DNT Coin: What is district0x All About
The District0x ICO has been promoting itself as “a collective of decentralized market communities and places,” which simply means the platform is aimed at creating a friction-free, virtual economy. Users will be able to post listings, browse, send out invoices, collect payments and even rank their peers, just clicking once. So in simple terms, district0x is focused on developing a flexible and free market to support the next generation of Airbnb’s and Uber’s.
The general organization structure of district0x is somewhat similar to that of Decentralized Autonomous Organizations. A DAO is basically a business model running on several rules that are encoded as “smart contracts” or rather computer programs. The project uses marketplaces and districts that initially exist on the network, helping web users to post listings, collect money and perform other vital functions.
What exactly are districts in district0x?
These are simply separate market communities or places on the District0x network created specially using a standardized and open source Ethereum structure that features front-end libraries and robust contracts. These decentralized markets or compartments are all self-directed and can easily be deployed by anybody who is using free internet. The Districts significantly assist users in running the main functions of the entire project. They create the essential base of the network and assist you in accomplishing the main tasks like listing content, ranking your peers, collecting payment from customers and even filtering through the obtainable listings.
How DNT Coin Works
Districts can be the essential foundation or unit of the network but you will be forced to simplify them into smaller bits that will make it easier to comprehend the core technology and framework that helps in the creation of each and every district. Districts are usually created with the help of the d0xINFRA structure, which is actually an open source structure comprising of Ethereum front-end libraries and smart contracts that manage the operation of new districts and provide baseline functionalities.
The structure is powered and distributed by the IPFS platform which has a responsibility of running the main operations of every district. The d0xINFRA framework can easily be accessed by users. In this case, you can modify each district and put in exceptional features to them by simply using different plug-ins of other modules.
After being modified and developed by the IPFS and Ethereum platforms, they are taken to a totally different platform commonly known as Aragon for completion. Aragon actually just deploys and implements the final decisions of the virtual organizations. This is also where the decentralized units are closely monitored and managed here.
Who powers district0x?
District0x is powered by Ethereum IPFS and of course Aragon as mentioned above. IPFS has a responsibility of storing files, offering security and easy access for everyone in the district. The d0xINFRA structure that provides the foundation for each and every district uses Ethereum resources. But the whole system is managed by Aragon.
Aragon is actually an innovative platform that was intended to deploy virtual organizations and entities. An Aragon unit is created the moment a completely new district is developed within the district0x system. Generally, all decision making processes and governance of the district takes place within the Aragon entity.
The district0x distribution system and network tokens, DNT Coin
The district0x Token Network was created with the sole intention of providing users with an equal chance to positively contribute to nearly any district and devise mutually helpful policies for enhanced growth and sustainable productivity. The DNT is a very smart way of connecting participants from various districts and encouraging a very healthy platform for implementing vital business decisions.
Users can develop new districts, and others can pledge their district0x tokens to authenticate the whole design and plan of the new district. Let me show you a good example of a district commonly known as localfreshfood
With district0x Token Network, users are able to pledge assertion to a specific district, it usually plays a vital role in bringing together several districts for better governance and coordination. In addition, your status on the network is comparative to the number of districts that you actually own. You will be able to have a stronger voice in decision making process if you have so many DNTs that you have pledged on a district. If a participant has more voting rights then he/she can part of the discussion to significantly alter the primary policies like incorporation of supplementary modules, the district’s branding, the payment collection and also methods used to generate revenue.
The system distributing tokens is basically based on the district0x Genesis Contract that would easily mint approximately one billion DNT tokens. A piece of these tokens is set aside for the advisors, early investors, and founders. The district0x system then instigates the tokens for a specified period of time when users invest with no trouble. These contributions are normally used for the expansion and improvement of already existing districts. The first contribution period is always followed by two distribution programs to help raise the needed funds.
What’s the need for district0x or DNT Coin
A self-directed business model is basically one where every individual is awarded strictly according to their general performance and treated equally. You really don’t have to be concerned about a CFO or a CEO trying to adopting deceitful means of maximizing his profits. DAOs merge the very best of corporate social projects and impact investment, making it possible for users to enjoy the flexible and free platform of conducting business. These tasks are never managed by individuals but by smart contracts or objective computer programs that are normally coded. They sturdily dictate the limits and terms of your enterprise.
Which districts are currently powered by district0x?
• Name Bazaar: this platform helps users to develop and register unique ENS names for various districts at very reasonable prices. The names are normally registered through the ENS (Ethereum Name Service).
• Ethlance: This is a rather self-directed platform for professionals and freelancers looking for a job suitable for their credentials and experience. The company was started in January last year and is actually the first district.
• Meme Factory: This is in fact the third district deployed by the platform. It is more like a cross line that permits users to develop very engaging and unique digital content on Ethereum blockchain.
Are there any other developments that district0x will include?
Certainly yes! In fact, the district0x Team has recently released a comprehensive plan explaining its commitment going forward. The very first step basically involves the releasing of the final sketch of its proposals and also carrying out external audits of its Contract.
The next step is to deploy d0xINFRA and move Ethlance to it. It will then install both the Meme Factory and Name Bazaar; as a matter of fact, all this is in progress. The last step before the period of contribution will basically include the setting up of further five districts as well as staking and governance modules. This stage will also take account of the inclusion of auxiliary modules to expand the district.
Will others be allowed to create districts?
As of now, district0x project team is the only one allowed to create districts, but not for long as this is set to change very soon. After refining the absolute details, the team will finally unveil a district creation platform. After the release of this platform, any internet user can easily create a district and be included in the district0x Network.
District0x Network is specially designed to have no intermediaries and be free from censorship giving internet users the capacity to create whatever they require. Whilst waiting for the unveiling of the district creation platform, those fascinated can simply vote on the districts that they would want deployed next. Well, this is made possible through community proposals, giving users a chance to not only vote on the existing proposals but also suggest districts.
Well, there is no doubt that the District0x is an amazing project for anyone to participate in. it consists of a strong and inventive developers that are committed and working round the clock to develop a structure that will turn out to be useful to global citizens who want a more self- directed web. We are already able to see its importance especially with regards to job seekers and employers.
I’m hopeful that as many more districts are being launched, the project will become even more helpful. The DNT token has already experienced a significant increase in value and is expected to increase further as many more districts are being unveiled by the developers and the possibility of global internet users to create their own districts.