|All Time High:|
|Market Cap: |
|The price of #DNT today is $0.043 USD.|
The lowest DNT price for this period was $0, the highest was $0.043, and the exact current price of one DNT crypto coin is $0.04310.
The all-time high DNT coin price was $0.46.
Use our custom price calculator to see the hypothetical price of DNT with market cap of BTC or other crypto coins.
|The code for district0x crypto currency is #DNT. |
district0x is 5.2 years old.
|The current market capitalization for district0x is $43,101,755.|
district0x is ranking downwards to #335 out of all coins, by market cap (and other factors).
|The trading volume is medium today for #DNT.|
Today's 24-hour trading volume across all exchanges for district0x is $495,000.
|The circulating supply of DNT is 1,000,000,000 coins, which is 100% of the maximum coin supply.|
District Proposal Spotlight - 1Hive
An interview with Luke Duncan of Hive Commons. — This article is the first in a series of blog posts interviewing members of the district0x community who have submitted district proposals. To date, we have received more than 85 submissions. Our upcoming interview series will interview the authors behind these proposals, and dive into the details of each idea in more detail. In today’s post we interviewed Luke Duncan. Luke has been an active member of the district0x community since the start and his 1Hive proposal was recently selected as one of six proposals which DNT holders can vote for via district voting Dapp to signal for the next district they would like to see built by the district0x team. — Luke, Please tell us about yourself. — I’m a relative newcomer to the crypto community, but in hindsight it seems inevitable that I would end up here. I’ve always been excited by technology and deeply fascinated by game theory and economics. These interests have served me well and shaped my career to this point, I think slowly converging on the rabbit-hole that is Ethereum. After high school, I decided I wanted to go to college even though at the time I really didn’t have a specific career in mind. I started working part-time doing general IT support work in order to pay for tuition. After a few years of school I was forced to make up my mind a pick a major, I ended up choosing Economics because I found the subject so interesting even though I really could not see myself going into banking, finance, or law. I had by this point been spoiled by the silicon valley tech world and could not see myself ever wearing a suit to work. The class that had the most significant impact on me related to Public Choice theory. You could say it made me a bit jaded about how our current political system works and in many cases how futile voting is in a traditional representative democracy. At the time it did not seem as though there was a better solution, or at least not a way to convince the current power structure to adopt a more public friendly — but I think that Ethereum and many of the projects including district0x could help us get there. After college, I realized that I would make more money working in technology than actually using my Economics degree directly so I decided to do that. It’s lead me on a bit of a journey from general Systems Administration, to Business Process Automation on Saleforce.com, and eventually transitioning away from a purely technical role into Product Management. Now I’m spending pretty much all of my free time immersing myself in the Ethereum space trying to soak up as much information and contribute as much as I can because I truly believe this technology will transform society. — How did you get involved with district0x?. — I think I originally stumbled on it because I follow Joe’s industry news series The Dapp Daily. I’m very interested and passionate about DAOs and decentralized governance models in general, so I was drawn to concept of district0x really early on. I hopped on the slack as one of the first members and just sort of stuck around — Its been awesome to watch the community grow over the last few months. — What drew you to the district0x project? What excited you most about the project?. — I think DAOs are going to change the world… eventually. For a DAO just to function it needs to be built on a secure and scalable blockchain that supports flexible smart-contract programming. It also needs to have a governance mechanism that makes it easy for all the members to participate. Neither of those issues are fully solved but they are definitely being worked on. However, just having a functioning DAO that doesn’t have a purpose doesn’t really have a meaningful impact on the world. That’s where I see district0x fitting in. The vast majority of value creation on the modern web is generated by networks of users, but nearly all of that value is captured by central authorities that act as hubs and gatekeepers. By building the decentralized components to support general market functionality, district0x will make it possible for DAO-based communities to disrupt many established centralized market places. These established competitors will either need to adapt to this new reality or be replaced — regardless of how it turns out on an individual use-case basis I think the users of all of these marketplaces will benefit tremendously. — What made you want to submit a district proposal?. — I think the success or failure of district0x will depend on creating a community that does not just want to use DNT to direct the efforts of the core-development team but sees the CarbonVote signaling processes as a way to bootstrap into a self-sustaining DAO entity