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Investing In SPACE ID (ID) – Everything You Need to Know

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The developers behind the SPACE ID (ID) concept seek to create a universal identification system to drive web 3.0 adoption. The network was designed to empower these users while improving useability within the metaverse, decentralized economy, and advanced Dapps. The main goal of the network is to enable users to build their brand across multiple ecosystems in a simplistic and verifiable manner.

What Problems Does SPACE ID Attempt to Fix?

SPACE ID tackles an issue that has plagued 3.0 developers since day one. Until recently, there was no easy way to validate a person's identity without requiring the person to provide vital information. Today, complex registration systems require a lot of data.

Space ID (SID) - Twitter

SPACE ID (SID) – Twitter

This data then remains in the control of third-parties which can make it a target for hackers at a later date. Sadly, hackers have turned their attention to stealing this data rather than crypto directly in many instances. The SPACE ID concept provides a way for users to validate their identity without putting their future at risk.

The protocol operates as a chain agnostic system, meaning that it can work across a huge variety of decentralized protocols. The strategy enables users to create a single digital ID that can be recognized in all aspects of the Web 3.0 environment. From social interactions to conducting business transactions, the SPACE ID can keep you safer.

A Lack of Decentralization

The SPACE ID strategy provides an alternative to the centralized blockchain identifiers currently available. The decentralized technical structure makes the network resistant to censorship. It also eliminates any single point of failure from the operations.

Difficult Addresses

It has always been a process to provide your crypto address vocally to a person. In most networks, your wallet address is a long string of numbers and letters that are better copied and pasted versus spoken over the phone. One of the coolest things about SPACE ID is that it enables anyone to replace a complex wallet address with a human-readable one. This makes crypto adoption less intimidating for new users and prevents mistakes.

Benefits of SPACE ID

There are a lot of benefits that make SPACE ID a smart choice for those seeking a more streamlined web3 experience. For one, the protocol enables you to build your brand more effectively. You can be known by the same name across all networks and protocols versus making up new ones for each platform.

Additionally, the SPACE ID system was designed to be backward-compatible. This strategy means that you can leverage the system for all of your usual web2 activities such as logging into emails and exchanges. SPACE ID makes it simple to navigate the emerging digital landscape safely and securely.

Better User Experience

One of the best reasons to check out SPACE ID is its upgraded user experience. The protocol was designed to enable new users to maximize their time. You can manage your digital assets from one intuitive interface. The system streamlines activities such as sending and receiving digital assets.

Better Dapps

The integration of SPACE ID into Dapps has helped these protocols gain functionality and streamline onboarding. These systems enjoy higher interoperability in the market. Additionally, users gain another level of confidence knowing that their ID is protected. On the other end of the spectrum, Dapps achieve better interoperability and flexibility in the market as well.

Open-Sourced

SPACE ID is an open-source project. This designation means that anyone can review the core coding of the system. Open-source protocols are the most secure because they get vetted by the community. Additionally, the network has completed third-party code reviews.

SPACE ID NFT integration

SPACE ID supports the issuance and trading of NFTs (Non-Fungible Tokens). These unique digital assets are one of the most popular types of blockchain assets at this time. Users can issue or trade NFTs using the network's streamlined creation process. NFTs have found a home in the art, gaming, and real estate sectors.

Interoperability

Another major draw for SPACE ID is its interoperability. The protocol can function between private and public networks. It also supports functionality between decentralized and centralized networks. The platform can even connect to legacy systems which makes it an ideal way to bring together people, information, and assets in the new economy.

Space ID (SID) - Homepage

SPACE ID (ID) – Homepage

How Does SPACE ID Work?

SPACE ID operates on the Binance Smart Chain. The BSC is an advanced fourth-generation PoS blockchain that was designed to compete against networks like Ethereum. The BSC supports all the latest DeFi features and often has faster transaction processing than Ethereum. Additionally, it typically costs less to execute smart contracts and transactions.

SPACE ID provides a host of features that make it very competitive in the market. The human-readable addresses are a great way to help alleviate new user confusion. The system combines unique features like connected identifiers, customized top-level domains, and NFT integration. It also supports core features such as lending tokens, mining NFTs, tickets, and trading.

Token – ID

ID operates as a BSC BEP-20 token. It is used as the primary utility token for the SPACE ID ecosystem. The token serves multiple roles in the network. It can be used to pay fees and send value. It also acts as a rewards token. Users must hold SID to take advantage of the decentralized identity protocol's options.

SPACE ID History

SPACE ID entered the market in 2022 and is based out of Singapore. The goal of the project was to improve web3 onboarding by simplifying the technical processes. Today, SPACE ID operates across a growing collection of networks and provides users with multiple options to build.

How to Buy SPACE ID (ID)

Currently, SPACE ID (ID) is available for purchase on the following exchanges.

KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens.  It is often the first to offer buying opportunities for new tokens.  USA Residents are Prohibited.

Binance – Accepts Australia, Singapore, and most of the world. Canada & USA residents are prohibited. Use Discount Code: EE59L0QP for 10% cashback on all trading fees. 

SPACE ID – Don't Get Left Behind

SPACE ID is ahead of the web3 curve. The developers are aware that new users will want to make the switch to the decentralized economy as smooth as possible. As such, they have provided a reliable and secure alternative to help support this maneuver. You can expect to see more SPACE ID users in the coming months as the Ethereum ecosystem expands.

David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com