FED Hello, everyone. Welcome to our Weekly AMA - SPACE ID. We’ll be discussing Web3 domain integrations and exchanges, addressing both challenges and opportunities for financial institutions. Today, we have the privilege of having Mr Solo, The head of BD, Space ID. as our guests. We’ll first hear from Mr Solo will introduce Space ID and provide insight into the background of the project. He will share Space ID’s mission in Web3 and give us a glimpse of some updates. So the first question, Mr Solo would you mind to introduce yourself and your background to crypto?

Mr Solo My first experience in crypto was back in 2015. A while back, I was mostly using Bitcoin for payments, forgotten about this until the market cycle back in 2017. That’s really when I got interested in crypto in terms of not only investments, but in terms of the utilities that were getting built. Back in 2017, it was still far back compared to where we are right now. In the past two years, now I started to get more involved in terms of contributing to different projects, built a few website tools as well. Then eventually, in the last two years, I had joined Galaxy, the growth campaign tools as a BD manager for a few months, and then helped to lead the business development department for Space ID. That was back in June last year. Since then, obviously, we’ve grown a lot in terms of user growth, but also product development. I’ve been having a blast working with all different sorts of partners in the space and super excited, especially in this AMA because I think it’s the first AMA that I’m doing with another exchange to talk about what an integration of space ID entails for this.

FED For the next question, could you please give us an overview of Space ID since you just mentioned that? Then what’s the Space ID’s mission in Web3 exploration?

Mr Solo When we originally started, we were a hackathon project on BNB chain to create a domain name over there. I think we all saw how ENS was popular on Ethereum. But not only in terms of how many people were interested in getting a domain name and going back a domain name, just for everyone to understand, it’s a way to replace your wallet address with something a little bit more meaningful. Instead of having this long string of characters that doesn’t really mean anything, you can replace it with something like solo. Bnb. It makes it easy for when you want to send payments to someone or receive payments instead of asking you for your wallet address. Or if you want to send yourself crypto from wallet to wallet, if you know what’s your domain name, you can just type in solo. Bnb as a recipient. We’re not going to say solo, but your own name, of course, to send over funds. But also it helps kickstart the social features on different chains. Meaning that now if I look at, for example, when NFT marketplace transactions, or if I go on a gaming app and I want to see a leader board of different players instead of just seeing a list of wallet addresses, exchanges, funds, and assets.

Now I can start recognizing some names that I can often tie it to, for example, the Discord community I’d be in, and I can start a match wallet activity or gaming participation with who that person is in the community that I’m engaging with. Often, these domain names are a way to get kickstart these social features. Once you got a domain name on your blockchain, it becomes easier for different daps to create features such as profiles to visit or again, leader board s or chat boards even. We started with. We got incubated in their MVB program of the BNB chain. Then we won all the way up to getting an investment from Binance Labs and then released these. Bnb domains around the month of September. Since then, we have released also. Arb on Arbitrum. We are working on .Sei presently as well. We started to pivot from us creating our own top level domains into eventually letting any project, any Dapp into launching their own domain names using the space ID infrastructure. We’ll have more news around this coming up next week, but I think everybody will be pretty excited for what it is. Now, there’s different advantages coming with space ID.

The first one is Dapps out there, Dapps for wallets. They’re getting asked more and more to integrate domain names. We’re seeing a lot more domain name service providers on different chains popping up a little bit everywhere. Obviously, a domain name doesn’t do anything if it doesn’t get integrated into these dapps. We’re seeing devs getting bombarded with requests to have these domain names integrated into these Dapps Into theirs. It takes a lot of time. We can make the parallel with wallets back then where all the daps are getting asked to buy the wallets to get it integrated in there. We’ve seen the rise of Wallet Connect, which like wallets this solution. Wallet Connect is a way for a Dapp to integrate their SDK to become compatible with hundreds of different wallets. We want to do the same thing but with domain names. If somebody integrates the Space ID SDK, they become compatible with our .bnb or .arb It’s also compatible with ENS. We not only include our own domains that we create, but we also aggregate other existing domain names in there, that’s the idea behind Space ID.

