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The world is quickly moving into the cutting-edge Web3 space. As this transition gains momentum, there is a growing need for decentralized identities that enable users to move across different Web3 platforms.
These identities, which are supported by blockchain technology, have gained popularity because of their private, secure, and transparent nature. Numerous domain name service companies have sprung up as a result of the rising demand. When you own various identities, registering and managing them can be difficult because of the highly segregated nature of the name service market.
Additionally, having too many identities increases the danger of data breaches because they can all be compromised at some point.
By developing a one-stop platform for Web3 decentralized IDs, SPACE ID aims to address these problems. Let’s take a deeper look at SPACE ID and how you can buy Space ID Tokens in India.
About Space ID
Decentralized identity, which functions like a unique username to identify one across Web3 platforms making the user experience coherent. For this purpose, each blockchain, protocol, and network system has a unique domain name, which implies a user must manage multiple domains or identities.
Space ID, a decentralized universal domain service network, uses a single identification platform that you can manage, register, trade, and explore multiple Web3 domains. With the help of the network, anyone can quickly establish and create their Web3 identity. Space ID also offers a Web3 name software development kit SDK and API that supports all Web3 dApps.
The native utility and governance token of Space ID is called ID. It is used for payments throughout the Space ID ecosystem, staking for platform discounts, participation in and voting on governance ideas, and rewarding platform users for engagement with the platform.
Components of Space ID Network Infrastructure
The components of the Space ID network infrastructure are as follows:
- Web3 domain & identity platform: Users of Space ID have access to an integrated platform that enables them to look for and reserve their ideal domain name. Users can also manage, renew, and register each of their domains in a single place.
- Marketplace: The marketplace for the Space ID ecosystem brings together liquidity from various marketplaces, including Opensea, ENS Vision, and Element. It was created specifically for trading Web3 domains.
- Multi-chain Name Service: By supporting Top Level Domains (TLDs), the platform enables users to communicate with different blockchain ecosystems using a single domain name.
- SDK for integration: The integration of Web3 services into any application is made simpler by the Space ID SDK and all-in-one API, boosting scalability, adaptability, and future-proof design. With a single integration, it enables projects to connect to a variety of domain services, saving time and minimizing compatibility issues.
Benefits of Space ID
SPACE ID offers numerous benefits, making it an excellent choice for those seeking a streamlined Web3 experience. Firstly, the protocol allows you to establish your brand effectively by using the same name across all networks and protocols, eliminating the need to create new identities for each platform.
Furthermore, the SPACE ID system is designed to be backward-compatible, meaning you can utilize it for your usual Web2 activities like logging into emails and exchanges. This feature ensures easy and secure navigation through the emerging digital landscape.
- Improved User Experience
SPACE ID stands out for its enhanced user experience, making it a compelling option. The protocol is designed to maximize the efficiency of new users, allowing them to manage their digital assets through a single, intuitive interface. Activities such as sending and receiving digital assets are streamlined for convenience.
- Enhanced dApps
Integrating SPACE ID into Decentralized Applications (dApps) has significantly improved their functionality and onboarding processes. These dApps exhibit higher interoperability in the market, providing users with an added level of confidence in the security of their IDs. Simultaneously, dApps enjoy increased interoperability and flexibility in the market.
- Open-Source Nature
SPACE ID is an open-source project, enabling anyone to review the system’s underlying code. Open-source protocols are considered the most secure as they undergo scrutiny from the community. Furthermore, the network has also completed third-party code reviews.
- Integration of SPACE ID NFTs
SPACE ID supports the issuance and trading of Non-Fungible Tokens (NFTs), which are currently one of the most popular types of blockchain assets. Users can easily create and trade NFTs using the network’s streamlined process.
- Interoperability
Another key advantage of SPACE ID is its interoperability, enabling its functionality across private and public networks. It facilitates seamless communication between decentralized and centralized networks and can even connect with legacy systems. This characteristic makes it an ideal platform for integrating people, information, and assets in the new economy.
Space ID Tokenomics and ecosystem
The ID token, which serves as SPACE ID’s native governance token, is crucial to the project’s decision-making process since it allows users to vote on Space ID DAO proposals. Users can stake ID tokens to get rebates on the Space ID domain NFT marketplace’s trading fees as well as on Web3 domain registration charges. Additionally, payments can be made within the Space ID ecosystem using ID tokens.
The maximum supply of ID is 2 billion. 100 million of them were set aside for the launchpad token sale. A further 10% of the tokens will be given away via airdrop, with the remaining tokens going to advisors, the core team, and the Space ID foundations. Additionally, 13% and 10% of the token supply will be allocated to marketing and ecosystem development, respectively.
What Is SPACE ID Token (ID)?
The native token of the SPACE ID ecosystem is called ID. ID’s main functions on the platform as a utility-enabled token are:
- Governance: Through voting on SPACE ID DAO proposals, ID token holders have a significant influence on the future direction of SPACE ID.
- Staking: You can stake ID tokens to get reductions on transaction fees while buying or selling registered domain names on the SPACE ID NFT domain marketplace.
- Payments: The integration of the Web3 Name SDK and payments within the SPACE ID network are made possible via ID tokens.
How to buy Space ID (ID) Tokens in India?
Below are a few simple steps you can follow and buy the Space ID Token in India with WazirX, India’s most trusted and widely used crypto exchange.
The best way to buy Space ID Tokens is using P2P trade. To get answers to all your queries related to the P2P trade, click here!
Bonus point: INR Deposits are also LIVE on the WazirX platform. Now, you can buy Space ID Tokens using INR.
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling Space ID Token, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite cryptos.
Step 5 – Finally, buy Space ID on WazirX.
You can now easily purchase Space ID Tokens using P2P trade on the platform. You can buy Space ID to USDT here.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the Space ID Coins you purchased in your WazirX wallet.
Happy Trading!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
