if you need to trade your tokens frequently.

  3. Metamask: You can also store your SPACE ID tokens in Metamask, a popular Web3 wallet. This allows you to manage your tokens securely and interact with the SPACE ID ecosystem.

Remember to set up strong passwords and security settings to prevent unauthorized access to your funds.

How to buy SPACE?

To buy SPACE (ID) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reputable cryptocurrency exchange that supports the trading of SPACE ID tokens. Popular options include KuCoin, Binance, Gate.io, MEXC, and CoinEx.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves verifying your email address and identity.

  3. Make a Deposit: Add funds to your account using a debit card, credit card, wire transfer, or Bitcoin (BTC).

  1. Buy SPACE ID: Use your deposited funds to purchase SPACE ID tokens. Ensure you have the correct token contract address (0x2dff88a56767223a5529ea5960da7a3f5f766406) to avoid any confusion.

  2. Store Your Tokens: Once purchased, store your SPACE ID tokens securely in a wallet or on the exchange, depending on your investment strategy.

Remember to research the exchange fees, security features, and supported currencies before making a purchase. Additionally, consider your investment approach and the overall market conditions before buying SPACE ID tokens.

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History of SPACE

SPACE ID, a universal name service network, was founded in the third quarter of 2022 and is based out of Singapore. The project's primary goal is to simplify web3 onboarding by making technical processes more accessible to new users. It entered the market in 2022 and has since expanded its reach across various networks, including the BNB Chain and Arbitrum.

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How SPACE works

SPACE ID is a name service network designed to simplify the management of digital identities across different blockchains. It allows users to register, discover, trade, and manage web3 domains in a seamless and user-friendly manner. Here's a detailed overview of how it works:

Key Features
  • Domain Discovery: Users can search for desired names across various top-level domains (TLDs) and discover trending domain collections.
  • Domain Registration: Users can register .bnb and .eth domains, with plans to support more TLDs in the future.
  • Domain Trading: SPACE ID offers a marketplace specifically designed for trading web3 domains, aggregating liquidity from other marketplaces like OpenSea.
  • Domain Management: Users can manage the records and ownership of all their web3 domains through a single integrated portal.
Integration and Support
  • Multi-Chain Support: SPACE ID operates as a chain-agnostic system, meaning it can work across various decentralized protocols, allowing users to create a single digital ID recognized across multiple ecosystems.
  • Web3 Name SDK & API: The platform provides a software development kit (SDK) and application programming interface (API) for developers to integrate web3 domains across different blockchains.
  • Integration with Major DApps and Wallets: SPACE ID integrates with prominent decentralized applications (DApps) and wallets on the BNB Chain and other blockchains, ensuring seamless web3 domain usage.
Governance and Tokenomics
  • ID Token: The ID token serves as the governance token, used for voting on proposals, staking, and making payments within the ecosystem.
  • Decentralized Governance: The SPACE ID DAO (Decentralized Autonomous Organization) enables decentralized governance by ID token holders, ensuring transparency and security in decision-making processes.
Benefits
  • Human-Readable Addresses: SPACE ID allows users to replace complex wallet addresses with human-readable ones, making crypto adoption less intimidating for new users and reducing errors.
  • Decentralized Identity: The platform provides a decentralized technical structure, resistant to censorship and single points of failure, ensuring users' identities are secure and under their control.
  • Streamlined Experience: SPACE ID offers a one-stop platform for managing digital identities, eliminating the need to use multiple products for different domains.

By providing a comprehensive and user-friendly platform, SPACE ID aims to simplify web3 onboarding, improve usability, and drive adoption across the decentralized economy and metaverse.

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SPACE's strengths

SPACE ID's strengths include:

  • Universal Identification: SPACE ID provides a universal name service that seamlessly connects people, information, assets, and applications across different blockchains, enhancing interoperability and flexibility.
  • Decentralized and Open-Sourced: The platform is decentralized, censorship-resistant, and open-sourced, ensuring security and transparency.
  • Improved User Experience: SPACE ID offers a user-friendly interface, making it easier for users to manage their digital assets and interact with decentralized applications (dApps) and smart contracts.
  • Interoperability: The platform supports functionality between private and public networks, decentralized and centralized networks, and even legacy systems, making it an ideal solution for the new economy.
  • Security: SPACE ID allows users to bridge and store their data on any chain, ensuring data privacy and security.
  • Governance: The native token, ID, serves as a governance token, giving users a say in the direction and future of the project.
  • Partnerships and Funding: SPACE ID has received significant support from prominent investors and has integrated with over 100 projects and protocols on various blockchains, including BNB Chain and Arbitrum.
  • Simplified Domain Registration: The platform offers a fast and affordable domain registration process, with an average cost of $10 per domain name.
  • Referral Program: SPACE ID has a referral program that rewards users for inviting new customers, providing an incentive for user engagement and growth.

SPACE's risks

SPACE ID, a decentralized universal name service network, faces several risks that users should be aware of:

  1. Market Risks: The crypto market is known for its volatility, and the value of the ID token can fluctuate significantly. This volatility can result in financial losses for investors.

  2. Regulatory Challenges: As the blockchain landscape continues to evolve, regulatory bodies may impose new rules or restrictions that could impact the operation and adoption of SPACE ID. This uncertainty can create risks for the project's long-term success.

  3. Security Risks: The use of blockchain technology and decentralized systems can expose users to potential security threats, such as data breaches or hacking attempts. SPACE ID's security features, like Lucas and Yoda, aim to mitigate these risks, but they are not foolproof.

  1. Interoperability Risks: SPACE ID's goal of integrating with multiple blockchain networks and DApps can be complex and may lead to technical issues or compatibility problems. These challenges can hinder the seamless user experience the platform aims to provide.

  2. Competition Risks: The Web3 domain name service market is becoming increasingly crowded, with competitors like Ethereum Name Service (ENS). SPACE ID must differentiate itself and maintain its competitive edge to attract and retain users.

  3. Adoption Risks: The success of SPACE ID relies on widespread adoption across various blockchain networks and ecosystems. If adoption rates are slow or limited, the project's growth and potential may be hindered.

  1. Technical Risks: The development and maintenance of a complex decentralized system like SPACE ID can be prone to technical issues, such as bugs, scalability limitations, or network congestion. These technical challenges can impact the platform's performance and user experience.

It is essential for users to carefully evaluate these risks and conduct thorough research before investing in or using the SPACE ID ecosystem.

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SPACE's ecosystem

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SPACE’s team

  • Marc Hardy: Provides constant ideas and project management to ensure projects are completed on time and within budget.
  • Michael Simmons: Ensures the atmosphere and fit-out of projects deliver more than expected at every stage.
  • Phill Young: Specializes in ensuring projects meet all survey and construction works, including licensing, building regulations, and planning.
  • Harrison Seletsky: Director of Business Development at SPACE ID.
  • Kevin Y: Frontend Developer at SPACE ID.

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The fundamental analysis assistant for crypto value investors.

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