CoinMarketCap Academy takes a deep dive into Space ID, a name service network for web3 that received over $2.8B in BNB commitments on Binance Launchpad.
Space ID (ID) is a name service network for different blockchains. Users can have their own web3 domain registered on different blockchains, such as BNB Chain and Arbitrum. They can also trade and manage different domains, similar to the Ethereum Name Service. Web3 domains are human-readable names that can be used to access decentralized applications (DApps), smart contracts, NFTs, and other blockchain-based resources. Another feature provided by Space ID is the Web3 Name SDK and API for developers. It facilitates the integration of web3 domain functionality into various applications.
ID is the native governance token. It was launched on the Binance Launchpad platform in a heavily oversubscribed auction in March 2023. ID is a governance token that allows holders to participate in the project's governance process.
Space ID has an ambitious roadmap for 2023. The project plans to achieve several milestones to enhance its functionality, usability and adoption:
- Q2 2023: Launch a merch store gated by NFTs with exclusive personalized merchandise for Space ID domain owners; initiate the launchpad for custom TLD domain names that allows communities to build and launch their own domains.
- Q3 2023: A SID universal domain that represents all user identities and multi-chain addresses with a colon domain syntax
- Q4 2023: The SID DAO launch that enables decentralized governance of the project by ID token holders
This follows several achieved milestones, such as the integration with major DApps and wallets on the BNB Chain and cross-chain support. Space ID’s goal is to add value to its users and partners and emerge as a comprehensive and innovative solution in the domain management space in web3. By following its roadmap, the project strives for leadership in the web3 industry, which entails creating a more efficient and accessible future for blockchain technology.
How Does Space ID Work?
Space ID is built on a modular and scalable architecture comprising three main components: the Space ID protocol, the Space ID platform and the Space ID DAO.
The Space ID protocol is a set of smart contracts that provide the core functionality of web3 domain registration, resolution, management and governance. The protocol supports multiple top-level domains (TLDs) such as .eth, .bnb and .arb, as well as custom TLDs that can be launched by communities. The protocol also enables cross-chain interoperability by allowing users to link their web3 domains to any blockchain address or resource.
The Space ID platform offers a pleasant interface for users to interact with the protocol. The platform offers various features such as domain discovery, registration, trading, management and referral. It also integrates with major DApps and wallets on BNB Chain and other blockchains to provide seamless web3 domain usage. Additionally, the platform provides a Web3 Name SDK and API for developers.
The Space ID DAO is a decentralized autonomous organization that governs the Space ID protocol and platform. The DAO is powered by the ID token, which is the governance token of Space ID. The token also serves as an incentive mechanism for users to engage with the project and contribute to its growth and sustainability.
The Space ID Team
The project was founded by a group of engineers and web3 aficionados that aim to create a universal name service network backed by decentralized blockchain technology. The team has expertise in blockchain development, smart contract security, user interface design, and community building.
Space ID has received strong support from reputable investors and partners in the blockchain industry. The project has raised a total of $10 million in funding over two rounds. The seed round was led by Binance Labs, the venture capital arm of Binance. The strategic round was led by Polychain Capital and dao5, two prominent venture capital firms that focus on web3 innovation. Other participants in the funding rounds include Foresight Ventures and other institutions and industry leaders.
The funding rounds have enabled Space ID to expand its team, develop its product and grow its ecosystem. The project has integrated with over 100 leading projects and protocols on BNB Chain and other blockchains, such as BscScan, Trust Wallet, and ApeSwap. It also launched its governance token ID on the Binance Launchpad platform in March 2023, attracting widespread attention and participation from the web3 community.
Space ID Tokenomics
ID is the governance token of the Space ID project. It was launched on the Binance Launchpad platform in March 2023. The token has a total supply of 2 billion ID, with an initial circulating supply of 14.3% of the total supply.
ID plays a key role in growing the ecosystem since its the incentive for users to make contributions to the Space ID project. Its use cases are:
- Staking: ID can be staked, with users receiving discounts in the native NFT marketplace on trading and domain registration fees.
- Payments: ID serves as a means of payment for domains and SDK integration.
- Governance: ID is used as a governance token to vote on governance proposals.
The token distribution is as follows:
- Seed Sale: 20% with a 12-month cliff and 60-month quarterly vesting.
- Strategic Sale: 8% with a 12-month cliff and 36-month quarterly vesting.
- Public Sale: 5% at $0.025 fully unlocked at TGE.
- Team: 15% with a 12-month cliff and 60-month quarterly vesting.
- Advisors: 7% with a 12-month cliff and 36-month quarterly vesting.
- Ecosystem Fund: 10% with 50% fully unlocked at TGE and 36-month monthly vesting.
- Marketing: 13% with 10% unlocked at TGE and 48-month monthly vesting.
- Foundation: 20% with 48-month monthly vesting.
- Community Airdrop: 10% with 24-month monthly vesting.
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