Space ID (ID)

Web3 Domain Services

Space ID builds a universal name service network that lets users discover, register, trade, and manage Web3 domains. These domains are human-readable names that replace long crypto wallet addresses, making it easier to interact with decentralized apps, smart contracts, NFTs, and other blockchain resources.

Identity and Payment

Space ID provides a one-stop platform for managing digital identities across multiple blockchains. Its native ID token can be used for payments within the Space ID ecosystem, including Web3 domain registration and trading fees. Users can also stake ID tokens to get discounts on these services.

Developer Tools

Space ID offers a Web3 Name SDK and API that developers can use to integrate Web3 domain services into their applications across different blockchains. This helps projects build on top of the Space ID ecosystem with custom domain names and identity solutions.

Marketplace and Governance

Users can trade Web3 domain NFTs in a dedicated marketplace. The ID token also plays a role in governance, allowing holders to participate in decision-making for the platform’s future development.

Ecosystem Expansion

Space ID supports multiple blockchains and plans to launch new top-level domains (TLDs). It aims to simplify managing multiple domain names and identities in one place, making Web3 more accessible and user-friendly.

Advantages

• Space ID offers a universal name service network for Web3 domains, allowing users to discover, register, trade, and manage domains across multiple blockchains like BNB Chain and Arbitrum.
• It provides a decentralized identity platform where users control and protect their digital identity, with features like identity verification and data management.
• The ID token enables governance participation, letting holders vote on project decisions and contribute to its growth.
• Supported by strong investors such as Binance Labs and Polychain, with a growing community and partnerships.
• The platform includes developer tools like Web3 Name SDK and API for easy integration across blockchains.
• It simplifies crypto transactions by replacing complex wallet addresses with human-readable names, making crypto more user-friendly.
• Multi-chain support and integration with popular wallets and exchanges enhance accessibility and liquidity.

Disadvantages

• The market for Space ID is relatively small and volatile, with price fluctuations influenced by large holders ("whales") and market sentiment.
• The project is still in development stages, so some features and full potential are yet to be realized.
• Competition is strong from established services like Ethereum Name Service (ENS), Unstoppable Domains, and Handshake.
• The price of ID tokens has experienced significant drops from all-time highs, reflecting high risk and uncertainty.
• Some technical limitations exist, such as lightweight contract versions that restrict certain on-chain functionalities.

Overall, Space ID combines innovative Web3 identity and domain services with decentralized governance, but it faces market volatility and competition as it develops.

Founders

The founders of Space ID are Xu Nuo and Xu Wei.

Company Background

Space ID was founded in 2022 and is based in Singapore. It focuses on building a universal name service network and a one-stop identity platform for Web3 domains.

Lead Investors

The main investors in Space ID are Polychain Capital and dao5, who led the $10 million strategic funding round.

Other Investors

Additional investors include Foresight Ventures (Singapore), GeekCartel, Most Valuable Builder Accelerator Program, and YZi Labs (formerly Binance Labs).

Investment Details

• Total funding raised: $10 million
• Funding rounds: Series A and seed rounds
• Some investors are institutional, including Polychain Capital and Binance Labs.

These investors support Space ID's development as a universal name service network and decentralized identity platform.

Space ID Shariah Status

Space ID is considered halal according to Sharlife's Shariah analysis, which screens cryptocurrencies for compliance with Islamic finance principles.

Reasoning

The halal status depends on the project adhering to Islamic finance rules such as avoiding interest (riba), gambling (maysir), and excessive uncertainty (gharar). Space ID has been evaluated by Islamic experts and found to meet these criteria.