that does not depend on the ongoing commitment and labor of a specific small group of individuals. In that spirit, I felt it was important to not only submit a district proposal, but think about how that proposal specifically would help district0x make that transition. — Can you please describe what is 1Hive?. — Sure. The 1Hive Funding Platform uses the Curation Market Model that will be built into d0xInfra as part of the Meme Factory district to enable a novel approach to crowdfunding that has some unique advantages over existing crowdfunding platforms. By using a Curation Market Model, funders have an incentive to seek out and validate projects at their earliest stages and in doing so stand to benefit either by helping others find quality projects and then moving on, or simply by getting a better deal for themselves. This curation process will naturally bubble up the most promising projects and ensure they get the attention they deserve. When creating a project, a user would specify a minimum funding goal that is necessary to get started and also a rate at which funds in excess of that goal (the projects reserve) move into the projects discretionary fund. For a Patreon style use case, the minimum funding goal might be 0 with a rate of disbursement of 10% this would essentially provide the creator with a salary paid by their supporters proportional to the amount of remaining funding in the reserve. The creator could offer special perks in exchange for the project specific tokens, which would decrease the supply and encourage more people to fund the project. At any time if the project creator stops working or the quality of their output goes down, contributors can exchange their project tokens back based on the curation market exchange rate, so creators are alway kept accountable to their funders. For a Kickstarter style use case, the minimum funding goal would support the projects initial startup capital, and the reserve would be used to ensure project accountability over time. If a project hits a significant snag, delay, or otherwise acts irresponsibly, the funders can abandon the project and not lose the entire amount that they originally funded. Projects can offer specific rewards for supporters by exchanging tokens after they have launched. However, the most relevant use-case for district0x is actually significantly more unique. Instead of the project proposer being an individual it can actually be a DAO entity — In this case it could be used to bootstrap community support for districts and the project tokens could be used directly in the districts governance. Since the Funding Platform supports funding using any ERC20 compatible token, districts could opt to receive all or part of their funding in DNT and then the district itself could vote in district0x governance using the DNT in its reserves. Ultimately, its this last mechanism that I think makes the 1Hive Funding Platform such a critical first step for district0x — because it makes it easier for the community to start to direct progress on districts and d0xInfra without dependence on ongoing efforts of the core team. — How can crowdfunding benefit from being decentralized?. — I think a big benefit is transparency, but I also think the curation market approach which would not be possible without the innovation of trustless, provably-rare digital tokens makes for a more compelling and flexible crowdfunding platform than would be possible with a centralized approach. — Can you tell us about 1Hive and Hive Commons?. — Hive Commons is a grass-roots social movement using decentralized governance to give the public a more significant voice in industry and politics. Ideally, all of the decentralized governance infrastructure needed to make Hive Commons a reality would already exist and the project could focus on building a community of activists — unfortunately the technical state of decentralized governance isn’t sufficiently developed to support our use-case so we are actively trying to improve the technology. We’ve already started working on our implementation of Liquid Democracy and you can track our progress on GitHub. These challenges are not unique to Hive Commons, at this point there is not a good decentralized governance solution suitable for large public or semi-public DAO organizations including district0x, Aragon, Status, Maker, and many others. These projects are all working to solve these challenges and move away from using a community multi-sig as the final authority and instead turn control completely over to their respective networks. The 1Hive project, which the funding platform district is one piece, would provide a community governance portal where users could fund projects, discuss topics, and participate in voting and arbitration — the interface will look a bit like reddit. 