District0x overview using the Feynman Technique
This post is one of a series of posts I am writing where I try to apply the Feynman Technique to a number of different crypto token projects. You can find the rest here. None of this should be taken as investment advice. They are just meant to be simple introductions to the projects.
The District Network is a collection of markets and communities that has no central authority. In order to participate in the network of markets and communities, you need to have the District Network Token or DNT. DNTs allow you to create and vote on new communities, vote on new updates to the network, and access services offered by the network.
The District Network is set up to use different types of software programs to make it easy for anyone who wants to create a community to do so in an open way. These software programs include things like listings, search, ranking, reputation systems, and payments.
In order to create a community on the District Network, you must submit a proposal for one to the entire network. In order to submit a proposal, you need to have a certain amount of DNTs that act as your deposit. The network users, who are anyone that owns DNTs, decide whether or not to accept each proposal into the network.
If a community proposal is accepted by the network then the community is formed and gets access to the software programs mentioned above. If it is not accepted by the network then the deposit is returned.
Anyone can join any of the network communities as long as they own some DNT. They can then choose what amount of DNT they would like to use in each community they join. This amount of DNT will be converted to community specific tokens that give each member different abilities within that community, such as voting rights.
At any time, a person may choose to leave a community. Upon leaving a community, whatever amount of DNTs they originally choose to use in that community will be given back to them, which they can then use for other purposes in the District Network.