What is Space ID Token (ID), Fundamental Analysis & Technical Analysis of Space ID Prices

Space ID, a decentralized identity platform, has caught the attention of crypto investors and users with its ID token. This article will analyze ID tokens more deeply, analyze fundamentally and technically, and predict future prices based on data from Bittime.com, with prices converted to Rupiah (IDR)

What is a Space ID (ID) Token:

Space ID (ID) tokens are ERC-20 tokens used in the Space ID ecosystem for various functions:

• Governance

ID token holders can participate in the Space ID DAO, vote on proposals related to platform development, and determine the future of Space ID.

Also read: What is DAO (Decentralized Autonomous Organizations) in Crypto?

• Fee Discount

Users can use ID tokens to get discounted fees when using premium Space ID features such as custom names, additional data storage, and priority access to new services.

• Staking

ID tokens can be staked to earn passive income in the form of additional ID tokens.

Also read: USDT staking vs. Staking Other Cryptos: Which is More Profitable?

• Rewards and Memberships

ID Tokens can be used to participate in rewards and challenge programs run by Space ID, as well as to gain VIP access to exclusive features and services.

Also read: Get to know SpaceID: Digital Identity Innovation in the Digital Era

Space ID (ID) Price Fundamental Analysis

• Space ID Technology

Space ID uses advanced blockchain technology to ensure the security, transparency and resilience of the name network. Their team continues to innovate and collaborate with leading blockchain projects.

• Space ID Development Team

Space ID's developers and advisors consist of experienced professionals in the fields of blockchain, cryptography , and software development. They have a good track record of building innovative and sustainable projects.

• Space ID Community

The Space ID community is growing rapidly and is actively involved in discussions and development of the platform. This shows enthusiasm and strong support for the Space ID vision.

• PartnershipSpace ID

Space ID has established strategic partnerships with various platforms and applications, including Decentraland ( MANA ), The Graph (GRT) , and Chainlink (LINK) . This collaboration expands the reach and potential adoption of Space ID.

Check Price:

• Roadmap Space ID

The Space ID team has a clear roadmap with specific targets for platform development and ID token utility.

Space ID (ID) Price Technical Analysis

• Current ID Token Price (17 February 2024): IDR 8,882.84 IDR ( Bittime.com )
• 24 Hour Trading Volume: IDR 214,248,000,000 IDR
• Market Capitalization: IDR 3,256,000,000,000 IDR
• Maximum Supply: 2 Billion IDs
• Token Distribution:
  • 50% - Public Sale
  • 20% - Team & Advisors
  • 20% - Ecosystem & Development
  • 10% - Reserve Fund

Space ID (ID) Price Prediction in Rupiah

Based on Bittime.com data and fundamental and technical analysis, here are some ID token price predictions:

• Bullish Scenario

If Space ID reaches mass adoption and ID tokens are widely used, ID prices could reach IDR 15,000 or more by 2024. Factors supporting this scenario include:

• Increased partnerships and integration with mainstream services.
• Adoption of universal name services by broader users and platforms.
• Increased activity and participation in the DAO.

• Bearish Scenario

If the cryptocurrency market experiences a significant correction or Space ID faces technical and development challenges, the ID price may fall to IDR 3,000 IDR in 2024.

• Neutral Scenario

If Space ID continues to grow at a moderate pace and ID tokens are used for several services, ID prices could reach IDR 7,500 IDR in 2024.

Comparison of Space ID with ENS & Unstoppable Domains 

The following table compares Space ID with ENS & Unstoppable Domains:

Space ID Challenges and Risks:

Although Space ID has great potential, several challenges and risks need to be considered:

• User Adoption

Changing user habits and driving adoption of new platforms is a challenging process. Space ID needs to increase awareness and education about the benefits of its services to attract users and other platforms to integrate.

• Competition

Other online identity platforms such as ENS and Unstoppable Domains already have established user bases. Space ID needs to offer more compelling value and utility to compete in this market.

• Regulations

Unclear crypto regulations in various countries could hinder Space ID's growth. These platforms need to comply with existing regulations and adapt to future regulatory changes.

• Security and Reliability

Cyberattacks and bugs in blockchain technology can compromise the security and reliability of the platform. Space ID needs to continue to improve security and conduct regular audits to protect its users.

• Market Volatility

ID token prices can fluctuate significantly, and investors should be prepared for the risk of loss.

Conclusion

Space ID offers innovative solutions to online identity problems and has the potential to become a leading platform in the decentralized identity ecosystem. However, it is important to consider various factors and risks before engaging in this platform. In-depth research and understanding of blockchain technology and crypto markets is highly recommended.

How To Buy Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.