FED Cool, we’re eager to learn more about how Space ID is achieving this. Since you just mentioned about integrations, I would like to ask that how Space ID integrates with Other Exchanges could create new and potential opportunities for both of the projects?

Mr Solo That’s something I wanted to do for a long time. When we were looking at getting integrations done, we were mostly looking at getting Dapp to support domain names. When dapped integrates a domain name, depending on what type of Dapp it is, there’s different utility to it. If we integrate with a DeFi project, often all it will do is when you connect your wallet in the top right corner, it’s going to automatically replace your displayed wallet with the name that you’ve chosen, but it stops there. But then you’ve got that with more utility, such as, again, as I had mentioned, like a gaming or an NFT marketplace, because then you not only start seeing your own name being displayed, but you start seeing the names of other users, basically. But the strongest utility from the start was always integrating with wallets so that you can send funds easily to someone. As I had mentioned at the beginning, you wouldn’t have to ask your friend what’s their wallet address if you already know their domain name by heart. As you type in their recipient address, you would just type the user’s name instead of the wallet. And for exchanges, it follows the same basic utility I would say, so that when you have funds in an exchange and you want to withdraw it back into your own Web3 Wallet.

Well, it’s a little bit the same thing. It functions as a wallet. It is a wallet when you withdraw funds. And so instead of, again, going to go see what’s your wallet address, copy it, paste it there. Instead, again, I can just withdraw funds on the BNB chain network by typing solo.Bnb or solo.Arb if I want these funds on the Arbitrum network. Obviously, this makes it easier for users to perform these actions. It reduces friction. But it also helps for these users to make less errors because you could copy the wrong wallet address without knowing it. But if you use your domain name, you’re sure that these funds will go in the right place. And especially when we’re going into a new market cycle, we’re getting a lot more Web2 users into the space as the market goes back. And with exchanges, it’s always the first step into getting into Web3 is going to purchase some crypto. And for them, for their first time into the space, playing with wallet addresses, it can be a little bit complex. That’s why we want to reduce friction as much as possible. When, again, you withdraw funds, super simple, type your name, you’re good to go. It helps the the easy of use for the exchange users. Obviously, it helps space ID because it brings visibility to all these users when they’re about to withdraw funds that, Oh, I can actually withdraw to adopt the BNB name. So then, again, it gives visibility to the fact that these domain names exist.

FED The next question is, did your team build technologies or protocols that specific to space ID or are there any notable technology the team is applying?

Mr Solo The first thing that differentiates yourself is our SDK aggregator, as I had mentioned, like for Dapps, you only do one integration and become compatible with all the domain names out there. But not only they only have to do one integration, now we’re updating our SDK so that once it’s integrated, even if we add more domain names to this SDK, all these daps, wallets, exchanges, they won’t even have to update the SDK. Once it’s done, it’s done. There’s nothing else they have to do. That’s the utility for projects. But there’s also utility for users.

Back early in the year, what we called Space ID 2.0, which is an aggregated domain search, domain marketplace, domain management platform. Meaning I can go on Space ID and if I want to own a digital identity, I can just go on Space ID. I know I want the name Solo, so I can type in Solo in the search bar and it’s going to show me a list of Solo.bnb, Solo.eth, Solo.Arb with more to come. And directly from here, I can see if these domains are available. So if they are available, I can register them directly from here. If they’re not available, as I said, Space ID 2.0 is also a marketplace. So if these domains have already been registered, I can go and make some offers. Works the other way around. Obviously, I can go and list my domain names in that marketplace. And once I start owning these different identities for the different chains I’m on, I can also all manage them from the Space ID platform. So if I want to extend the registration time for my domain, I can do it directly here.

