Space ID is a platform that allows users to register, buy, sell and manage domain names on the web3 platform. Recently on July 31, 2023, Space ID announced the launch of Space ID V3 with many interesting updates. In this article, let’s evaluate Space ID V3 with Weakhand to see if they make a difference.
What is Space ID?
Space ID is a decentralized domain name provisioning service that runs on blockchains (Ethereum, BNB Chain and Arbitrum). Space ID allows users to register, buy, sell and manage domain names on the web3 platform.
The web3 domain name is a name that all users can read such as: hakresearch.bnb, hak.arb,… The web3 domain name is also used as an alternative display name for wallet addresses on applications. Decentralized Applications (dApps), Smart Contracts, NFTs, and other blockchain-based resources. Another feature that Space ID offers is the Web3 Name SDK and developer API that facilitates the integration of Space ID’s domains into various applications.
The Vision That Space ID V3 Aims For
Space ID announced the launch of version V2 in April 2023, since then Space ID has accumulated more than 1.1M registered domains and reached a transaction volume of nearly 10M USD. Space ID successfully launched the .bnb domain name service, brought the .arb domain name into the ecosystem, and launched the .sei domain name service on the Sei Network not long ago. However, all of the above improvements probably still do not create much difference between Space ID and other Domain Name Services on the market.
Space ID V3 was launched with the aim of empowering every launch community Top-Level-Domain (TLD) their own customization, giving communities complete control over their domain namespace and building a loyal user base by providing community members with brand identities only.
In addition to simplifying the complexity of traditional cryptocurrency addresses, the domain name services in this version of Space ID v3 have the potential to empower the community on many levels:
- By enhancing digital identity, domain names become a tool to express the interconnectedness of community members.
- Domain name parameters can be customized for specific needs including: term, price, settlement functionality, etc. encouraging creative user use cases.
- Reinforce your community’s unique brand identity in the digital realm.
Space ID V3 encourages everyone to use their creativity and explore the endless potential of domain names in the web3 space. Space ID also aims to be a decentralized platform that empowers the community to build and develop products on its platform.
Outstanding Updates on Space ID V3
To serve the vision of Space ID V3, this upgrade will equip a series of new features across the platform, to help the community launch their own domain name services and speed up the registration experience. Domain. The platform upgrade includes the following attributes:
What is Space ID V3
Domain name issuance toolkit without licensing
Space ID V3 will equip the community with powerful tools to launch their desired domain name service without any development efforts:
- Create Top-Level-Domain (TLD) names simply.
- The modules hit the market fully packaged.
- Visit the appropriate NFT Marketplace Domain.
- API services for domain name resolution and management are available.
- Integrate Space ID’s domain SDK with more than 200 different partners in the market.
Web3 Name SDK
The Web3 Name SDK will simplify the integration of verified web3 domains with a single, comprehensive SDK to help the community have a comprehensive process for domain name registration and publishing.
Domain Dashboard
Domain Dashboard helps administrators and community leaders seamlessly manage and interact with community members through an intuitive dashboard powered by Space ID.
Strengthen the decentralized governance model
In pursuit of the goal of promoting a more open and decentralized web3 domain ecosystem, DAO takes a central position in the governance model of Space ID V3, some new updates include:
- Additional administrative powers and responsibilities for ID token holders including: Top-Level-Domain (TLD) validity verification and required verification standards.
- Staking ID to use the protocol and tools in Space ID v3.
- Additional revenue for Treasury DAO from protocol fees charged on Top-Level-Domain (TLD) in Space ID V3
Review of Space ID V3
Version V3 actually brings new improvements to Space ID that set them apart from other Domain Name Services. We will have domain names such as: JP.eth Weakhand, buu.eth Weakhand,… This means we will have an additional community name at the end of each Domain to help stand out and distinguish members of the community. this with other communities.
This is the most prominent point that I see Space ID brings to users in version V3. Additionally, organizations/communities are created by community leaders and moderated by Space ID thus avoiding cases of forgery that occurred in previous versions.
summary
Space ID V3 has shown its clarity and made a difference when compared to other platforms on the market. Above is all the information that I want to introduce in this Space ID V3 review article, hope everyone has received useful knowledge.
