A fun take on a word "identity". It also is a great mash between "identity" and "idea".
The word "idendify" contains eight letters and four syllables. Established brands using four syllable names include Panasonic, ESPN and StumbleUpon.
Idendify.com is a dot-com domain. Dot com domains are synonymous with websites. Owning a dot-com says that you own the word "idendify" online.