What is Space ID (ID)? How To Buy ID Token In India?

What is Space ID (ID)?

Decentralized identity acts like a unique username that identifies one across web3 platforms making the user experience seamless. Every blockchain, protocol, and network system has a specific domain name for this purpose, which means multiple domains or identities for a user to manage. 

Space ID is a decentralized universal domain service network that lets you manage, register, trade, and discover multiple web3 domains at a single identity platform. The network provides a multi-chain name service for anyone to build and create their web3 identity easily. Apart from this, Space ID also includes a web3 name software development kit SDK, and API that supports all web3 dApps.

ID is the native governance and utility token of Space ID. It is used for payment across the Space ID ecosystem, staking to receive platform discounts, to participate and vote on governance proposals, and to incentivize users to engage with the platform. 

Who are the Founders of Space ID?

Space ID is built on the BNB chain and was founded by an anonymous team in March 2022. Furthermore, It is backed by some leading web3 names, including Binance Labs, Polychain Capital, Bullet Labs, and dao5.

How does Space ID work?

Space ID network infrastructure comprises the following components:

• Web3 domain & identity platform: Space ID offers users an integrated portal that allows them to search for their desired domain name and register for it. It also lets users manage, renew, and record all of their domains in one place.
• Marketplace: Space ID ecosystem’s marketplace aggregates liquidity from several other marketplaces such as Opensea, ENS Vision, and Element and is specifically designed for trading of web3 domains.
• Multi-chain Name Service: The platform supports Top Level Domains(TLDs), allowing users to interact with various blockchain ecosystems using one domain name.
• SDK for integration: Space ID SDK and all-in-one API simplifies the integration of web3 services into any application, enhancing scalability, versatility, and future-proof design. It allows projects to connect with various domain services in a single integration, saving time and reducing compatibility issues.

What makes ID Unique-Use Cases?

• Users can interact with various web3 applications with one domain name through Space ID.
• The platform is integrated with 100+ web3 service applications, including TrustWallet, NFTScan, ChainBase, PancakeSwap, and more.
• A few Top Level Domains supported by Space ID include .eth (Ethereum), .bnb (BNB chain), and .arb (Arbitrum blockchain).
• ID token holders can participate in governance and vote on Space ID DAO proposals.

Space ID (ID) Price Analysis

Source: TradingView

• ID price today is trading at $0.4649, with a 24-hour trading volume of $45,181,521. In the last 24 hours, The ID price has risen by about 0.67%. The market cap of ID is standing at $150,314,296 as of June 01, 2023.
• ID price has performed well since its launch in March this year, making a high of $1.03.
• Since the past few weeks ID price has been trading in a close range and it might possibly have a breakout in upcoming times, reaching $0.80.

How to Buy ID Tokens in India?

To buy ID Token in India, just follow the below-mentioned steps:

• Download the CoinDCX App on your Smartphone
• Enter the details required for registration.
• Complete KYC
• After your profile is verified, fund your wallet and buy an ID