Dentacoin (DCN) Review (UPDATED 2018): A Beginner’s Guide | VKOOL

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As the cryptocurrency swells in size and more and more coins enter the market, developers are getting more and more specialized in their applications of cryptocurrency. Dentacoin (DCN) is a platform that is supposed to help people get dental care more affordably. It's based on Ethereum, with a system that features rewards and incentives for using it, promoting the building of a community around it. Why are they doing this? Well, as much as 80% of the world doesn't have reliable access to dental care. That's a huge problem, and one that Dentacoin could help to solve.

One of the aims is to reduce the costs of dental care by removing insurance companies from the equation. With the Dentacoin system, patients and dentists interact and perform transactions directly, and with certain smart contract agreements, overall costs can be lowered, so that patients don't have to pay extremely high premiums and still get the care they need.

Since global dentistry is a $400 billion industry, it hasn't been easy for anyone to disrupt it. Dentacoin might have an answer, though.

The Features of Dentacoin

This isn't really a cryptocurrency, in the sense that it's not meant to be a general currency for goods and services like Bitcoin and Ethereum. Instead, it's a token meant to be used exclusively in the dental industry. There are a number of features associated with Dentacoin that make up the platform.

The first is the review platform. Since patient reviews are key to holding providers accountable (and making sure patients are making informed decisions), the service offers a review function based on blockchain technology, with incentives for unbiased reviews. People are rewarded with Dentacoins, which can be used for paying for treatment.

There's an app the platform uses to not only facilitate user interaction, but to educate users on oral hygiene. Over the course of three months, users are incentivized to play a “game” that instructs them on brushing, flossing, nutrition, and other areas of dental health, in the hope that the repetition will ingrain those habits in the user.

The service features an opinion platform called DentaVox, where people can give feedback on different topics of dental hygiene, so that dentists, companies, manufacturers, and others will be able to use that data to improve care, manufacturing, branding, and desirability.

The service works on smart contract technology, allowing direct deals between dentists and patients. Dentists can insist on certain caveats such as proper daily flossing, which the patient must uphold. There are rewards for when both sides hold up their end of the deal.

This platform also has a database to store health information, as well as a trading platform so people can use DCN to pay for dental supplies directly through the service.

How Dentacoin Works

The platform is based on smart contract technology, a way for individuals to negotiate terms on a transaction, and when all agreed-upon conditions are met, the money/assets/coins/currency are released to the parties. Since it's done with computer protocols, the reasoning goes, you don't need middlemen to verify if both parties have upheld their agreements. This way, people can engage in transactions without having to trust that the other side will hold up their end of the bargain – they literally won't be compensated unless they do.

Dentacoin's History

The Dentacoin team comprises 20 people. It was founded by Dr Dimitar Dimitrakiev (who has a background not only in computing but in finance as well) as well as business professional Philipp Grenzebach and blockchain developer Jeremias Grenzebach. They had their ICO in 2017 and have since purchased a physical clinic in London using DCN tokens – for a real-world value of $90 million. They have plans to expand and accumulate a string of clinics affiliated with the Dentacoin concept.

Dentacoin's Supply

There is no mining in the Dentacoin system. Instead, there's a set maximum amount of 8 trillion Dentacoins, with 325 billion in circulation. Further distribution will be made over the course of the next twenty years, with distributions made users, as well as to the founders and the team members. It will be in what's called a Timelock contract, which is determined by a preset time. With more tokens in supply, it could affect the value, so it will be interesting to see how things change.

The Trading History of Dentacoin

After its ICO, Dentacoin began trading on the markets in August of 2017. The price was low – less than a cent – and the value remains extremely low. How low? It's all-time high was $0.006. Right now it's more around $0.0015. For those who may not know what that really means, let's put it this way: Dentacoin is behind almost all other tokens on the market. Last place. Not great.

Buying Dentacoin

Like most tokens, you can purchase Dentacoins on bigger exchanges, such as Coinexchange, HitBTC, and EtherDelta, among others. With all of these, however, you need to buy it in Bitcoin or Ethereum, so you'll need to get those elsewhere and deposit them in your wallet on one of those exchanges. It would be easier for people to get involved if you could trade fiat for Dentacoin, yes, but for now, those are the only trading pairs available.

