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DNT

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.

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.

As of January 2021, at least 600 million DNT tokens were in circulation, representing 60% of the fixed maximum supply of 1 billion DNT.

All 600 million DNT were distributed to participants of the 2017 initial coin offering (ICO), in which district0x raised a total of $9 million. Beyond this, 180 million DNT are held in reserve for possible future fundraisers, 22 million DNT are reserved for advisors and community rewards, and the remaining 198 million DNT is held by the district0x founders—and subject to a two-year vesting schedule.

Of this, the 180 million DNT reserved for fundraisers remains to be released. The district0x team have indicated this may be burned at a later date. An undisclosed sum of team and other reserved tokens may also be out of circulation.

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.

The DNT token currently benefits from excellent liquidity and is available to trade on several popular exchange platforms, including;

• Coinbase Pro
• Binance
• Bittrex
• Uniswap (DEX)

The most popular trading pairs for DNT include: DNT/USDC, DNT/USDT, DNT/BTC and DNT/ETH. As of January 2021, there are no direct fiat trading pairs for DNT. But you may be able to buy Bitcoin (BTC) with fiat, and then exchange it for DNT.

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