Online marketplaces like Amazon and eBay are used by millions of people every day. These marketplaces are run by businesses, so they make their decisions based on what is most financially responsible for the firm. Also, users must trust centralized marketplaces to allow them to support products and services that they want to buy or sell.
District0x is a decentralized marketplace aiming to solve problems with traditional marketplaces in a unique way. On District0x, users can create marketplaces quickly and easily. These marketplaces are controlled by a decentralized autonomous organization, commonly referred to as a DAO.
What is District0x?
District0x is a program built on Ethereum’s blockchain. The Ethereum network allows developers to create smart contracts to create their own programs, such as District0x. Smart contracts are just code uploaded to the blockchain. What makes smart contracts special is their ability to hold money in escrow without a 3rd party.
District0x is a platform that makes it easy for anyone to create a decentralized autonomous organization. DAOs may sound confusing, but it’s essentially just an organization run by parameters in smart contracts.
You can submit a proposal to join a DAO, and your proposal will either be accepted or rejected by the current DAO members. DAO members have the ability to vote on proposals; proposals can be used for almost anything that has to do with the DAO, including:
- Proposals to update the marketplace
- Proposals to invest a DAO asset
- Proposals that upgrade the DAO’s code
- Proposals to accept new members
Decentralized autonomous organizations can be used in several different ways. District0x currently has 3 operating DAOs on its network, including decentralized marketplaces for freelance jobs, NFT design applications and an Ethereum domain name marketplace.
What is DNT?
DNT is the native token to the District0x platform. It’s an ERC-20 token, meaning that it operates on Ethereum’s network. The token is primarily used for governance. Because the marketplaces are run by the members, there needs to be a way for the members to vote on proposals –– this is where DNT comes in. Members can vote on proposals proportional to their DNT holdings, similarly to a stock that has voting shares.
The current circulating supply of DNT is 600,000,000 tokens, and there is no hard cap on the number of tokens that can be minted. Each token is currently worth 25 cents, up from 4 cents at the beginning of the year.
Brief History of District0x
District0x was founded in February 2017, just before the cryptocurrency bull market in late 2017. The company launched its initial coin offering (ICO) in July 2017 at a price of 1.5 cents per token. Since its ICO, the DNT token has risen more than 16 times its initial value.
The protocol was founded by Joe Urgo and Matus Lestan. Before founding District0x, Joe Urgo worked as an ICO consultant and professional poker player. Lestan is the lead developer of District0x, as he has a background in web and mobile application development.
How to Buy District0x (DNT)
- Open an online account.
You’ll need to make an online account with a cryptocurrency brokerage to buy DNT tokens. Major crypto brokerages that support DNT are Coinbase, Binance and Uniswap. Binance and Coinbase are centralized exchanges, so you’ll need to provide the brokerage with personal information such as your Social Security number, address, date of birth, email and phone number.
Since DNT is an Ethereum-based token, you can swap any ERC-20 token or Ethereum for DNT on a decentralized exchange like Uniswap. Decentralized exchanges work by replacing a central 3rd party with smart contracts, so you can directly swap Ethereum tokens from your crypto wallet.
- Buy a wallet (optional).
A crypto wallet is a necessary investment for cryptocurrency investors who want to keep their crypto assets safely secured. There are two main types of cryptocurrency wallets: hardware wallets and software wallets.
Software wallets are generally free and store your cryptocurrency on your computer or smartphone. If you want to store your crypto as safely as possible, you should invest in a hardware wallet. Hardware wallets generally cost $30 to $100 and they store your cryptocurrency offline on a physical device.
- Make your purchase.
Once you’ve decided which cryptocurrency trading platform and wallet to use, you’re ready to purchase your DNT. You can buy crypto assets in a similar way to stocks on crypto exchanges. Like stocks, there are two ways to purchase DNT on an exchange.
You can place your buy order as a market or limit order. Market orders will buy DNT tokens at market price in a matter of seconds. With a limit order, however, your buy is only executed if the price reaches a specified number. For example, you could place a limit order on DNT for 21 cents, and if the token falls from 25 cents to 21 cents your buy order would be filled.
Best Crypto Exchanges for DNT
Best Crypto Wallets
Here are the best software and hardware wallets to hold District0x.
Best Hardware Wallet: Ledger Nano S
Many cryptocurrency investors trust Ledger to securely store their cryptocurrency. Ledger has been selling cryptocurrency wallets since 2014, and the company is known for its great security. The device is about the size of a thumb drive and you can connect it to your laptop via USB to access your crypto funds.
If you plan on purchasing a variety of altcoins, Ledger is the best hardware wallet. Ledger has a unique platform called Ledger Live that lets developers make wallet software downloadable to your wallet, so it can host most altcoins available on crypto exchanges.
Best Software Wallet: Coinbase
Coinbase is a great software wallet choice, as it keeps 98% of deposited funds in a hardware wallet. The other 2% stays on the exchange to provide liquidity for traders. This way, your tokens are essentially 98% insured against an online hack, as the hackers would only be able to access 2% of the funds.
Coinbase also supports a wide variety of altcoins. Its exchange has a unique conversion feature that allows you to convert your cryptocurrency to any other supported crypto free of charge.
Altcoins like DNT are typically much more volatile than Bitcoin, which is a risky investment itself. If you’re risk-tolerant, then investing in smaller market cap altcoins like District0x may be for you.
Trade or Sell Your Cryptocurrency
If you plan to trade your cryptocurrency then you’ll need to store your DNT on an exchange or in an Ethereum software wallet that supports decentralized exchanges. If you keep your cryptocurrency on an exchange, it’s more at risk than in a hardware wallet.
When you want to sell cryptocurrency stored on a hardware wallet, you’ll need to send the funds from your hardware wallet address to your cryptocurrency exchange address.
Current Crypto Prices
It’s a good idea to track the prices of cryptocurrencies before buying them. This way, you’ll get an idea of what prices are in the market and you may be able to find a good buying opportunity. As a general rule, the cryptocurrency market follows the direction of Bitcoin’s price. Check out this list of some large market cap cryptos to get an idea of how the markets are moving.
Is District0x a Good Investment?
Historically, District0x has been a good investment, appreciating over 16 times in value since its ICO in 2017. However, for DNT tokens to have intrinsic value, the platform needs to attract new users. If District0x can provide a better alternative to centralized marketplaces and grow its user base, then DNT tokens may be a good investment.
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