A decentralized domain name system (DNS) is an alternative to the traditional, centralized DNS system that is currently in use on the internet. To use a decentralized DNS system, a user must first register a domain name by creating a transaction on the blockchain. The transaction includes the domain name and the IP address of the website that the domain name should resolve to. The transaction is then recorded on the blockchain, and the domain name is added to the decentralized DNS system.
SPACE ID is building a universal name service network with a one-stop identity platform to discover, register, trade, manage web3 domains. It also includes a Web3 Name SDK & API for developers across blockchains and provides a multi-chain name service for everyone to easily build and create a web3 identity.
The SPACE ID has similar goals to DNS, but with different architecture due to the capabilities and constraints of a BNB Smart Chain blockchain. SPACE ID are Non-Fungible Tokens (NFTs) and are characterized by their decentralized nature. Unlike conventional domain names such as .com, SPACE ID are kept in the wallets of their owners, similar to how cryptocurrencies are stored.
At BscScan, we support SPACE ID names. They can be resolved to your BNB Smart Chain address, and the domain name will be displayed as a name tag in the address page as shown below.
For further information on how we display UD on our website, please refer to this article.