It’s no surprise that we are approaching a decentralized internet via Web 3.0. Hence, as we take a step closer, decentralized identity systems and Web3 Domain Name Services are creating robust identity systems that include human-readable usernames that can be used across different dApps and blockchains.
Without a shred of doubt, Web3 domain names will be a crucial part of our internet protocol; hence, it is no surprise that several decentralized domain name services are on the rise, one of which is Space ID.
What is Space ID?
Space ID is a Domain Name service that enables users to register domain names on the BNB Chain ecosystem. Typically, BNB Chain wallet addresses consist of a long string of alphanumeric characters, like bnb178zcz9nhuufdtk7esy22rel5k8zpsvqelr596w for the BNB Beacon Chain or 0xB1eE5651100B2542aCf896458f023a69695BFfF3 on the BNB Smart Chain.
These addresses are too complex and difficult for users to remember. However, with Space ID, users can easily transform these complex addresses into simpler, more memorable ones, something as short as cz.bnb; as a result, users can easily manage and access their wallet addresses.
Indeed, the Space ID domain is synonymous with the BNB ecosystem; for now, the long-term goal of the service is to achieve interoperability of identifiers across different dApps and blockchains; in other words, several blockchain networks will be compatible with Space ID. However, for a start, Space ID is building on the BNB chain.
Advantages of Space ID
Within its first 24 hours of launch, Space ID has seen over 200,000 (.bnb) domain registrations from 55,000 unique users. It has since grown to have over 316,000 domain registrations from 127,000 unique users.
This number is expected to increase massively in the future because of the following advantages.
- Composability: SPACE ID offers a unique, universal username that can be registered and used by users across all supported blockchains.
- Built-in Database: More than just relying on blockchain information, SPACE ID also functions as a self-sovereign database for locating resources on the supported blockchains.
- Interoperability and Security: Space ID has several unique components for security. First, Lucas, an ad-hoc blockchain, is its interoperability tool, enabling users to easily transfer data between blockchain networks and store data on their preferred chain. Then, Yoda, SPACE ID's security tool, ensures the safety and security of users’ information throughout inter-blockchain transfers with the use of oracles and relayers.
How To Purchase a (.bnb) domain With Space ID
Purchasing a .bnb domain with Space ID is a simple and straightforward process that can be completed in 5 simple steps.
- Visit the Space ID website and click on the button that says “Register your .bnb name!”
- Here, the Space ID dApp will be launched, and you will be required to connect your wallet (which must be compatible with the BNB chain)
- After connecting to the dApp, you will be presented with a search bar where you can search for a username of your choice; if your chosen username is available, then you can begin your registration.
- Select a number of years to register for and make a payment, which is just over $5 annually (gas fees inclusive).
- If no one else attempts to register the same name, your registration process will be completed within 30 seconds.
Your new (.bnb) domain will be linked to the wallet address you used to connect to the dApp. Hence, you can now perform crypto transactions with your new (.bnb) domain name instead of your complex wallet address. So, instead of giving a sender the usual wallet address like this “0xAF03d005d159808D3f7aFC8F1066c6C70EfdAEAa,” I can simply send my easy-to-remember domain name (boluwatife.bnb) and accept crypto transactions.
Sending and Receiving Cryptocurrency with Domain Names via Cwallet
Cwallet allows you to make crypto transactions with ZERO fees; other than the network fees paid to blockchain miners, Cwallet takes out no fees on ALL TRANSACTIONS.
Interestingly, you can also utilize the Cwallet app to send and receive over 800 supported tokens, even using your domain name. It’s simple and convenient to use!
Sending Tokens with The Cwallet Bulk Payment Tool
Cwallet also facilitates instant bulk crypto transfers with domain names via the Cwallet Bulk Payment Tool. Simply locate “Cwallet Bulk payment” and follow the prompts to outline your bulk payments correctly.
Sending and Receiving Tokens via the Unique Cwallet ID
Away from Space ID and other Web3 Domain Names, Cwallet users can also make intra-wallet crypto payments AT NO COST (not even gas fees) via the unique Cwallet ID.
Hence, in place of difficult-to-remember alphanumeric strings, you can easily send BNB, BTC, ETH, DOGE, and other tokens to fellow Cwallet users via their unique Cwallet IDs without needing to pay a cent in gas fees or wallet fees.
Space ID and other Web3 domain name services have made the crypto world easier, introducing easy-to-use crypto addresses that can be as simple as (your name.bnb) in place of the complex wallet address forms, introducing ease without compromising the cryptographic encryption associated with these wallet addresses; simply put, we can say they are an alias.
So, tap into the world of ease today; get a (.bnb) domain name via Space.ID, and transact via the Cwallet Apps to enjoy ZERO WALLET FEES on all transactions.