SPACE ID

About SPACE ID

SPACE ID is developing a universal name service network designed to streamline digital identity across various blockchains. Founded in March 2022 by a team of engineers and Web3 enthusiasts, the Singapore-based company aims to replace complex machine-readable wallet addresses with a single, human-readable identity that functions across different applications and blockchain networks. The founders are identified as Xu Nuo and Xu Wei. While specific details about their backgrounds are not extensively documented, their leadership has been central to the platform's development.

The company's core offering is a one-stop platform for discovering, registering, trading, and managing Web3 domains. This service addresses the inconvenience of managing multiple identities across different blockchain ecosystems. The platform supports various top-level domains (TLDs) like .bnb, .arb, and .eth, and also allows communities to launch their own custom TLDs. A significant milestone was the launch of the .bnb Name Service in August 2022, which saw substantial adoption with approximately 361,000 registrations and 168,000 unique holders within six months. SPACE ID has secured $10 million in funding through multiple rounds, including a seed round led by Binance Labs and a strategic round led by Polychain Capital and dao5.

Revenue is generated from domain registration and renewal fees, as well as marketplace fees from the trading of domain NFTs. The business model is centered around its native utility token, ID, which has a total supply of 2 billion tokens. The ID token is integral to the ecosystem, used for staking to receive discounts on platform fees, as a means of payment for services, and for participating in the governance of the SPACE ID DAO (Decentralized Autonomous Organization). Half of the platform's net revenue is used to buy back and burn ID tokens quarterly, with the other half allocated to the DAO Treasury. For developers, SPACE ID provides a Web3 Name Software Development Kit (SDK) and API to facilitate the integration of its universal domain service into various applications, wallets, and blockchain explorers. This has led to integrations with over 100 projects, including BscScan, Trust Wallet, and MetaMask.