What is ID token?

Modified on Tue, 12 Dec 2023 at 01:59 PM

ID is the governance token for Space ID. It incentivizes users to get involved in the project’s development and directions by giving them voices on the SPACE ID DAO.

ID is integral to Space ID, as it enables holders to stake tokens for discounts on NFT marketplace trading fees and web3 domain registration on Space ID. ID tokens can also be used as a payment method within the ecosystem.

What is Space ID?

Space ID is a platform that provides a name service network for various blockchains. It enables users to register their own web3 domain on different blockchains, including BNB Chain and Arbitrum. Users can also trade and manage different domains, similar to the Ethereum Name Service.

Web3 domains are human-readable names: for example, change “0xe0A280E7b089cEFbf63Eb170763bd7cd9458D378” to “william.eth”. It then can be used to access decentralized applications (DApps), smart contracts, NFTs, and other blockchain-based resources.

Additionally, Space ID offers the Web3 Name SDK and API for developers, which simplifies the integration of web3 domain functionality into different applications.

The Space ID Team

The Space ID project was established by a team of engineers and web3 enthusiasts who are committed to developing a decentralized blockchain-based universal name service network. The team possesses a diverse range of expertise, including blockchain development, smart contract security, user interface design, and community building.

Space ID has garnered significant support from reputable investors and partners in the blockchain industry. The project has successfully raised a total of $10 million in funding across two rounds: the seed round and the strategic round led by Polychain Capital and dao5. Additionally, Foresight Ventures, institutions, and industry leaders also participate in the investment.


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