What is District0x
District0x (sym. DNT) is a platform, network and facilitator of decentralised marketplaces and communities where the creation of DAO is simplified through the extensive use of Ethereum Smart Contracts and utilises a native currency called district0x Network Token (DNT).
History of District0x
District0x (read as district-zero-x) founders, Matus Lestan and Joe Urgo are from USA and Thailand while some members of the core development teams are located in Russia as well. They have several reputed names in their advisory body including Vincent Zhou and Brayton Williams.
They have already received support from big-name companies like boostVC, Fintech Blockchain Group and CoinFund.
How District0x Works
District0x utilises Smart Contracts to create districts, which denotes any DAO on the network. Apart from Ethereum based Smart Contracts, District0x also offers front-end libraries, called d0xINFRA. Utilising these two features, any user can create a district and define rules using Smart Contracts.
The users of a district might or might not get voting rights, depending on the by-laws specified by the creator of the district.
District0x works closely with Aragon and Inter Planetary File System (IPFS) which is a distributed cloud storage platform. The District Specific Smart Contracts are forwarded to Aragon governance platform, either via IPFS storage or directly. Aragon itself is a new platform for implementing DAO. For every district created on District0x, a corresponding entity will be created on Aragon where all the decision-making process of the entity will take place.
The tokens, DNT, can be staked to different entities to gain voting rights, which is a fundamental operating principle of DAOs. Depending on the smart contract, almost every decision can be made via voting.
While District0x doesn’t offer a completely unique idea, it is in a sector where the possibilities are endless.
- Easy DAO Implementation: With the world going decentralised, DAOs are formed every day. District0x offers a rather easy way of implementing DAO through their platform. This is one of the most promising utilisation of blockchain and smart contract technologies.
- Stake DNT: One can stake the native currency (DNT) to gain voting rights. Think your own share of Uber and you get a say in every decision they make. This is where users can really take part in open governance and direct any DAO.
- Earn Unlimited Profit: Continuing the same point, users can earn almost unlimited money when there is no central authority which is imposing its decision. A truly democratic organisation where opinions of original users guide toward profitability.
- DAO interconnectivity: Every DAO on District0x network can freely interact and transact between themselves, using Smart Contracts. There is no extra effort needed to connect one DAO with another. This creates a self-sufficient ecosystem in itself.
- No Malicious DAO: The proposition of DAO is first submitted by staking a certain amount of DNT. The community might not approve it if it doesn’t serve a good purpose or add some value to the system.
- Fully Functional Coin: District0x Network Tokens (DNT) are fully functional cryptocurrencies which can be stored or invested into, traded at leading exchanges and converted to fiat currency if required.