1Hive is how Hive Commons aims to solve this governance problem but its not exactly an easy task for an unfunded grass-roots social movement — so I’m hoping that the greater DAO community can join forces in a sort of Decentralized Governance Alliance to rapidly improve on the state of DAO governance infrastructure. — Why is this an ideal business model/service to be set up as a district?. — I would love to see the funding platform used for all sorts of creative projects. I’ve had great discussions on Github and Slack with people interested in using the funding platform to work on open source projects or to fund artistic ventures. However, I think those would be side-benefits as the real reason for the district0x community to develop the funding platform is to make it easier for the community to fund, build, and deploy novel districts and improved d0xInfra components. I think at least initially the focus of the district0x community should be on creating districts and d0xInfra components that enable symbiotic relationships between districts or make it easier for the community to build their own districts. If we can accomplish that then growth of the network will accelerate exponentially rather than linearly. Early on the majority of activity on the district will be related to district0x itself. Community members could create projects which improve on specific district0x components. In the case of developing individual components there is a lot of utility for the community, but there is no reason for that to need its own token or ICO — this type of project could be funded using DNT that is slowly released to the community member over time essentially functioning as crowdsourced salary which can be taken away if the project leader doesn’t perform. I expect that initially the funding platform will be most popular within the community, and serve as an incubator for other districts, however as crypto becomes more mainstream I could see this model ultimately replacing established crowdfunding platforms like Kickstarter, Patreon, and GoFundMe. Once Aragon is live on the main net I could see this being used to bootstrap completely new districts where the project being funded is the district itself and the tokens given to funders are integrated into the Aragon entity using the “BYOT” model. Beyond that, I’ve had several great conversations about people exploring how they could use the platform to fund smaller open source projects or more artistic endeavors like recording an album. I think 1Hive could serve as a district0x incubator, there is clearly a ton of enthusiasm and creativity within the community and in the last two weeks alone there have been about ~30 new district proposal submissions from community members. It would be great if instead of just a Github issue those proposal could instead be submitted as projects in the funding district. I envision a community of developers who become experts at using d0xInfra to launch districts searching through those projects finding ones they are interested and becoming the first funders — then they could start working on the project and as people see the progress they could buy into the district and the district creator and early contributors would be rewarded for their innovation and contribution to the network. — How did you come up with the idea for 1Hive?. — Crowdfunding has amazing potential, and particularly when combined with tokens it offers an interesting way to build projects and return value back to investors. Unfortunately, there is generally very little accountability since the tokens received do not represent any legal ownership in the project. Instead of ownership, tokens generally are imbued with some sort of utility within the project being built. In the case of district0x that is currently its ability to signal the development priorities of the core-team, and to stake into various districts on the network. Other projects like Augur use their token as a critical part of the protocol (activated REP tokens are used in the formation of prediction markets). This approach works okay for some projects, but does not generalize well — not every project benefits from its own governance token or have a compelling use case for a utility token within their dApp. This was particularly important for Hive Commons which needs a easy way to fund traditional “centralized” open source projects that would never need their own token, but generalizes very well to many other use-cases. After reading Simon de la Rouviere’s post on curation markets, things just clicked. The funding platform uses curation market concept to imbue project tokens with basic level of utility regardless of the project that is being funded. Projects creators can offer additional utility on top of this, like using it for governance, however this is not strictly necessary since funders have the potential to make money simply by finding and funding popular projects before they are widely discovered and also provides an accountability mechanism by not releasing all the funds to the project all at once. — How do you plan to generate revenue with 1Hive?. — I’m not sure what the best way to monetize this is, and I expect that will be a common challenge for many of these districts due to the nature of decentralized marketplaces. If a fee is applied to transactions or funding in general, it would be relatively easy for someone to fork the code and redeploy the market without the fee, therefore whatever fee is charged has to be small enough that there is not too much expected value in doing that, since all else being equal users will typically choose the platform with the lowest fees. A few possibilities I’ve considered:A fee could be charged for project creators to list their projects — this could be seen as a way to reduce spam and wouldn’t extract rent from funders so should not have a negative impact on network effects.A fee could be charged based on the percentage of funds raised — this might be okay after the network is well established but seems like it would drive people away and introduce significant risk of a fork.A sponsored listing section could be added that would allow projects which are looking for funding to receive additional attention Ultimately how the district is monetized will depend largely on the how the DNT holders decide to monetize it, but I expect