What is SPACEID?
The SPACE ID decentralized identity platform is part of the Space decentralized storage system. This solution allows users create and manage their identity digitally in a secure and private manner without having to rely on central intermediaries.
SPACE ID allows users to create a unique digital identity which is stored on the blockchain. This identity is used to access applications and services compatible with the Space Platform. This identity is completely controlled by the user, who can decide which information they want to share with others.
SPACE ID uses advanced cryptographic methods to protect user data and ensure confidentiality. This is a unique feature. All communications are encrypted by the platform, and private keys of users are only stored on their device. This ensures that they alone have access to identity.
What is an ID Token?
The ID token serves as the governance token of SPACE ID and plays a crucial role in the decision-making process. The ID token empowers users to have a say in the future and direction of SPACE ID. The ID token plays a vital role in the growth and sustainability of SPACE ID’s ecosystem. It encourages users’ participation and contribution to the success of the project. SPACE ID, by introducing its ID token, is positioning itself to be a major player in the Web3 industry. It provides users with a comprehensive platform to manage their digital identity.
This material should be removed “ID is an ecosystem native token that serves the following purposes.
Staking: By staking ID tokens, you can get discounts on Web3 domain registration and SPACE ID domain marketplace trading costs.
Payments: Used for Web3 Name SDK Integration and payment within the SPACE ID eco-system.
Holders of ID tokens can vote and participate in the ID DAO elections.
What is the current ID Token price?
The maximum number of ID coins is 2,000,000,000. There are currently 286,000,000 coins in circulation. The highest SPACE ID (ID), which was paid on March 22, 2023, was $0.9151. ID’s market capitalization is 263,576,173 at the time this article was written. ID is currently priced at $0.4829 per token. The coin’s 24-hour trading volume is $201,865,026.
Where can I buy SPACE ID?
ID tokens can be traded on both centralized and uncentralized cryptocurrency exchanges. MEXC Global has the highest popularity for buying and selling ID Tokens.
How do I buy ID tokens?
Search for “ID” in the MEXC Global search box to see available trading pairs.
You can also find detailed instructions on how to purchase an ID token.
How does SPACE ID work?
Users can create a public and private key pair to create their digital identity. The private key of the user is stored on their device while the public key records their digital identity on the blockchain.
Users can use their private key to authenticate their identities on the Space platform by signing a transaction. The blockchain then verifies the transaction, confirming the legitimacy of the user.
SPACE ID allows users to securely share data on the Space platform with others while maintaining their privacy. Users can choose which information they want to share with whom.
Users can earn ID tokens by contributing bandwidth and storage space to the Space network. These tokens are used to pay for bandwidth and storage services on the platform.
Governance: Holders of SPACE ID tokens can participate in the governance and direction of the Space platform. They can use their tokens to make decisions, vote on proposals, or to vote for proposals.
What problem does SPACE ID solve?
Centralized identity management: Many storage platforms rely on centralized identity providers for user identity, resulting in a single failure point and compromising the privacy and security data of users. SPACE ID offers a secure and decentralized identity management system, which is not controlled by a centralized entity.
Lack of privacy: Many current storage platforms do not provide adequate protections for user data. This results in a loss of privacy. With SPACE ID users have complete control over their data, and can share it selectively with other users on the platform. This ensures their privacy and security.
SPACE ID’s consensus mechanism
SPACE ID’s foundation is built on the Ethereum blockchain. This uses a Proof of Stake validation process to validate transactions and maintain the integrity of the network. PoS works by validators (also known as stakes) participating in the network and owning a certain amount of cryptocurrency. In this case, ether, which is used as collateral for transactions.
In the SPACE ID domain, PoS is used to verify transactions pertaining to the establishment of digital identities and the administration of those identities, as well as the allocation and transfer of ID tokens. Validators participate in the network, staking their Ether as security. They are rewarded with ID tokens for their contribution. The result is an eco-system that can sustain itself, with users motivated to contribute their resources in exchange for incentives.
Ethereum’s PoS consensus method is widely recognized as an efficient and reliable way to ensure the integrity of a blockchain. SPACE ID can be created on the Ethereum blockchain. This allows the developers to take advantage of the security, reliability and trustworthiness of the consensus mechanism.
