District0x (DNT-USD) is certainly not the biggest name in cryptocurrency, but the DNT crypto is stirring up quite a bit of talk today. The network is cropping up out of nowhere with some of the biggest gains on the market this week. But what is District0x offering to its users that other networks can’t?
To address District0x’s use cases, one must first understand the concept of decentralized autonomous organizations (DAOs). A DAO, just as its name implies, is an organization of people that does not centralize power with one person or small group; rather, it’s entirely democratic.
DAOs specifically refer to organizations within the scope of blockchain. Oftentimes, blockchain networks aren’t decentralized. Developers can hold all of the power, including keys to token reserves and the ability to move assets at will. By implementing a DAO, developers can cede power to members of a community.
Typically, DAOs are organized in a way so that holders of a network’s native currency are given voting power. This voting power comes into play when a member publishes a proposal, seeking to make a change to the network or add to it. Voters all have a say as to whether or not the network will implement the proposed changes. Voting power is also usually allotted according to how much of that asset one owns; an investor with a bigger bag might have more voting power than those with smaller holdings, for example.
DAOs are being lauded now as the next huge thing in blockchain, alongside concepts like non-fungible tokens (NFTs), Web 3.0 and the metaverse. DAO hopefuls see a future where nearly every aspect of the internet is controlled by the users themselves.
DNT Crypto Soars as Users Turn to District0x for DAO Implementation
District0x is a network with a unique model specific to the DAO industry. As an Ethereum (ETH-USD) project, District0x isn’t a layer-1, but it operates similarly to one. That’s because like a layer-1, the District0x network hosts a series of “districts,” comprised of decentralized applications. By hosting an application on District0x, one can easily create a DAO to underlie their project. The District0x network calls itself one of the easiest ways to deploy a DAO.
Thanks to the booming popularity of DAOs, the usefulness of District0x is flying higher by the day. Investors are flooding into the DNT crypto with fervor. In the last 24 hours alone, DNT volume is rising by over 500%. Where yesterday’s volume totaled $26 million, today’s volume stands at almost $200 million.
Of course, the pump in volume is translating to a rise in DNT prices. The token is gaining over 30% this afternoon, taking prices to 16 cents.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