there will need to be a fair bit of experimentation to find the right balance. It could be that no monetization is necessary for this specific district because making it completely free for funders and project creators results in more overall utility to the network. — What are some of the governance customizations you will plan to implement?. — I expect that initially the district would, like other districts, simply rely on Aragon for governance. However, there is a lot of overlap between what I feel is needed for general district governance and what I envision for 1Hive and Hive Commons. I’m hopeful that much of what is built for that project is made available to all districts through a combination of d0xInfra components and Aragon entity modules. A quick summary is as follows:Curation Market/Funding Platform is used to organize a large community into many sub-communities, in the context of district0x the district0x/DNT would represent the large community, and individual districts would represent sub-communities.Community and Sub-community tokens are used as stake to participate in a “consensus prediction market” — the purpose of which is for a small subset of community members who are actively engaged to earn rewards by attempting to bet on what they think the general consensus of the community will be. This will be used to ensure that important or interesting topics, disputes, and votes are bubble up to less engaged members of the community.Liquid Democracy will be used to settle disputes and for voting when necessary. I’m planning on doing a longer write up on the larger 1Hive community governance portal, so be sure to follow the Hive Commons blog to stay up to date. — Can you talk about the governance structure that 1Hive will use in conjunction with Aragon?. — The Funding Platform district would likely function the same as any other native district on the district0x Network and use Aragon for governance decisions like how to monetize or who can make upgrades to the code. The funding platform would also be integrated into the 1Hive community governance portal that will be used to power Hive Commons governance, I expect this portal would be extremely useful to any DAO based project and by building it using d0xInfra and ensuring it works with the Aragon Module system I think it or some variation of it could be made available to any District or Aragon entity at their discretion. — Can you expand on the following concept described in your blog post: The 1Hive solution for this is to use the Project tokens generated through the funding platform to enable owners to participate in a consensus prediction market.. — A significant challenge with any Direct Democracy, including less rigid variations like a Liquid Democracy, is the challenge of ensuring that all the voters who want to participate are made aware of issues and can make an informed decision about how to vote — in the case of a Liquid Democracy it’s often the case that voters have preselected a number of delegates based on different topics that they trust to make decisions for them when they do not have the will or attention to do so themselves, but the expectation is that they don’t check out completely and when issues are of particular significance or controversy arise they should step in and override their delegate if they disagree with their decision. The result is that mundane decisions are made with less community attention and more important or controversial decisions are handled more directly. The consensus prediction market incentivizes more engaged users to bubble up significant or controversial issues and ensures they receive more attention from the less engaged members of the community. If less engaged users are unhappy with community decisions they can become more involved by either participating in the prediction market directly or as an oracle. Predictions Markets and Democratic Decisions generally work better when there is “skin in the game” and the funding platform tokens provide that. — Can you sketch out how liquid democracy would work in 1Hive?. — I think this question is in reference to my recent post Liquid Democracy, Ethereum, and the slow path to revolution. which I think is a good place to start for readers who are interested in how we are thinking about Liquid Democracy in the context of 1Hive and Hive Commons. In regards to the Funding Platform district proposal, the standalone funding platform piece being proposed does not require Liquid Democracy to work and could just use the standard Aragon governance. However, my hope is for the entire 1Hive Community Governance Portal which includes funding, discussion, curation (curation market + consensus prediction market), and voting (liquid democracy) could be optionally adopted by any DAO project including district0x (as a whole) as well as individual districts or Aragon entities. Districts including the funding platform will be governed by DNT holders, so I won’t have much of a say whether it adopts the full governance portal or not, but I don’t see any reason why it shouldn’t. — Thanks Luke for taking the time to answer our questions, and good luck on 1Hive and Hive Commons!. — Learn More For more information about the district0x Network:Check out our white paperWatch our introduction videoSubscribe for email updatesFollow us on TwitterJoin us on SlackJoin us on TelegramSubscribe to our subreddit District Proposal Spotlight - 1Hive was originally published in district0x Updates on Medium, where people are continuing the conversation by highlighting and responding to this story.
