District0x is described as a "network of decentralized markets and communities," providing a platform for users to effortlessly create their own decentralized applications governed by a decentralized autonomous organization (DAO) model.
These applications, called "districts," can be launched without any cost on the district0x platform. This ecosystem operates on the specialized d0xINFRA framework, which offers a suite of smart contracts and libraries to assist users in developing their districts, thereby supporting a wide range of applications.
The DNT token serves as the native currency within the district0x ecosystem. It is an ERC-20 utility token primarily used for governance within the community.
The platform is built on three core technologies: Ethereum, Aragon, and the InterPlanetary File System (IPFS).
Ethereum hosts the districts, while Aragon functions as the governance layer, enabling DNT holders to have a say in the management and progression of their selected districts. IPFS is utilized for hosting the district0x website's source code and for handling user uploads within the districts.
Who Are the Founders of District0x?
District0x was established in February 2017 by Joe Urgo and Matus Lestan.
Joe Urgo, a former professional poker player turned derivatives trader, has a solid background in advising within the cryptocurrency realm. He also founded and leads Sourcerers, a consulting firm focused on tokenization and crowdsale services.
Matus Lestan is an experienced programmer and developer with nearly ten years of experience in web and mobile application development. He is currently the lead developer at district0x.
Besides the co-founders, most of the district0x team isn’t widely known. Yet, the district0x wages transparency page reveals that at least five additional contractors were engaged with the company as of early 2021.
What Makes District0x Unique?
District0x aims to address inefficiencies associated with building and managing decentralized community marketplaces.
It achieves this by offering a comprehensive array of smart contracts and front-end libraries, enabling developers to effortlessly create their own districts and manage community governance on a user-friendly platform.
Unlike some other platforms that impose fees for launching new applications, developers can create a district for free, although a refundable deposit is required to be listed in the District Registry. This accessible platform has already spawned numerous successful districts, each with diverse roles and purposes.
Some popular districts include Ethlance, a decentralized job market; Name Bazaar, a peer-to-peer marketplace for ENS names; and Meme Factory, which provides a straightforward interface for creating rare digital assets.
How Many district0x (DNT) Coins Are There in Circulation?
As of January 2021, there are at least 600 million DNT tokens in circulation, which constitutes 60% of the total capped supply of 1 billion DNT.
These 600 million DNT tokens were distributed to participants of the 2017 initial coin offering (ICO), during which district0x raised $9 million. Additionally, 180 million DNT are reserved for future fundraising, 22 million are set aside for advisors and community incentives, and the remaining 198 million DNT are held by the district0x founders, with a two-year vesting period.
Of these, the 180 million DNT reserved for future fundraising has yet to be released, and there is a possibility it may be burned later. Some tokens reserved for the team and others may also remain out of circulation.
How Is the district0x Network Secured?
As an ERC-20 token, DNT is secured by the Ethereum blockchain, which, as of January 2021, relies on a proof-of-work (PoW) consensus mechanism to safeguard the network against threats.
As Ethereum transitions to Ethereum 2.0, it will eventually use a proof-of-stake (PoS) consensus, providing similar security levels while reducing energy consumption.
Where Can You Buy District0x (DNT)?
DNT tokens are highly liquid and can be traded on several well-known exchange platforms, such as:
* Coinbase Pro
* Binance
* Bittrex
* Uniswap (DEX)
Some of the commonly traded pairs for DNT are DNT/USDC, DNT/USDT, DNT/BTC, and DNT/ETH. As of January 2021, direct fiat trading pairs for DNT are unavailable. However, you can purchase Bitcoin (BTC) with fiat currency and then trade it for DNT.
