Spice is a new platform for applications, as well as data science and machine learning (ML). This high-performance web3 data provider offers great services. The team has built it on blockchain to offer various Defi advantages to its users. Obtaining smart-contract and blockchain data is not easy. To achieve that, you have to understand JSON RPC APIs and smart-contract ABIs. Moreover, you must build and operate archive node and data infrastructure, along with managing 10s of TBs of data. However, Spice will make this process easy for its customers.
Thanks to this platform, users will be able to query blockchain data by using SQL and receive results in Apache Arrow or JSON for easy use with apps, libraries, or ML. Spice already supports contract data and Ethereum mainnet blockchain. However, the team plans to enable this platform to support many other chains. The next one to get support will likely be Solana. After that, the team will add other chains according to customers’ feedback.
Moreover, the company will provide querying for historical on-chain data, along with supporting standard web3 JSON RPC. The users will be able to use Ethereum tokens and NFT data, as well. While traditional RESTful APIs typically limit results to 100s per page, this project will support the vectorized binary format Apache Arrow. The latter will enable customers to retrieve millions of rows in a single request.
The company also boasts an automated, on-chain token detection for ERC-20, ERC-1155, and ERC-721, tokens generating NFT and token-specific datasets in real time.
How does that work?
Technically, any smart contract can create a token. However, the Ethereum Foundation released a set of common Token Standards. They help ensure the token’s compatibility and composability with other smart contracts before its creation. Tokens and contracts have their own Spice datasets.
Some people use the words – token and contract as synonyms. But that’s now exactly right. The Ethereum Foundation states that they have specific definitions. A contract (also known as a smart contract) is a program running on the Ethereum blockchain. It unites code and data residing at a specific address on the ETH blockchain. Meanwhile, a token is a cryptocurrency asset. People can utilize it on blockchain ecosystems for governance, economic, or other purposes. A token contract is, in reality, the implementation of a specific token.
Sometimes, an entire contract is dedicated to the implementation of a single token. In other cases, contract implementations may include lots of different tokens, like ERC-1155 and ERC-721 standards. The Spice platform supports several major token standards, including ERC-20, ERC-1155, and ERC-721. According to Spice’s definition, token refers to the contract implementing a token standard. However, the company uses the term “NFT” to refer to the logical tokens existing as part of a contract.
What is SPACE ID, and what does it offer?
SPACE ID is a name service network. The team has built this universal platform on BNB Chain. The project aims to seamlessly connect people and give them access to useful information, assets, and applications in the Defi world. This platform has many advantages. It is decentralized, chain-agnostic, as well as open-sourced, and censorship-resistant.
Nowadays internet has its own life, and Defi is a large part of it. The latest internet boom was largely the result of increasing social interactions. People want to be popular and try to achieve that via social platforms. The number of various identity interactions is growing daily. Users display their names in leaderboards, wallet holdings, chat windows, and NFT listings. They want to become a brand themselves and interact with people with their own names instead of addresses.
However, where is the demand there will soon appear supplier. That’s how the business world works. Seeing the opportunity, the SPACE ID team decided to offer the people what they sought – namely, their identity in internet space. The company will provide a universal identifier, which will work across all chains.
How will SPACE ID manage that?
Users have multiple identities nowadays. They use various usernames across many different apps and blockchains. And don’t forget about the email address, a BNB Chain and Solana address, and other information along with the user’s legal name.
SPACE ID believes that universal identification of resources will help dApps to offer much better interoperability and flexibility. Moreover, the company stated that its customer’s SPACE ID (SID) would be much more than just a name. It will become their multi-chain identity in the metaverse. As a result, users will be able to trade cryptos, mint NFTs, lend tokens, and buy various items in the future by using only one ID.
Besides, the team stated that the core of Web3 will likely become the gateway between the physical/digital world and decentralized identities in the near future. Thus, the companies will need to find solutions to the challenges that the existing Domain Services are currently facing. It aims to overcome various problems and offer solutions to them, as well.
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