District0x (DNT) functions as a next-generation decentralized community governance and marketplace management protocol. The platform enables users to seamlessly create and host decentralized communities called Districts. These communities can then leverage the organization and voting power of DAOs (decentralized autonomous organizations) in a streamlined manner.
What Are DAOs?
DAOs are a term used to describe taking the core functionalities of a corporation or organization and decentralizing the processes. Today, DAOs are popular in the market. Specifically, they are a standard feature on many DeFi platforms. The main advantage of these systems is that they enable the community to decide the development of a project or platform.
Additionally, they provide more efficiency than their centralized counterparts. They remove all the middlemen from the equation and provide networks with a more democratic approach. For these reasons, DAOs are more popular than ever.
What Problems Does District0x (DNT) Attempt to Fix?
District0X seeks to solve problems found in the traditional marketplaces in multiple ways. For one, the network enables the community to solve the coordination issues and inefficiencies seen within most distributed markets via its unique technical structure. Here are some of the other issues that District0x reduces or eliminates.
Investor Confusion
District0x simplifies the creation of decentralized communities by removing all the technical barriers associated with these systems. The network introduces a user-friendly interface to help design and deploy districts seamlessly. There are basic features and module add-ons that eliminate the need for coding.
Benefits of District0x (DNT)
District0x provides the crypto market with a host of benefits. For one, the protocol operates as a non-custodial option in the market. This designation provides users with more security as you never have to relinquish ownership of your tokens to participate in the voting process.
Censorship-Resistant
The decentralized nature of the network makes it resistant to censorship and hacking. To accomplish this task, District0x relies on the transparency and immutable nature of the Ethereum blockchain.
Flexible
Another huge advantage gained is the added flexibility developers obtain. The network is open-source and expandable to meet the needs of the growing blockchain community. Anyone can create a district and customize the parameters of smart contracts. You can choose between user interface (UI) options and opt for auxiliary modules to fine-tune your DAO.
How Does District0x (DNT) Work
District0x relies on the Ethereum blockchain to ensure its security and validity. Ethereum is the second-largest Proof-of-Work (PoW) blockchain in the world. It’s also the largest Dapp and Token issuance network in the world currently. As such, District0x plays a vital role in the Ethereum ecosystem by providing a cost-effective way to manage these communities moving forward. Notably, District0x is powered by Ethereum, Aragon, and IPFS.
Districts
At the core of the District0x ecosystem lives Districts. These protocols function as decentralized applications, marketplaces, and communities. Specifically, Districts provide the core functionalities required to operate an online market or community. Every District comes equipped with core options and can be extended with auxiliary modules.
This strategy makes it easy to implement unique features and enhanced functionalities. Users can effortlessly scroll through the options to select what features they require. Best of all, there is no fee for this service. The core features of a District include:
- Posting and listing
- Search and filtering
- Ranking and reputation
- Payments and invoicing
d0xINFRA Web3 framework
The d0xINFRA Web3 framework package is a stack of Solidity smart contracts that simplify the core processes of the network. There are also front-end libraries distributed on IPFS. IPFS is a file-sharing system that can be leveraged to efficiently store and share large files. The system relies on cryptographic hashes that can easily be stored on a blockchain.
DNT
DNT is the district0x’s main utility token. This network token is used to participate in network features and coordinate actions on the network. Users can stake their DNT to obtain voting rights. In this way, users determine what districts should be built and deployed.
Tokenomics
There were 1 billion DNT tokens minted in the project’s genesis contract. Of these, 600 million were distributed to the crowdsale participants. Another 180 million are held in the company reserve and 198 million are held by the platform’s founders. Lastly, 22 million DNT have been set aside for use as community rewards.
Consensus
The District0x network leverages a PoS mechanism to tally votes created by District members. As such, users must stake their DNT to vote on issues. The more DNT you stake and the more weight your vote holds.
The District Registry
The District Whitelist is tasked with storing the credentials of districts. This list is used to ensure only approved networks gain access to District0x’s ecosystem.
Governance
Distrcit0x incorporates a community governance mechanism within its features as well. This protocol leverages Aragon to improve security and responsiveness. Aragon provides the blockchain sector with leading DAO solutions.
Specifically, Aragon DAOs offer on-chain finance management, on-chain voting, proven technology, and a developer-friendly API. Notably, every time a user creates a District on the District0x, a corresponding Aragon management contract is formed.
Bottom Line
Distrcit0x (DNT) serves a valuable role in the market today. More platforms continue to seek out its unique services as a way to improve their project’s community responsiveness and overall cooperation. You can expect to hear more from this platform as its services continually grow in demand. For now, anyone can create and manage a community or marketplace using District0x unique features.
