Overall, District0x offered 600 million of its District0x Network Tokens (DNT) during an ICO. The company gained 43,170 ether from a total of 2,394 buyers.
The team behind the project include co-founder and lead developer Matus Lestan, who also established Ethlance, and another co-founder Joe Urgo, the founder of Sourcerers.io.
DNT is a voting right token that will allow its owners to join districts and take part in the management of any district. Additionally, the token grants holders a right to vote on district0x governance decisions.
Districts, meantime, represent decentralized autonomous organizations, which can be created both by the team and by the platform users. Their main functionalities include posting listings, ranking peers, earning reputation, and collecting payments. The network will be based on Ethereum smart contracts, IPFS and will use Aragon functionality for the governance of districts.
District0x framework provides core functionalities to establish and run an online market or community. The company doesn’t plan to generate profits as a for-profit organization. It aims to build an open source system that will allow participants to decide how to monetize the markets they want to build. Besides, the team intends to transfer governance of the platform to DNT holders.
The company has recently partnered with blockchain-based virtual reality platform, Decentraland, to enable users buy and sell virtual real estate, called LAND, in the secondary market. Users of the service will be able to use MANA tokens for buying virtual real estate on which they can develop and monetize content and apps.
On Tuesday, Decentraland has announced a crowdsale, which will begin on August 8 and will run until August 16. The investments will be used to further develop the system and will also go on research, community development, marketing, and legal costs.
In view of the growing popularity of ICOs, the US Securities and Exchange Commission (SEC) has recently announced that they are now subject to the same requirements of the federal securities laws as traditional securities sales.
According to Tim Lea, CEO at Australian blockchain startup Veredictum.io, regulation will ensure security for investors and will help companies to minimize risks. To protect themselves, Lea noted, companies should take some actions, including not selling tokens to US citizens and getting great legal advice.