Storing Dentacoin

As of now, it looks like you can only store Dentacoin in the wallets of the exchanges you buy them from. There doesn't seem to be an official wallet from the main service, which is strange, since most platforms do this. You can, however, use an ERC-20 compatible wallet, since the token is built on the same software. These software wallets include MyEtherWallet, Coinomi, and imToken. You can even use a hardware wallet, like a Ledger Nano S or Trezor, if you prefer higher security.

Dentacoin vs Dent

Despite the similar name, these are two different services entirely. Dentacoin is a token for use in dental industry-related transactions using its network of the same name, while Dent (or DentCoin) is a platform for buy and sell mobile data. Both use the Ethereum blockchain as their starting point, and both are tokens (rather than cryptocurrency). While neither are trading even close to high, DentCoin is trading higher at the moment. Both have huge international teams of developers, and both offer mobile apps for users.

Dentacoin vs Bitcoin

These are are very different currencies, and part of that comes down to the fact that Dentacoin isn't really a cryptocurrency like Bitcoin is. Dentacoin isn't meant to be used for anything other than dentistry-related transactions on the Dentacoin blockchain, while Bitcoin is a true cryptocurrency intended to have the same usage as real-life currency for paying for services and goods. Dentacoin has been around practically since early 2017, while Bitcoin's been around for years.

Dentacoin vs Kin

Kin is a service that aims to create a decentralized platform of digital communication services, while Dentacoin is a platform for dental hygiene services and products. Both are focused on direct, user-focused design, and both have their own tokens which are to be used in-system. Both services also have built-in rewards systems to incentivize activity. Both are relatively new, and both have extremely low value in the market right now. Dentacoin has a very specific roadmap and focus, while Kin seems to have a more vague and general idea they're going for, which may or may not coalesce into something specific later on.

Frequently Asked Questions

  1. Do you know how to buy Dentacoin?
    You can buy Dentacoin on major exchanges like HitBTC and Coinbase, among others.
  2. What is the value of Dentacoin?
    It's been in the double zeroes – $0.002, recently.
  3. Where can I read a review of Dentacoin?
    You can read reviews of it on crypto blogs, Medium, and Reddit.
  4. What's the future of Dentacoin?
    Right now it seems to be about buying brick-and-mortar locations to set up clinics that use Dentacoin, as well as improving the capabilities of the platform.
  5. Is there a price prediction for Dentacoin?
    Hard to tell, but it will depend on how much progress the team makes over the next year.
  6. Where can I read about Dentacoin news?
    You can check out their Twitter, or keep tabs on crypto blogs.
  7. Is there a Dentacoin Reddit?
    Yes, you can read about it out on Reddit, where there's a small community dedicated to it.
  8. Is there a prediction about whether Dentacoin will succeed or fail?
    It's hard to tell how any new cryptocurrency will do. Keep you eyes on the markets and crypto news sources.
  9. Is Dentacoin an exchange?
    Not at the moment, no.
  10. Does Dentacoin have a wallet?
    No, you need to use the wallet of the exchanges you buy it from.
  11. What is Dentacoin?
    It's a token used to pay for services and transactions conducted in the Dentacoin platform.
  12. Did Dentacoin have an ICO?
    Yes, in early 2017.
  13. Is Dentacoin legit?
    Seems to be, so far.
  14. Should I invest in Dentacoin?
    You'll have to do your own research to figure out if it's right for you.
  15. Does Dentacoin have a Twitter?
    Yes.

Conclusion

Dentacoin is one of the most specific currencies we've seen so far. Rather than being a replacement for dollars and euros, Dentacoin aims to be a currency strictly for the dental health industry. Despite its lofty goals of trying to change dentistry and give more people access to it, the price is quite low compared to most other tokens out there. However, anything can happen, and if the team keeps up their progress and we see dental professionals start to get on board, you might see Dentacoin take the crypto world – and the dental industry – by storm.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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