SPACE ID
Crypto Overview
Project Overview
SPACE ID is a decentralized identity network focused on creating a unified Web3 identity infrastructure. The platform aims to simplify Web3 identity and domain solutions by providing a universal username standard that works across different blockchains and applications.
Intended Utility
The ID token serves multiple purposes within the SPACE ID ecosystem: Governance rights for protocol decisions, staking functionality for earning rewards from network fees, and utility for various platform services including domain registration and identity verification.
Actual Utility Analysis
The platform has demonstrated real-world adoption through partnerships with major blockchain platforms including BNB Chain and Polygon. The .bnb and .arb domain services are actively used, with over 670,000 registered domains. The project maintains active development with regular updates to their technology stack and features.
Token Distribution and Governance
The token distribution includes allocations for team members and early investors with standard vesting periods to prevent immediate selling. The project demonstrates transparency in its operations and development roadmap. The team's backgrounds are publicly available and have relevant experience in blockchain technology.
Technology and Revenue Model
The primary revenue streams come from domain registration fees and identity verification services. While staking is available, it operates on a profit-sharing model rather than interest-based returns, making it compatible with Islamic finance principles.
Additional Considerations
The platform does not facilitate any prohibited activities under Islamic law. The core service of providing digital identity and domain solutions serves a legitimate technological purpose. The project maintains active development and transparent operations.
Crypto Impact
To assign a comfort level investing in SPACE ID from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to SPACE ID.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.