The Democratization of Organizational Governance is Upon Us
Decentralizing Marketplaces with district0x. — Today, we would like to share the second of a two part article and video series that Dragoş Ștefănescu took the time to put together to help explain why we are building district0x and the potential changes we see it bringing about. A huge thank you to Dragos for his efforts! If you missed part one, check that out here. https://medium.com/media/5ee6af50e6b4118e935d1b415eea24c8/href In the past 200 years, the global economy has shifted through different stages.The industrial revolution kickstarted a crucial process: goods started to be produced in mass. Demand for these manufactured goods skyrocketed and efficiency in production was everything. During the latter half of the 20th century, technology spurred a new wave. Companies became more intelligent, more customer focused and globalisation ensured that they manage to scale to levels never seen before. A lot of today’s largest companies were created at that time. The 21st century has seen the rise of startups and entrepreneurs. If before, starting a company was reserved for the true visionaries, nowadays people that have clever ideas, business experience and an appetite for risk are starting more and more companies. Some of these companies end up being huge successes. Corporations such as Google, Facebook or Uber were initially startups that had a few people working on an innovative idea. Most of them are massive failures. And there are a lot of reasons for their failure — not launching at the right time, not having a proper team in place or enough funding. If there’s one thing these past 2 decades have popularised, it’s the notion of a startup. And a startup needs 3 key actors in order to be successful — the founders, the investors and the end users. A startup is usually kicked off by a few founders who have an innovative idea. They run initial tests, come out with the first version of their product and launch it. IF they come out at the right time, IF their idea is good AND the implementation is spot on, then their startup might gain traction. So what happens after? Because competition is fierce, they need to grow fast. So they will seek contribution from other parties in exchange for shares in their company. This is where the investors come into play. IF everything goes according to plan, the company scales from the limited initial user base to a successful venture. It still potentially has all its founders on board, it has shareholders that take part in the decision making process and a lot of end users that enjoy their service However, there are a lot of IFs. Because so many elements need to align, very few of these companies turn into successes and grow exponentially. All this does is perpetuate the centralization of governance that we discussed in our previous article. Huge corporations with immense power that are led by a minority who handles the decision making process. The question then becomes … If more and more people strive for the decentralization of governance, why has this system perpetuated in the Internet Age? Why has decentralized governance not been possible until now? And what will enable it to become a reality? It might come as a surprise to many, but the underlying problem behind this is not the people, their forms or organisation or any regulatory barriers. It’s actually technology. In the 70s, companies started developing SQL databases that they used internally to store and sort large amounts of data. They became an essential part of how these companies operated.Technology has since evolved at an accelerated pace. By the 90s, computer networks and the early phases of the Internet came. These internal systems worked perfectly well for each individual company — it made them more efficient, it allowed them to have more data and make better decisions. However, because these softwares were built to solve a specific internal need, the end result was vastly different than the solution other companies had implemented. This led to compatibility issues — if company A wanted to sync its systems with company B, they would have to write a 3rd piece of software to facilitate communication between these systems. This would still be a feasible solution, from both the cost and implementation perspective. But what happened if 5 companies wanted their systems to communicate? How about 10? Or 50? The complexity grows exponentially. It becomes an economic cost that is unjustifiable. Which is why nowadays companies that facilitate these interactions through recognised standards have made a huge impact. Credit card processors such as Visa, telecommunications companies such as T-Mobile or social media networks like Facebook hold the power. They have established standards that allow users to consume their services. And they capture a share of the resources exchanged on through their platforms be it via processing fees, monthly subscription or advertising to name a few. This is why the blockchain is such a significant technological advancement. It sounds like a complicated term, but it is in essence a database that works like a network. And it’s defined by the non-editability of the data and digital signature. This means that everyone has a copy of the smart contracts on the blockchain and we all know who did what because of digital signatures. Every company has complex internal systems that everybody uses but very few people truly understand. Blockchain is exactly the same. You don’t need to know how it functions at its core in order to understand how it can be used. The biggest opportunity it enables is the democratization of the governance of companies. Decentralization. That’s exactly what district0x is attempting to realise. Let’s look at how it will be done specifically… By crowdfunding community & marketplace ideas, we will have thousands of people participate in the running of our districts. We will essentially allow these people to govern collectively, use intelligent software to allocate rules and vote on leadership. Remember the 3 key players in the traditional startup? The founders, the investors and the end users? The key difference here is the significant overlap that will exist between the owners of a district and the end users of that district. Within district0x there