ID Space ID

Key Features and Use Cases of Space ID

• Personal Branding: Space ID allows users to create and maintain a personal brand across multiple blockchain networks. Each user has a unique Space ID (SID) that eliminates name duplication, making it easier to establish a consistent identity in the decentralized world.

• Domain Management: Space ID provides a comprehensive platform for discovering, registering, trading, and managing Web3 domains. It supports various top-level domains (TLDs) such as .eth, .bnb, .arb, and community-created TLDs, ensuring cross-chain interoperability.

• Simplified Transactions: Users can link their Space ID to any blockchain address or resource, making cross-network transactions simpler. This eliminates the need to double-check addresses, reducing the complexity of transactions.

• Web2 Integration: Space ID allows users to connect their Web2 accounts (e.g., Twitter, email, GitHub) to their SID, creating a seamless link between Web2 and Web3 identities.

• Universal Identity: Users can customize their Space ID username for use across different blockchain networks, avoiding the need to create new usernames for each blockchain.

• Metaverse Integration: Beyond being a username, a Space ID serves as a personal database that lets users utilize resources across blockchain networks, integrating with virtual worlds to create a comprehensive metaverse identity.

• Security: Space ID stores user data on blockchains, using advanced security measures like Lucas and Yoda oracles to protect user data.

Token Use Cases

• Staking: ID tokens can be staked to receive discounts on trading and domain registration fees in the native NFT marketplace.
• Payments: ID tokens are used for transactions within the Space ID ecosystem and for Web3 Name SDK integration.
• Governance: ID token holders can participate and vote on Space ID DAO proposals, contributing to the project's governance and development.

Pros of Space ID

• Simplicity: Space ID offers a user-friendly interface that makes it easy for users to register, manage, and trade Web3 domains. For example, users can complete .bnb name registration in under a minute.
• Affordability: The average cost of a domain name is around $10, making it accessible to a wide range of users.
• Security: Space ID allows users to bridge and store information on any chain they prefer, enhancing security.
• Multi-chain Name Service: Space ID provides a multi-chain name service, enabling users to build and create a Web3 identity across various blockchains.
• Web3 Name SDK & API: The platform offers a Web3 Name SDK and API for developers, simplifying the integration of Web3 name services.

Cons of Space ID

• Competition: Space ID faces competition from other Web3 name service providers, such as Unstoppable Domains and Ethereum Name Service (ENS).
• Limited TLDs: Currently, Space ID only supports .bnb, .arb, and .eth domains on its mainnet, limiting its versatility.
• Price Volatility: The token's price can be volatile, especially during airdrops, which can lead to sharp fluctuations.
• Relatively New: Space ID is a relatively new platform, which may impact its adoption and user base.

Founders of Space ID

The founders of Space ID include experienced professionals in blockchain and software development. Key members include:

• Matthew Gertner: Co-founder and CEO, with over two decades of experience in software development and entrepreneurship. He previously co-founded AllPeers, a peer-to-peer file-sharing application acquired by Opera Software in 2008.
• Dan Zuller: COO, with over 15 years of experience in software development and entrepreneurship. He previously co-founded and served as CTO of IP Gallery.
• Eyal Toledano: Chief Technical Officer, with over 20 years of experience in software development and entrepreneurship. He has worked as a CTO for several successful startups.
• Ali Safavi: Chief Strategy Officer, with over ten years of experience in corporate strategy and business development. He previously served as Director of Corporate Development for DocuSign.

Note: There is conflicting information in other sources mentioning Xu Nuo and Xu Wei as directors, but the detailed information provided in is more comprehensive and accurate.

Investors in Space ID

Space ID is backed by several key investors:

• Binance Labs: A leading incubator and investor in the crypto space.
• Polychain Capital: A well-known venture capital firm specializing in blockchain investments.
• dao5: A decentralized autonomous organization (DAO) that invests in various crypto projects.

These investors have contributed significantly to the funding of Space ID, with a total of $10 million raised in strategic funding rounds.

Halal Status of Space ID

No, the halal status of Space ID is not universally agreed upon. The permissibility of cryptocurrencies in Islamic finance is complex and subjective, depending on individual evaluations and interpretations by Islamic scholars.

Key Considerations:

• Speculative Nature: Some scholars view cryptocurrencies as speculative and akin to gambling, which is forbidden in Islam.
• Regulation: Lack of regulation by governments and financial bodies adds to the uncertainty and risk, making it potentially haram.
• Utility and Purpose: Cryptocurrencies that serve a real-world purpose and have inherent value might be considered halal by some scholars.
• Shariah Compliance: Projects like Islamic Coin aim to be Shariah-compliant, indicating that some cryptocurrencies can be designed to align with Islamic principles.

Conclusion:

The halal status of Space ID, like other cryptocurrencies, depends on various factors and interpretations, making it essential for Muslim investors to consult with Islamic scholars and adhere to Islamic finance principles.