Estimated reading time: 3 minutes, 36 seconds
Join Jeremy in exploring the basics of ICO’s and reviewing some current ICO projects taking place on the internet right now. He’s here to provide you with the facts on what we know about the projects and token sales used to fund them!
In our first ICO or NO episode, Jeremy is checking out District 0x, a blockchain-based projects hoping to be one of the first decentralized social networks.
What is District 0x & what problem are they trying to solve?
The blockchain is still looking for it’s first killer dApp. If you look at the model of the Internet, and where it has gone over the last 10 or 15 years, it’s only logical that the first dApp is going to come in the form of a social network.
District 0x is a social network made up of ‘districts,’ which are decentralized marketplaces and communities that act as DAOs, or Decentralized Autonomous Organizations. This means that these communities can function on their own, without need for a governing central party. Every single decision is voted upon, from policy changes to how to distribute funding.
This is all backed by the ideal of the consumer of a social network control their own information and own community, as existing networks have used and abused that privilege. Current social networks are faced with the issue of when to step in and censor or delete posts of their users.
District 0x answers this issue with a resounding: never. They believe in a censorship free social network, backed up an upload-download system. So all of the pertinent information rises up, while all the trash stays down.
What are the market conditions & is District 0x viable anytime soon?
The good thing about what District 0x is trying to do, is that there is not going to be only one social network on the blockchain. There is a lot of space to fill. Like a good friend of mine says, “For every McDonald, there is a Burger King.” So, there is definitely space for District 0x to carve out it’s niche, especially right now.
All districts in the network will provide the following four basic functionalities:
- Posting and listings
- Search and filtering
- Ranking and reputation
- Payments and invoicing
These four basic, underlying functions will support districts to make sure that they are not just a social network, but a functional social network.
In addition to those four functionalities, in order to make sure each district doesn’t look the same, districts will have the option to add auxiliary modules. These will be customizable, kind of like add-ons or widgets to make each district unique and more functional.
Who’s the team behind the project?
District 0x is in a pretty cool position, where they have a couple established blockchain projects already working with them which helps lend them some credibility.
Aragon is going to be doing all of their smart contract protocols. Aragon is pretty well established already, so it gives you a bit of reassurance seeing an un-established project working with one that already has it’s legs under it. (Learn more about Aragon here.)
What are the details of the District 0x ICO?
District 0x is designed to have three rounds of funding in their ICO.
Their ICO will start July 18th, 2017 and then again on August 1st, unless a cap of $50 million is reached. Now, I always like ICOs that have caps, because it shows some responsibility on behalf of the developers. They aren’t just going to swim in money, and then not know what to do with it.
District 0x has a detailed plan for where their funds are going to go, pending on if they raise $2 million, $10 million, or $50 million. So they already have a roadmap based off of how much money they will raise and what it will be spent on.
ICO or NO covers some of the hottest tokens sales from the coolest projects! Jeremy, though his patented Four Question System*, dissects each project to help you better understand the token sale! Check out more of our ICO or NO episodes here, and subscribe to our YouTube channel for future ones!
*Patent Maybe Pending