are 3 parties involved: the district creators (similar to startup founders), the DNT holders (investors) and the end users.The biggest difference sits in the alignment of their incentives:The district creators will have access to existing systems that will facilitate easy creation of decentralized autonomous organisations.The DNT holders will be able to stake their tokens in order to participate in the running of a district. They have a larger say in the services that they use and will also benefit financially if those districts become successful.And the end users will experience lower fees in most cases and increased trust across the board due to the transparency and accountability present in the governance of these districts. So how does district0x practically ensure this happens? From a technical standpoint, we have created d0xINFRA — an open source framework comprised of a set of Ethereum contracts and front-end libraries. This is the mandatory ingredient to deploy new districts and equip them with baseline functionalities. From the governance standpoint, this is where users stand to benefit the most. District0x will be using Aragon — an operating system for decentralized autonomous organizations. This will ensure that all the contributing parties will have an easy-to-use software to administer and govern a district. The Aragon entity assigned to a district will allow those who stake their tokens to distribute voting rights, assign roles, handle fundraising or change the bylaws that govern that particular district. The district0x network token (DNT) will be the key tool that ensures equal opportunities for everyone and will help align the incentives for participation within a district. The DNT holders will be able to stake these tokens to the districts of their choosing, thus allowing them to have a say in the evolution of those districts. Their powers will not be limited to the individual districts themselves. They will be able to contribute to the overall district0x project. Initially this will be done by signaling which districts they want to see created, with more capabilities being implemented along the way. Ultimately, the entire governance of the district0x project will be in the hands of DNT holders. This will lead to decentralized ownership that is based on having numerous small investors and spreading the risk much thinner. Complete decentralized governance. An entity that comprises numerous communities and marketplaces that are run by thousands of people at the same time. An end result where we unite owners, users and the governance of systems under the same interests. And ultimately, districts that will genuinely represent the interests of the users, because those users are also the owners. With projects such as Ethlance and MemeFactory we have already seen that this governance model can become a reality. And with the community engagement, rising momentum and general awareness of governance decentralization, we believe this is only the beginning. If you want to join us and build the communities of tomorrow, then contribute to the district0x project and be part of this unique opportunity.Learn More For more information about the district0x Network:Check out our white paperWatch our introduction videoSubscribe for email updatesFollow us on TwitterJoin us on SlackParticipate in our fundraiser The Democratization of Organizational Governance is Upon Us was originally published in district0x Updates on Medium, where people are continuing the conversation by highlighting and responding to this story.
Why It’s Taken Us 2500 Years To End Centralization
Decentralizing Marketplaces with district0x. — In recent weeks we have been amazed by the outpouring of support we have received from our community. Today we would like to share the first of a two part article and video series that Dragoş Ștefănescu took the time to put together to help explain why we are building district0x and the potential changes we see it bringing about. A huge thank you to Dragos for his efforts! https://medium.com/media/5f124541542cdbece57005c5c7da47b5/href Ever since the dawn of civilization, governance within societies has been a central theme. It’s safe to say that for most of our history, we have ruled through violence and oppression. Whoever was fit to lead was the head of the pack and everyone else followed. However, in the 6th Century BC, Cleisthenes established a new way of governance. All eligible people from Athens were allowed to speak and vote on public matters, and thus set the laws of the city state. And so democracy was born. A system in which people came together to make decisions on administrative aspects that would influence their collective lifestyle and their future. Democracy actually stems from the terms demos which means people and kratos which means force or power. In ancient Athens, the power belonged to the people. In theory, it sounded amazing. But then you realize it wasn’t quite that way… In order to be eligible to vote you had to:Be maleBe an adultBe a citizen (not a foreign resident or a slave) When you put together the numbers, only 30,000 or so people could vote out of a population of 300,000. In a sense, the power was held by a minority who was deemed fit to govern through arbitrary measures. A minority that doesn’t have the same interests as the entire population. So what does this have to do with district0x and cryptocurrencies? Fast forward 2,500 years and not much has changed. Even though we have progressed tremendously from a technological standpoint, most aspects are largely the same. Sure, we no longer have to gather in the same place to vote. We no longer have inequality or discrimination when it comes to elections. And we finally have control to choose the ones who govern us. However, with the rise of globalisation, the past 50 years have completely shifted the game. Countries are not the most powerful players since corporations have become much larger than most governments. And the people that run these corporations have significantly different interests than the end users of their services. Think about it for a second … How many phone companies can you realistically turn to and use their phone network within your geography? How many social media platforms can you access where you can communicate and engage with all