Space ID (ID)

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Identity and Domain Management

Space ID is a universal name service network that lets users discover, register, trade, and manage Web3 domain names across multiple blockchains like BNB Chain and Arbitrum. It simplifies handling digital identities and domains in one place.

Developer Tools

It offers a Web3 Name SDK and API for developers to integrate domain and identity services into their decentralized apps (DApps) easily, supporting multi-chain environments.

Token Utility

The native ID token is used for governance, staking (which provides discounts on domain registration and marketplace fees), and payments within the Space ID ecosystem.

Ecosystem Growth

Space ID enables communities to launch custom top-level domains (TLDs) without coding, fostering a broader Web3 identity infrastructure.

Marketplace

Users can trade domain NFTs on a dedicated marketplace designed for Web3 domains, making domain ownership and transfer more accessible.

In short, Space ID provides a one-stop platform for managing Web3 identities and domains, supporting users and developers with tools and token incentives.

Pros

• Space ID offers a universal name service network that connects people, information, assets, and applications across multiple blockchains, making it easier to manage Web3 domains.
• It provides a one-stop platform to discover, register, trade, and manage Web3 domains, simplifying digital identity management.
• The ID token allows users to participate in governance through a DAO, giving them a say in the project's future.
• Staking ID tokens grants discounts on trading fees and domain registration, encouraging user engagement.
• The platform supports multiple top-level domains (TLDs) and allows communities to launch custom TLDs without development effort.
• Space ID replaces complex wallet addresses with human-readable names, making crypto easier and more user-friendly.
• It has strong backing from Binance Launchpad and other reputable investors, indicating solid industry support.
• Developers can use SDKs and APIs to integrate Web3 name services into their applications.

Cons

• The market for Space ID is relatively small compared to traditional markets, which means large holders ("whales") can influence price movements significantly.
• The price of the ID token can be volatile and influenced by overall crypto market trends.
• As a newer project, it may face competition from established name services like ENS (Ethereum Name Service).
• Some features, like DAO governance and SDK/API tools, are still in development or early stages.
• The platform’s success depends on wider adoption of Web3 domains and digital identity solutions, which is still growing.

Overall, Space ID aims to simplify Web3 identity and domain management with strong community involvement and multi-chain support, but it is still evolving and subject to market dynamics.

Founders

Space ID was founded by Xu Nuo and Xu Wei in 2022.

Investors in Space ID

• Polychain Capital: A well-known crypto investment firm that led a strategic funding round for Space ID.
• dao5: Another prominent venture capital firm focused on Web3 innovation, also a lead investor in Space ID.
• Binance Labs: The venture capital arm of Binance, participated in the seed funding round for Space ID.

Space ID has raised about $10 million in total funding through these rounds, supported by these key investors who focus on blockchain and Web3 projects.

Halal Status

No clear official Shariah certification or ruling is publicly available for Space ID. There is no verified source confirming that Space ID is halal according to Islamic finance principles.

Reason

Halal status depends on compliance with Islamic finance rules, such as avoiding interest (riba), gambling (maysir), and uncertainty (gharar). Since Space ID has not been officially screened or certified by recognized Islamic scholars or Shariah advisory firms, it cannot be confirmed as halal.

If halal compliance is important, it is best to consult a qualified Islamic finance expert or Shariah advisor for a personal ruling.