District0x is a platform where developers can create decentralized marketplaces and communities, known as "Districts." It aims to solve various coordination issues and inefficiencies in distributed marketplaces. District0x is built on the Ethereum blockchain and features DNT, an ERC-20 token, its native utility and governance token.
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Read on to learn everything you need to know about the District0x project and the DNT cryptocurrency.
What Is District0x
District0x was launched in February 2017 and was designed to be a "network of decentralized markets and communities." The platform lets users create their own decentralized autonomous organization (DAO), called districts. According to District0x's website, any type of communal marketplace or project that "requires the ability to post listings, search/filter through listings, rank or give reputation to users, and/or allow for payments" can apply to be a district. Users can create as many of their own districts as they like for free.
The network incorporates three essential elements of decentralization that any DAO will need to operate seamlessly:
- Smart contracts
- Governance
- Decentralized file storage.
The entire platform is built on top of the custom d0xINFRA framework on the Ethereum blockchain. The framework consists of smart contracts and front-end libraries to allow for customization of each district. Developers can use the platform to launch and develop their own DAOs in a wide range of ways.
The ERC-20 District Network Token (DNT) is the native token on the District0x network. It's intended to be a governance token, meaning token holders are granted voting rights. DNT is a staking token, giving users a voting stake in the various districts they choose to participate in. Participants can increase their voting power by allocating more DNTs to a district.
District0x price fluctuates on liquid markets where it's traded based on supply and demand determined by the number of districts and their popularity.
The District0x platform combines three main technologies to power its community: Ethereum, Aragon, and the InterPlanetary File Transfer Protocol (IPFS).
The Ethereum layer is used to host districts for the platform. Aragon is employed in the District0x architecture as the community's governance layer, so that community members who stake DNT can benefit from governance rights and be responsible for the development and use of their districts. IPFS is used to serve the District0x website's source code and to handle user uploads in districts.
District0x Founders
Joe Urgo and Matus Lestan founded District0x in February 2017. They aimed to allow users to create their own decentralized marketplaces from scratch operating securely on a peer-to-peer (P2P) powered platform.
Before working in the cryptocurrency industry, Joe Urgo worked in derivatives trading and as a professional poker player. He is also the CEO and founder of Sourcerers, a consulting company that provides tokenization and crowd-sale services to clients.
Matus Lestan has a decade of experience working in web and mobile applications and is a computer programmer and developer. Lestan is currently working for District0x as the project's lead developer.
District0x project's other early investors and team choose to remain anonymous.
How Does DNT Work
District0x is working to create decentralized marketplaces and communities online through a toolkit of ready-made Ethereum smart contracts and front-end libraries. It lets blockchain engineers launch their own districts on the platform by following simple community rules to make the most of their districts.
As the decentralized marketplace grows, many platforms let cryptocurrency developers launch new projects. However, most platforms charge a fee for launching new apps. One thing that sets District0x apart is that it charges no fees and lets users create DAOs and launch districts on its platform for free.
The platform does require a refundable deposit to be added to the District Registry. The platform's userbase is already growing, with several successful districts carrying on various decentralized digital enterprises. The most popular districts are Ethlance, a freelance marketplace where freelancers are paid in ether; Name Bazaar, a peer-to-peer marketplace where Ethereum users can exchange .eth domain names, and Meme Factory, a place to trade digital assets.
Where Can You Buy DNT
Cryptocurrency investors buy and sell DNT to speculate against movements in the District0x price or take long positions to bet on and invest in the growth of the platform and community.
DNT tokens are currently available in various trading pairs on popular exchange platforms such as Binance, Coinbase Pro, Uniswap, and Bittrex. At the time of writing, the most popular trading pairs for DNT are DDNT/USDDC, DNT/USDDT, DNT/BTC, and DNT/ETH.
