DentaCoin – Decentralized & Incentivized Dental Platform
Dentacoin (DCN) is a cryptocurrency founded by Dr. Dimitar Dimitrakiev and was released in May 2017. Its goal is to be the primary cryptocurrency used by the $440 billion per year global dental industry. The DentaCoin platform implements several blockchain-based technologies, in order to improve the dental industry.
There is a website where customers can review dentists and are rewarded with DCN for doing so, and dentists who get positive reviews also get free DCN. The unique thing about this dental review site is that it’s decentralized, so reviews can never be censored or deleted. This is unlike centralized review platforms like Google and Facebook, which can be manipulated at will by those in charge of the platform.
Get Paid For Answering Survey Questions
There is also a survey website where users receive free DCN to answer questions about their dental health and habits, which helps build a database of information that is useful for dentists. Perhaps the most interesting feature of the DentaCoin platform is that it can be used to store patient health and dental records on the blockchain, thus providing permanent decentralized storage that can only be accessed with the patients’ permission.
DentaCoin was generated via an Ethereum ERC-20 smart contract, which is a popular and easy way to create new cryptocurrencies and distribute them with an initial coin offering (ICO). The platform uses the Ethereum blockchain, so it is extremely secure since there is a tremendous amount of mining power on the Ethereum network. However, no actual mining will be done on the DentaCoin blockchain which minimizes energy costs.
Trillions Of DCN Created
A colossal 8 trillion DCN were created in the genesis block, far more coins than most other cryptocurrencies. 40% of the DCN are reserved for coin sales to generate profits for the development team, and 190 billion coins will be sold each year until 2042. 20% of coins are allotted to the developers for expenses, advertising, and bounty programs. 40% of all coins are reserved to be earned by users for participating in improving the dental industry via reviews, surveys, and other things.
Currently, only 325 billion of 8 trillion coins are in circulation; the tremendous amount of coins held by developers for sale in the future are likely to keep the price of DCN low making it an unattractive investment choice. The market cap of DentaCoin is a fairly high $100 million, but this is unrepresentative of the popularity of this platform, since its daily trading volume is only tens of thousands of dollars.
Overall, DCN is an interesting cryptocurrency because its associated platform focuses on the $440 billion per year global dental industry, but it is not a good choice for investment due to the huge amount of coins that the developers control.
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This is not advice. Advice should be accepted by your chosen legal counsel only and financial advice should come from a licensed or certified financial professional. As always – do your homework and make decisions based on your own education. Seek information and look into projects before adding to or diversifying your portfolios.