your friends? And how many job or freelancer websites are there where you can find relevant work opportunities? That’s right. Not that many. They all run their services on their terms, they all have access to your data and ultimately they seek to make profit from the activity you have on their platforms.As Vinay Gupta put it in his speech at ICT Spring 2015: “we all feel there is something wrong with our relationship with these companies, because they seem to be farming us”. Not suggesting they’re mischievous in any way or that there’s a grand plan behind their actions. Simply put, if Facebook wanted to change something in their terms of service or they wanted to serve you more Ads and you didn’t agree to it, your only option would be to quit their network whilst stopping communication with a lot of your friends at the same time. Despite globalization and the democratisation of technology, we are still governed by a minority of founders and shareholders that control the ecosystems we spend most of our time in. Just like an entire city was governed by a minority 2,500 years ago in ancient Greece… There has been a glimmer of hope in the past 5 years due to the “sharing economy”. Startups such as Uber and AirBnb have revolutionized and disrupted their respective industries by focusing on the power of user networks. They do not own assets and simply facilitate the exchange of services between the providers and the end users. However, decisions are still made from a central hub by the company’s leadership and shareholders. Users still pay fees for the service due to the rent-seeking nature of these companies. And ultimately those users have no decision making power and even have their data sold to 3rd parties they are not even aware about. No matter how you slice it, you still end up at the same point: centralized governance. It’s been a main feature of humanity throughout history. And rather than acting at a local or regional scale, the Internet has allowed it to turn global. So are we all doomed to face a future of inequality and centralised decision making? Well, not really. This is where the emergence of blockchain technology kicks in. It’s the antidote we’ve been looking for. Are you ready for some abstract and ambiguous terminology that only people who have been around blockchain technology for a few years understand? Just kidding. The point of this article is to make explanations as simple as possible. You’ve probably heard of Ethereum. It’s one of the keys to decentralization. Ethereum is a set of smart contracts that are digitally stored in the blockchain. Because they are stored in the blockchain, they are part of the public domain — anyone can view and choose to follow them. To put it simply, just as Bitcoin takes paper currency and transforms it into digital currency, so does Ethereum take any kind of paper contract and makes it digital. In essence, Ethereum allows all the companies and other players in the world access a global resource of smart contracts in order to do business effortlessly, without the added costs of synchronizing all the various internal systems that might be in use. The blockchain is fair and equitable. It is secure and gives the same results to everyone who is involved. The information is public and accessible by anyone. If the smart contract is clear enough, it will have real control over any assets involved between 2 parties and thus will eliminate unnecessary middle-men. For example, if you wanted to buy a house, you could search through the blockchain, discover that it had been sold twice before and see the price listings. Any kind of deceit or suspicion of being tricked would be eliminated. 100% agreement. 100% transparency. 100% security. Unlike the ancient Greek times where an arbitrary minority was dictating how everyone would live … Unlike the modern age where industry and governments would operate in the shadows with very little accountability… And unlike the Internet age where large corporations have control over most of our online communities. That’s why we created district0x. By using Ethereum’s potential and combining it with platforms such as Aragon or IPFS, we truly believe that we can shift the existing landscape and build decentralized communities. Communities that are run by the people, for the people. Communities that are governed through a perfected democratic system, a modern and scientific approach to democracy fit for the times we live in. Communities where the ownership and the end users are the same and therefore have the same interests at heart. We believe that Ethereum and Blockchain technology represent the future. It’s a unique opportunity that has been presented to us due to the latest advancements in technology. And it’s our first chance to have a swing at a true democracy, where the power quite literally sits with the people. Imagine if you could build a completely decentralized freelance job site, where employers and freelancers come together and barely pay any fees for the service… Imagine if could have a decetralised marketplace for the exchange of names registered via the Ethereum Name Service, basically allowing you to address resources both on and off the blockchain using simple, human-readable names… Or imagine if you could use Reddit-style applications, where users are financially rewarded for the creation and posting of relevant content to every other user … All of these scenarios have suddenly stopped being pipe dreams. They are now within our reach because of these amazing advancements in blockchain technology. Of course, by now you might have a lot of questions that pop up. How does this system ensure fair and equal contribution by all the members involved? How does it function and why don’t traditional corporations or start-ups implement it as well? And what’s the potential of blockchain technology down the line? That, my friend, is enough to think about until our next article. Stay tuned :-)Learn More For more information about the district0x Network:Check out our white paperWatch our introduction videoSubscribe for email updatesFollow us on TwitterJoin us on Slack Why It’s Taken Us 2500 Years To End Centralization was originally published in district0x Updates on Medium, where people are continuing the conversation by highlighting and responding to this story.