District0x (DNT) Crypto Profile And Details

District0x (DNT)

District0x (DNT)

What Is District0x (DNT)?

Billed as a "network of decentralized markets and communities," district0x is a platform that allows users to easily launch their own decentralized platforms which are governed by a decentralized autonomous organization (DAO) structure.

Each of these platforms is termed a “district” and can be launched free of charge on the district0x. The ecosystem is powered by the custom d0xINFRA framework, which provides a set of basic smart contracts and libraries users can use when building out their districts — enabling a wide array of potential use-cases.

The native token of the district0x ecosystem is DNT — an ERC-20 utility token that is mostly used for community governance.

The platform uses a combination of three main technologies: Ethereum, Aragon and the InterPlanetary File Transfer Protocol (IPFS).

The Ethereum blockchain is used for hosting districts, whereas Aragon is used as the governance layer for the district0x network, allowing DNT stakers to benefit from governance rights and help shape the development and operation of their chosen districts. Lastly, IPFS is used for serving the district0x website source code and for user uploads within districts.

Who Are the Founders of District0x?

District0x was founded in February 2017 by Joe Urgo and Matus Lestan.

Joe Urgo is a former professional poker player turned derivatives trader with an extensive history working as an advisor in the cryptocurrency space. He is also the founder and CEO of Sourcerers — a consulting firm specializing in tokenization and crowdsale services.

Matus Lestan is a programmer and developer with close to a decade worth of experience working with web and mobile applications. He currently holds the position of lead developer at district0x.

Besides the co-founders, much of the district0x team is not public facing. However, the district0x wages transparency page indicates that there were at least five additional contractors working for the firm in early 2021.

What Makes District0x Unique?

District0x is built to tackle some of the inefficiencies that come with creating and operating distributed community marketplaces.

It does this by providing a wide range of smart contracts and front-end libraries that developers can use to easily launch their own districts, while providing a simple platform for community governance.

Unlike some other platforms which charge a fee for launching new applications, developers can create a district for free - though a refundable deposit will need to be paid to be added to the District Registry. This easy access platform has already given rise to a range of successful districts, each of which have varying forms and functions.

Some of the most popular districts include decentralized job market Ethlance, peer-to-peer ENS names marketplace Name Bazaar and Meme Factory — a district that provides a simple interface for the creation of rare digital assets.

How Is the district0x Network Secured?

DNT is an ERC-20 token. As such, it is secured by the underlying Ethereum blockchain. As of January 2021, this uses a proof-of-work (PoW) consensus mechanism to ensure the network is secured against attacks.

As Ethereum transitions to Ethereum 2.0, it will eventually be secured using a proof-of-stake (PoS) network instead - offering similar levels of protection against attacks at a lower energy cost.

How Does District0x Work?

To launch a marketplace or community, developers enter the ‘District Creation Platform,’ a user-friendly interface to help design and deploy districts seamlessly.

It enables developers to customize the parameters of smart contracts, choose between user interface (UI) options, and opt for auxiliary modules (“plug-ins”) with unique functionalities, such as searching and filtering, posting and listings, ranking and reputation and payments and invoices.

Districts Registry

  • The District Registry is where all districts are deployed and listed on district0x. Importantly, each district listed in the registry is determined by a community voting mechanism.

  • To create their district, users must deposit DNT along with links, logos, descriptions, and a description outlining voting power dynamics for future stakers. 

  • The district then gets listed on the registry, creating a corresponding Aragon entity that officially allows users to accrue voting rights. By owning and staking DNT, users gain the ability to vote on district upgrades, with each vote being proportional to the amount of DNT cryptocurrency they stake. 

  • While the marketplace becomes a district upon creation, every district submitted to the registry is subject to being challenged by District0x users. Once challenged, a vote is called amongst all DNT holders to keep or kick the project. If kicked, the challenger and accompanying voters are rewarded with DNT.

Post a Comment