Such crypto-based domain names are necessary for simplifying interactions in the decentralized Internet: they can unite a person’s or company’s digital wallets, social media handles, and so on. As of March 2023, there are SPACE ID .bnb, .arb., and .eth. domains.

ID is the governance token (holders will be able to vote on DAO proposals). It will also be utilized for staking as well as payments within the SPACE ID’s ecosystem. Staking will give users discounts on different platform fees.

2 bln ID tokens will be issued in total. They are distributed between sales, the team, airdrops, and so on. In March 2023, the company airdropped over 47 mln tokens. They were distributed between early adopters and the system’s contributors (developers, Discord moderators, etc.) On March, 19, the Voyage second season started – another airdrop for those users who register a domain and set up the primary name which serves as the user’s unique identifier. Claiming will be available from March 22 to April 22, 2023.

SPACE ID has partnered with more than 100 projects and protocols, for example, TokenPocket and BitKeep. Thanks to such integrations, the users will get an opportunity to use their Web3 names to send digital assets, exchange tokens, and purchase NFTs.

The project is preparing a significant update called SPACE ID 2.0 which will allow managing various domains right on the platform and selling them on its marketplace in the form of NFTs. What’s more, there will be an auto-suggesting functionality, and different collections of names (for example, Pokemon with such names as fluttermane.eth or meowstic.eth).

The SPACE ID program offers a referral program that allows users for inviting new customers to get 5-15% of their registration fees as a reward.

Where did SPACE ID (ID) come from?

In April 2022, the initiative appeared; the platform itself was introduced four months later. Within six months of its inception, around 168,000 distinct domain holders began utilizing the service. SPACE ID has received notable investors’ backing (e.g. Binance Labs, Polychain Capital, etc.)

Although the SPACE ID team remains anonymous, in interviews dedicated to the project it is claimed that members have experience in working for Web3 startups.

What are the advantages of SPACE ID (ID)?

Simplicity. SPACE ID’s goal is to enhance the service’s usability by prioritizing intuitiveness. The project boasts that users can complete .bnb name registration in under a minute.
Affordability. The company mentioned that one domain name cost $10 on average.
Security. SPACE ID allows bridging and storing information on any chain they prefer to keep it safe.

What are the disadvantages of SPACE ID (ID)?

Competition. Other products doing a similar thing exist. For example, Unstoppable domains, also a service for Web3 names, claims to have over 700 integrations with partner apps and more than 3 mln registered domains.
Price volatility. The airdrops attract a lot of new users, but the downside is that such events often lead to sharp fluctuations in price, which has been the case for the token.

How to buy SPACE ID (ID) on SimpleSwap?

For those who are considering obtaining ID, SimpleSwap is an excellent solution. All the necessary steps are enlisted here:

Select the cryptocurrency you would like to exchange (e.g., Bitcoin). Enter the amount you want to swap.
Choose ID in the second drop-down list (the crypto you would like to receive). You will see the estimated amount that you will get after the exchange.
Click the Exchange button.
Enter the Recipient's Address. ID will be sent there. Please check that you entered the right address.
Create the exchange.
You will see the BTC deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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