by @EzeOguejiofor
Space ID, the web3 startup building a universal decentralized naming service network, recently trended after completing its seed funding round led by Binance Labs.
In this article, we will attempt to make an in-depth review of Space ID and thus remove the lid on its hidden potential.
What is the Space ID project?
Space ID is a BNB-based universal name service network that seamlessly connects people, information, assets, and applications on the blockchain.
Blockchain naming services, like Space ID, can be considered the web3 equivalent to web2’s DNS (Domain Naming Service). But why is that? Well, the Internet, as a distributed system, links to Zettabytes of data. It’s no use trying to find out what that number looks like.
Whenever you send a search query to Google, there are multiple trillion data of names of objects that the search engine must turn over to find the exact destination of the info you seek. The accuracy of such searches depends on DNS, which uses IP addresses to locate resources on the web.
This mechanism helps to improve user experience by eliminating the need to memorize IP numbers, reducing typographical mistakes, and optimizing lookup speed, so failures don’t quickly occur in times of considerable traffic.
In like manner, crypto naming services like Space ID are providing similar and even more solutions for web3.
Why Does Web3 Need Naming Services like Space ID?
In web3, every user is identified by a wallet address, usually an alpha-numeric string of up to 40 characters. These characters are purposely arranged in a random order so that no two wallet addresses are identical.
But here is the caveat: anytime a user wants to send or receive crypto, they must provide the exact corresponding wallet addresses. The user will need to repeatedly check each character to ensure accuracy, as most web3 transactions are irreversible.
Web3 risks becoming a murky ocean of different wallet types, different apps, and differently-structured chains, where non-crypto natives can’t cope and one that is too baffling for experienced users to want to keep using.
The issues mentioned above are why web3 naming services are created: to provide unified identity systems that can help tie multiple addresses, accounts, and dApps to a single simplified username. The popular blockchain naming service platforms are ENS, Solana, Unstoppable Domains, etc.
So, Why Space ID? How is it from other Blockchain Naming Services (BNS)?
Several naming services existed before Space ID. However, each of them comes with downsides that have hampered their adoption.
For example, the Solana network naming service is designed to support only dApps and compatible services on that chain.
In like manner, most web3 naming services are faced with the following challenges:
● Segregated and limited within a unique blockchain
● Zero-width issues
● Complex registration gateways
● Poor integrations of protocols
● Restricted to their naming servicing functions
Space ID believes the critical solution to these problems is a “universal” alternative that can seamlessly achieve the below functions.
The Many Use-Cases of the Space ID Naming Service
- Web3 Branding Made Easy
Naming right is a big thing in the centralized corporate world as it is an integral element of branding. Therefore, with many traditional companies embracing crypto, they will want to retain that ability to put themselves in a unique position.
The same also goes for celebrities, KOLs, and public figures. In fact, even the average social media user wants to be able to use the same display name on multiple chat windows, leaderboards, personal wallet dashboards, etc.
As a chain-agnostic platform, Space ID can help with such flexibility and interoperability.
Users’ SIDs (Space IDs) will serve as a multi-chain ID that can be used for various crypto/NFT transactions, completing online ticket payments, accessing various dApps, wallets, and browsers, and even creating subdomains and websites that are connected to web2 sites.
- Simplified Wallet Mapping
SIDs are human-readable names and can be linked to wallets across multiple chains. No need to overwork your mind trying to memorize those long crypto addresses.
With SID, you will have the same identifier on Cosmos, Ethereum, Solana, BSC, Avalanche, and several other supported chains.
- Web2/Web3 Identifier
Space ID not only aims to disrupt the way people are identified on web3, but it also creates a gateway for web2 users to port their web3 identity to web2 platforms.
This means that SID can contain social media identifiers such as Twitter handles, GitHub usernames, and even email addresses.
Obviously, this is a more convenient alternative than registering separate accounts for each site. Moreover, SID gives users control over their data, an often deprived privilege on web2.
With SID, you have the same identifier on web2 and web3, which will undoubtedly make it easier for non-crypto users to interact with web3 applications.
- Customized Top-Level Domains (TLDs)
An entire community can be unified under the same SID. Take the BAYC community, for example. The team can choose to use SID for its TLD.
The significance of this may not be readily apparent. But think of a scenario where the BAYC team decides to airdrop its utility token to holders. With the integration of SID, there would be no need to extract individual addresses or usernames.
The coins will be automatically airdropped to all eligible holders.
Conclusion
Web3 naming services are vital as they help to solve myriad problems that can inhibit the growth of the crypto space.
With just 10% of the world’s population already onboarded on crypto, these services will help to pave the way for more adoption.
By creating innovative solutions that are unlike what its predecessors introduced, Space ID looks perfectly set to become the leading web3 naming service provider.
Happy hunting!
About Treasureland
Treasureland is a multi-chain NFT platform for NFT issuance, NFT trading, NFT collections, and tailored in-shop services. It provides a one-stop solution to business-end users from 0 to 1 and a multiple-chain aggregation experience for C-end users.
Treasureland raised a seed funding round led by HashKey Capital and Youbi Capital, with participation from Assembly Ventures, NGC Venture, GBV Capital, DFG, Spark Digital, SNZ, Mask Network, and other top institutions.
Treasureland has deployed on multiple blockchains, including Binance Smart Chain, Ethereum, Polygon, IoTex, Moonriver, and diverse multi-chain NFT assets. And it will deploy on more chains soon.