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Space ID is a name service network for different blockchains that also operates within the metaverse industry. It enables users to register Web3 domains on various blockchains like BNB Chain and Arbitrum, and manage and trade these domains similar to the Ethereum Name Service. These Web3 domains are human-readable names that facilitate access to decentralized applications (DApps), smart contracts, NFTs, and other blockchain resources. Space ID also provides a Web3 SDK (Software Development Kit) and API for developers to integrate Web3 domain functionality into their applications. Furthermore, the platform promotes the creation, ownership, and trading of virtual real estate, catering to the needs of users, developers, and investors in the growing metaverse market by offering a secure, transparent, and efficient ecosystem.
Space ID works through a decentralized, peer-to-peer network that relies on smart contracts to facilitate the creation, purchase, sale, and leasing of virtual spaces securely and seamlessly. Users can acquire Space tokens, the platform's native currency, to engage in activities such as buying virtual real estate, accessing premium features, or staking tokens for passive income. The governance model allows token holders to participate in decision-making, ensuring a community-driven platform.
The architecture of Space ID comprises three main components: the Space ID protocol, the Space ID platform, and the Space ID DAO. The protocol provides core functionality for Web3 domain registration, management, and governance, supporting multiple top-level domains and cross-chain interoperability. The Space ID platform offers an intuitive interface for users to interact with the protocol, including domain discovery, registration, trading, and management, along with the Web3 Name SDK and API for developers. The platform also integrates with major DApps and wallets on BNB Chain and other blockchains for seamless Web3 domain usage. The Space ID DAO is a decentralized autonomous organization that governs the protocol and platform. Powered by the ID token, which serves as the governance token, the DAO incentivizes users to engage with the project and contribute to its growth and sustainability.
The market price of Space ID is influenced by factors such as supply and demand, investor sentiment, and overall market conditions. Its tokenomics, involving a capped total supply of 2 billion ID tokens, creates scarcity and a deflationary environment, which can contribute to long-term price appreciation. The token distribution is designed to promote a fair and inclusive ecosystem, with allocations for public and private sales, team, advisors, partners, marketing, development, and community initiatives.
ID Token, the governance token of Space ID, was launched on the Binance Launchpad platform in March 2023. It plays a crucial role in growing the ecosystem by incentivizing user contributions. The token has various use cases, including staking for discounts, payments for domains and SDK integration, and voting on governance proposals.
The token distribution is as follows: Seed Sale (20%), Strategic Sale (8%), Public Sale (5%), Team (15%), Advisors (7%), Ecosystem Fund (10%), Marketing (13%), Foundation (20%), and Community Airdrop (10%). The release of tokens is subject to different cliffs and vesting schedules, ensuring long-term commitment from various stakeholders and fostering growth and user adoption.
As of now, ID (Space ID) is ranked #197 by CoinMarketCap with market capitalization of $127,249,207 USD. The current circulating supply of ID coins is 286,000,000.
Investing in ID presents an appealing opportunity due to its position in the rapidly growing metaverse market, innovative technology with a decentralized platform and smart contracts, robust tokenomics that foster long-term price appreciation, and a governance model that promotes active community involvement. This unique combination ensures that Space ID remains aligned with user interests while providing a secure and efficient environment for digital asset management in the burgeoning metaverse industry.
The success of ID as an investment depends on factors such as the adoption and growth of the Space ID platform, the utility of the token within the ecosystem, and the overall performance of the blockchain and metaverse industries. The capped total supply of ID tokens and the deflationary nature of its tokenomics can contribute to price appreciation over time. The token distribution is designed to promote a fair and inclusive ecosystem, incentivizing long-term commitment from stakeholders. Moreover, it is essential to conduct thorough research before making any investment decisions.