What is Dentacoin?
Dentacoin (DCN) is a novel, specialized cryptocurrency project that advertises itself as “the blockchain solution for the global dental industry.” Its mission statement is to improve dental care and make it accessible for everyone worldwide. By combining the blockchain with the dental industry, Dentacoin hopes to develop a unique, forward-thinking business model for the modern provision of dental services. The idea is that bypassing traditional dental insurance providers will ultimately allow for more patient-centered care as the blockchain allows costly middlemen to be cut out of the dental care process. The project currently boasts a membership of over 4,000 registered dentists worldwide.
History of Dentacoin
Dentacoin was founded by financial markets and software engineering expert Dimitar Dimitrakiev. Team members include specialists in the areas of law, economics, blockchain technology and the dental industry. In addition to its core team, Dentacoin also employs a number of advisors in the dental, medical and blockchain fields in order to help ensure its success. The project was first introduced to the public in February 2017, having over 40,000 participants in its ICO. DCN was listed on cryptocurrency exchanges by August of that year, and in December 2017, the token briefly surpassed a $2 billion market cap value.
How Dentacoin Works
Built on top of the Ethereum network, DCN is an ER20 compliant token. In order to perform its distribution function, it employs a newly-developed “Proof of Concept” system. Coins are earned by platform participants through value-generating activities which serve to contribute to the improvement of the dental industry. It is currently used as a means of payment with some partner dental clinics in Europe as well with a high-tech dental equipment manufacturer. Upon the issuance of its Ethereum contract, a total supply of 8 trillion DCN were created, most of which are to be slowly released in a series of “TimeLock contracts” between the years of 2018 and 2042.
In addition to the fact that Dentacoin is an Ethereum token and enjoys the speed and security benefits of the Ethereum network, its user platform also contains a wide variety of specialized features, some of which include:
Trusted review platform. The first blockchain-based review platform for dental services, participants are rewarded with DCN for their reviews and verifications. Currently in operation, it has over 1900 users and 200 dental practices registered.
Dentacare mobile app. For Android and iPhone, teaches kids and adults how to maintain good oral hygiene through a “3-month incentivized challenge.”
DentaVox web app. Online market research platform which surveys users on dental health topics and provides their results publicly.
Dentacoin Assurance. Decentralized insurance model which assures registered patients that they can receive lifelong, preventative care with low monthly costs paid in DCN, with payments going straight to participating dentists.
Built-in trading platform. Allows participants to buy and sell dental care products, materials and equipment.
Database for medical records. A decentralized database, fully managed by patients, for storing dental records in a safe and reliable way.