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SPACE ID: One-stop Domain & ID Platform

Tor Pornchai
Tor Pornchai
Tokenomist
Tags: Tokenomics Insight, $ID,
 • 4 min read
SPACE ID: One-stop Domain & ID Platform

TLDR

  • SPACE ID manages web3 domains across multiple blockchains.
  • ID token, the governance token, can be used for discounts and payments within SPACE ID.
  • A total of 2 billion ID tokens are allocated among different stakeholders, subject to vesting.
  • The overarching goal of SPACE ID is to redefine digital identities in the web3 world.

Introduction

As we delve deeper into the Web3 age, the importance of decentralized identities escalates in parallel. SPACE ID emerges as a revolutionary identity platform offering a one-stop solution for discovering, registering, trading, and managing web3 domains. This article is an in-depth exploration of SPACE ID's mission, how it is redefining the digital identities landscape, and how we can be a part of this revolutionary change.

The Mission and vision

The mission at SPACE ID is to build a universal name service network, offering an inclusive platform for web3 domain management and registration. SPACE ID strives to solve the problems inherent in managing multiple domain identities across various platforms, bringing a more streamlined and efficient experience to users.

The vision at SPACE ID is to create a universal name service network, bridging the gap between decentralized identities and the physical/digital world. While this objective poses many challenges, the team is committed to making it a reality.

Key functionalities

  1. A Centralized Hub for Digital Identities: the SPACE ID platform is a centralized hub for web3 domains and digital identities, providing an all-in-one solution for discovery, registration, trading, and management of domains across blockchains. No longer will users need to jump from platform to platform to manage their domains. Everything can be conveniently done from one central hub.
  2. One-stop Web3 Domain & Identity Platform: with SPACE ID, you can discover new domains across all supported TLDs, register web3 domains on the SPACE ID Mainnet, trade web3 domains on a dedicated marketplace, and manage all your web3 domains from one integrated portal.
  3. Multi-chain Name Service: SPACE ID is not limited to a single blockchain. The platform provides a multi-chain name service, allowing users to manage and trade domains across multiple blockchains seamlessly. With the upcoming SPACE ID 2.0, the team aims to introduce even more TLDs and expand the reach of the service.
  4. Web3 Name SDK & API: to facilitate the integration of web3 services, the team designed the Web3 Name SDK & API, a unified and streamlined tool for developers to connect to all naming data owned by users. The aim is to empower communities and partners to grow and better engage with users through custom domain names.
  5. The .bnb and .arb Name Services: SPACE ID offers name services for both the BNB Chain and Arbitrum, providing users with unique domains to replace traditional wallet and contract addresses. The .bnb and .arb name services greatly enhance user experience in the respective ecosystems and aim to become standard domain identifiers.

$ID Tokenomics

The ID token plays a vital role in the decision-making process of SPACE ID, granting users a say in the future direction of the project.

ID is not just a governance token; it also has practical use within the SPACE ID ecosystem. Users can stake ID tokens to receive discounts on trading fees and domain registration. The token can also be used as a means of payment within the SPACE ID ecosystem.

SPACE ID has a total supply of 2,000,000,000 ID tokens, distributed as follows:

  1. Binance Launchpad: 100,000,000 ID (5% of total supply), which are fully unlocked at the token generation event (TGE).
  2. Advisors: 140,000,000 ID (7%), which have a 1-year cliff and then undergo 3-year quarterly vesting.
  3. Strategic Sale: 160,000,000 ID (8%), with a 1-year cliff followed by 3-year quarterly vesting.
  4. Seed Sale: 400,000,000 ID (20%), with a 1-year cliff and then 5-year quarterly vesting.
  5. Core Team: 300,000,000 ID (15%), with a 1-year cliff and then 5-year quarterly vesting.
  6. Ecosystem: 200,000,000 ID (10%), with 50% unlocked at TGE and the rest following a 3-year monthly vesting schedule.
  7. Marketing: 260,000,000 ID (13%), with 10% unlocked at TGE and the rest following a 4-year monthly vesting schedule.
  8. Foundation: 240,000,000 ID (12%), with 0% unlocked at TGE and then 4-year monthly vesting.
  9. Community Airdrop: 200,000,000 ID (10%), with 30% unlocked at TGE and then 2-year monthly vesting.
Source : https://token.unlocks.app/space-id

As of now, ~87% of the total supply is yet to be unlocked and all will be released in April of 2029.

Source : https://token.unlocks.app/space-id

Conclusion

SPACE ID is a step towards a decentralized and unified web3 domain & identity platform, providing an innovative infrastructure for managing all aspects of your domains. As the team continues our journey, the team and the community strive to redefine the future of digital identities in the web3 space.

¡NB! This is NOT financial advice NOR sponsored article.

Reference:

  1. space.id
  2. token.unlocks.app