What is SPACE ID？
The Space decentralized storage platform has a decentralized identity solution called SPACE ID. This solution allows users to securely and privately create and manage their digital identity without relying on centralized intermediaries.
By using SPACE ID, users have the ability to establish a distinct digital identity that is saved on the blockchain. This identity can be used to access various applications and services that are compatible with the Space platform. The user has complete control over this identity and can choose which information to disclose to others.
SPACE ID incorporates advanced cryptographic techniques to safeguard the confidentiality and protection of user data, making it a notable feature. The platform encrypts all communications, and the user’s private keys are exclusively saved on their own device, guaranteeing that only they have access to their identity.
What is ID Token？
The ID token is the governance token for SPACE ID, and it has a vital role in the project’s decision-making process. It empowers users to influence the direction and future of SPACE ID. The ID token is a crucial element in the expansion and sustainability of the SPACE ID ecosystem. It encourages users to participate and contribute to the project’s success. By introducing the ID token, SPACE ID is positioned to be a prominent player in the Web3 sector. It offers users a comprehensive platform for managing their digital identities.
Redact this material “ID is the ecosystem’s native token and serves the following purposes:
- Staking: Stake ID tokens to get reductions on Web3 domain registration costs and SPACE ID domain NFT marketplace trading expenses.
- Payments: used for Web3 Name SDK Integration as well as payment within the SPACE ID ecosystem.
- Governance: Holders of ID tokens are eligible to vote and participate in The ID DAO elections.
What is the current price of ID Token?
There are 286,000,000 ID coins in circulation, with a maximum supply of 2,000,000,000 ID coins. The highest price paid for SPACE ID (ID) is $0.9151, which was recorded on Mar 22, 2023. At the time of writing, ID market cap is 263,576,173. The current ID token price is $0.4829 per coin. The 24-hour trading volume for the coin is $201,865,026.
Where can you buy SPACE ID (ID)?
Both centralized and decentralized cryptocurrency exchanges allow the trading of ID tokens. MEXC Global is the most well-liked marketplace for purchasing and selling ID tokens.
How to Buy ID Tokens?
You can use the MEXC Global search bar to search for “ID” to view available trading pairs.
And you can also find a detailed guide on how to buy an ID token.
How Does SPACE ID Work?
- Creating a digital identity: To create a digital identity on the Space platform, users can generate a public-private key pair. The user’s private key is securely saved on their device, while the public key is recorded on the blockchain as their digital identity.
- Authentication: To authenticate their identity on the Space platform, users can utilize their private key to sign a transaction. This transaction is then verified by the blockchain, which authenticates that the user’s identity is legitimate.
- Secure data sharing: By using SPACE ID, users have the ability to share their data with others on the Space platform while maintaining privacy and security. They can selectively choose what information to share and with whom.
- Incentivization: By contributing storage space and bandwidth to the Space network, users have the opportunity to earn ID tokens. These tokens can be utilized to pay for storage and bandwidth services on the platform, thereby creating a market for these services.
- Governance: SPACE ID token holders have the ability to engage in the governance of the Space platform by utilizing their tokens to vote on proposals and make decisions about the platform’s future direction.
What Problem Does SPACE ID Solve?
- Centralized identity management: Numerous storage platforms depend on centralized identity providers to handle user identities, which results in a single point of failure and may jeopardize the privacy and security of user data. SPACE ID addresses this issue by offering a decentralized and secure identity management system that is not governed by any centralized intermediary.
- Lack of data privacy: Current storage platforms often do not offer adequate safeguards for the privacy of user data, resulting in a lack of data privacy. However, with SPACE ID, users can have full authority over their data and selectively share it with others on the platform, thereby ensuring their privacy and security.
The consensus mechanism of SPACE ID
The foundation of SPACE ID is established on the Ethereum blockchain, which utilizes a validation process known as Proof of Stake (PoS) to endorse transactions and sustain the network’s integrity. PoS operates by having validators, also referred to as stakes, participate in the network by owning a specific amount of cryptocurrency, specifically ether in this instance, and using it as collateral to validate transactions.
Within the domain of SPACE ID, PoS is employed to verify transactions that pertain to the establishment and administration of digital identities, along with the allocation and transmission of ID tokens. Validators partake in the network by staking their ether as security and are given ID tokens as a reward for their contributions. This generates an ecosystem that is self-sufficient, whereby users are motivated to offer their resources to the network in exchange for incentives.
The PoS consensus mechanism utilized by Ethereum is extensively acknowledged as a dependable and efficient approach to upholding the veracity of a blockchain network. By creating SPACE ID on the Ethereum blockchain, the SPACE ID developers can capitalize on the security and dependability of this consensus mechanism to guarantee the security and veracity of user data on the Space platform.
Jeena Alfredo is a passionate digital marketer at The Business Goals. She is working with other companies to help them manage the relationship with The Business Goals for the publications.