A Beginner´s Guide to Buying, Selling, Using, and Mining District0x:
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Our society is fluid. And it’s never been more fluid with the boom of cryptocurrencies. More innovations are made with the technology, providing new ways to implement it every month. Many developers aren’t coming up with brand new, never seen before ideas to pair with blockchain. Instead, they’re taking existing ideas that already have a following and certain level of usefulness and combining them with blockchain technology. Take for example, district0x.
District0x (DNT) is a crypto token that provides a meeting place for other marketplaces and communities. It uses blockchain to host these marketplaces, known as districts. Each district is an autonomous organization that is decentralized and on an open source framework. The district0x network also uses Ethereum’s smart contracts to help power the platform.
Each district has everything it needs to operate as its own online market. The interface is user friendly, providing lists and gallery style interfaces. Districts are enabled with features such as posting and listing, ranking and reputation, search and filtering, and payments and invoicing. New districts can be added to the network through the district creation interface. As these are added, Aragon (ANT) is used to govern the decentralized networks, acting as the operating system for each district.
Finally, all of this is incentivized by the district0x network token (DNT). DNT are used to join districts and help provide governance for them. Users receive voting rights based on the number of DNT that they staked to that district. Everything involving how each district is run is decided upon by voting, meaning users are incentivized to stake tokens to the networks that they are most passionate about. More can be learned about the definition of district0x through websites like Reddit and the official district0x site, which thoroughly defines the coin through its white paper.
In order to buy DNT, it’s important to know that district0x is built on Ethereum’s blockchain. This means that the MyEtherWallet is the best place to store your DNT. After creating a username and password for MyEtherWallet, you’ll need to save your private key and address. Next, use Coinbase or Cex.io to purchase Bitcoin (BTC), which can be bought with cash or with credit card. Then use an exchange site like Binance to trade your Bitcoin for DNT. Finally, transfer the DNT to your MyEtherWallet for safe keeping.
Selling DNT follows roughly the same outline as buying, only in reverse. Transfer the DNT from your MyEtherWallet and use Binance to convert it into Bitcoin. Then, use Coinbase or Cex.io to turn your Bitcoin to a fiat currency, like USD. Lastly, use an ATM to withdraw your money and complete your DNT cashout.
District0x is used through its districts. And as more districts are joined to the network, the ways to use district0x are endless. 1Hive is an example of a district and it acts like a crowdfunding site. It motivates investors to seek out the most likely to succeed projects in their earliest stages. It has both Patreon and Kickstarter use cases, but builds upon the popular crowdfunding site by pairing it with blockchain. Localview is another district, which mimics other rating services like Yelp. By paying a small premium fee, viewers are able to see better and more helpful reviews. This is due to the fact that reviewers are paid for the reviews that they write.
District0x is utilized when users join one of the networks. The more invested someone is to a particular network, the more say they will want to have on how the network is run. And they can have more say in the decision making process by staking more DNT tokens to that district. In turn, they can be paid with DNT for their input and administration.
DNT can also be used for investing. The token can be purchased and stored in a digital wallet, allowing time for the currency to grow in value. While holding the token, users can watch the exchange rate of DNT into other fiat and cryptocurrencies, and sell when the price is right.
Mining is where users lend their computer processing ability to help power the blockchain. Because district0x is built on Ethereum’s blockchain, it is not directly minable. However by mining Ethereum, miners will be indirectly helping the performance of district0x. The blockchain uses your computing power, doing the work of a specialized calculator in order to effectively mine the coin. A successful mine solidifies transactions in blocks into the chain.
Even though district0x isn’t minable directly, mining Ethereum will indirectly benefit the market cap for district0x. Mining Ethereum has had various levels of profitability, based on factors such as time spent, coin value and energy used mining the coin. Mining can be challenging, yet rewarding as miners are paid for their efforts in the coin they successfully mined.
When a coin grows in popularity and the number of transactions made with the coin increases, boosting the price chart, the blockchain needs to be able to handle all of the transactions in a timely manner. The ability to handle this growth, known as scaling, is an important feature of a coin. Once again, because district0x is built on Ethereum’s blockchain, the scaling for Ethereum will indirectly affect district0x. This has topic has been a top priority for developers recently as Ethereum’s chart reflects its own growth in popularity. As Ethereum is one of the most popular cryptocurrencies on the market, district0x is in good hands regarding its ability to scale.
District0x is another example of a crypto token that takes a currently working system and pairs it with blockchain. It provides an easy to use interface through listings, postings, searching and filtering, allowing districts to be built upon them. Work can be found, invoices can be paid and money can be earned all through the network. This token shows how blockchain can be used to help improve almost anything that we already use the internet for.