Before we had that, users had to go on different platforms to manage these different domains. I already had an ENS name.eth. When I wanted to manage this, I had to go on the ENS website and I had to go on the Space ID website to manage my.bnb And .Arb had even another DApps for this. But now I only need one website, which is Space ID 2.0, to manage all of this. So it brings a lot of user simplicity. But also what we want to launch eventually is an Omnichain compatibility for domain names, which I think will be very interesting, meaning that I’ll be able on Space ID to map all my different wallet addresses from different chains, so not only EVM wallet addresses to my own identity, to my own central identity. When I send funds to someone, no matter which chain I’m on, on my wallet or on the exchange, I can use any of the identifiers. So for example, I could be on Solana and I want to send funds to the Solo guy, but I don’t know what is Solân domain name. Well, that’s fine. I could type in Solo.Bnb and the funds will still be still be rerouted to the correct user. This is more feature that is coming later on. We’re exploring the tech in terms of what would be best to use for this. And then, as I had mentioned early in the beginning, next week we’ll announce something new around Space ID, where we’re seeing our next vision. So very excited for this to come out.

FED Then the next question is, you guys have native token, right? Yeah. Token called ID token and actually it’s listed on Binance. So for better understanding of the token, whether it’s for space ID users or traders or everyone out there, could you give an overview of your tokenomics and the utility.

Mr Solo I’ll give the existing utilities for the token and then what’s coming also. The first one, very simple as always, ID can be used to participate in our DAO. The DAO, some of the folks that have went through is whether to allocate some funds to grant programs in order to pay for the integration of different wallets and DAOs, so very useful for this. But also one of the other utility that we have is all the revenue that we make from the registration of the domain names. Domain names, the pricing ranges depending on how long you want your domain name to be. So for .bnb it’s very similar to ENS, so it can be $5 a year. But if you want a three characters domain, it can cost $650 a year. From all the revenue that we get, 50 % of it goes automatically into the community treasury, which is voted again by the DAO. And the other 50 % of the revenue is used to perform token buybacks of the ID token and then burn them so we can add a little bit of deflation into our token supply. That’s what we have right now. Now, obviously, Space ID, it’s a platform where you can purchase domains. So we want the ability for users to pay using the ID token, not just BNB, ETH, or ARB tokens, of course. But we also want to implement the staking of ID tokens in order to reduce the cost of registrations and also reduce the cost of the marketplace fees depending on how much ID token you’ve been staking. Now, there’s going to be another utility for the ID token that is more around projects that, again, we’re going to announce next week.

FED And for the final question, could you share what’s new with your platforms

Mr Solo Yeah. Right now, our our aggregator In our SDK, as I mentioned, we aggregate .eth .bnb .arb, but we’re going to aggregate two other domain name providers that will announce in the next week. When again, Dapps integrates our SDK, they’ll become compatible with five domain names from now on. But also we’re gathering different launch partners that will announce their own top level domain built on this base of the infrastructure over the course of the next weeks. So instead of having these five domains, we’ll start doubling these numbers pretty fast. So we’re going to see more and more domain names being released on our infrastructure where anyone pretty much can use Space ID to launch their own domain name. So they don’t have to work on the deck at all. But what’s interesting as well is the domain names that they release using the Space ID infrastructure comes with loads of benefits such as being compatible in our SDK. We already did all the go to markets to convince partners from DAPS exchanges wallets to integrate our SDK. If somebody starts from scratch and decides to launch their own name service, they have to do all this work themselves. They have to write to all these different wallets and get them to integrate their name service. But if the name is released using our infrastructure, then they are already compatible with over 150 different integrations in our ecosystem. But also these domains become compatible on our domain marketplace and our domain search feature. It makes it pretty compelling for projects to use Space ID instead of having to start everything from scratch. Not only the go to market, the operations plan, but also all the technicalities of creating your own domain name.

FED Thank you so much for sharing all of the details about Space ID. Thank you for having a really good day, good time with the community and with our two wonderful speakers.