At first glance, it looks like Dentacoin’s creators spent a little too much time under the influence of blockchain hype – and their own anaesthesia – but a closer look says otherwise.
Dentacoin aims to become the blockchain solution of the global dental industry, with DCN as its token.
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Where to buy Dentacoin
You can buy DCN at the following exchanges:
You can use the Coinomi multi-currency wallet or add it as a custom token to MyEtherWallet.
How does Dentacoin work?
Dentacoin’s plan is simply to use the potential of new technology to disrupt the current status quo with a platform that offers a useful range of features.
- The blockchain. Decentralisation and trustworthiness are essential to many of the features for both patients and practitioners.
- Smart contracts. Smart contracts to automate and guarantee the insurance contracts and other systems where applicable.
The DCN token
Dentacoin is an ERC20 token with a total cap of 8 trillion.
Of these, around a quarter were distributed in the ICO and other pre-sales. The remainder are held by timelock smart contracts for gradual distribution from 2018 to 2042.
Inflation will be 1.9% in 2018 and will increase year on year to a peak of 9.5% in 2024, after which it will start decreasing again. From 2030 onward, it will sit at 1.9% a year.
Dentacoin will have the following features:
- Reviews. The ability to assemble guaranteed trustworthy reviews is invaluable. Customers can be properly incentivised to leave honest and verified reviews, while practitioners can have the quality of their work verifiably recognised.
- Database. A centralised warehouse for people’s dental history.
- Gamified mobile app. A system to help people engage with the Dentacoin app, play fun tooth-hygiene-related mobile games, develop better dental care habits and reward people with DCN for doing the right thing.
- DentaVox. A market research hub, where a machine learning algorithm identifies high quality answers from participants and rewards good answers with DCN.
- Dental insurance. Smart contract dental insurance policies negotiated directly between an individual and their dentist. These will be backed up by connection to the wider Dentacare network, ensuring it still holds its purpose in the event of a dentist’s insolvency, death or other “contract default.”
- Trading platform. A complete dental trading platform, bringing together manufacturers, distributors, practitioners and patients.
On the surface, none of these might seem like particularly inspired applications. But there’s more to them than meets the eye, and they’re considerably greater than the sum of their parts.
For example, the dental history database is probably one of the simplest parts of the Dentacoin plan, but it’s a big deal. Not being able to access a patient’s dental history is a recurring bugbear for practitioners, and it has measurable impacts on the quality of dental treatment and on a dentist’s bottom line.
Similarly, encouraging patients to properly maintain their teeth is often one of the hardest parts of the job. A gamified app that actually incentivises users to follow through by rewarding them with DCN tokens previously purchased in bulk by the dentist could also make a measurable difference.
The token rewards from the app could, in turn, be used to get free preventative dental treatments. The benefits of preventative dentistry are so significant that health insurance providers have already started offering it for free, so that’s kind of a big deal.
These naturally feed into the idea of reliable smart contract dental insurance contracts. By minimising the odds of serious dental issues, cutting out the middleman (the insurance companies), offering avenues for higher quality treatments and finding new ways to promote better preventative dental care, the Dentacoin insurance plans are almost certainly going to be among the cheapest and most effective dental health plans for consumers while also offering some of the best return on investment for practitioners.
When you put it all together on one platform, and then offer smart contract dental insurance plans as the main product, it starts looking a lot more impressive.
Should I buy Dentacoin?
Dentacoin is already accepted by several dentists in Europe, including the Dentaprime International in London, which was purchased for the pre-valued equivalent of $90m in DCN tokens ahead of the ICO.
If there’s a Dentacoin clinic near you, the tokens are probably going to give you value for money one way or another.
But for the token’s value to grow, Dentacoin will need to be picked up by enough practitioners. This might be more likely than it seems.
- It’s an all-around extremely tempting proposition for dentists.
- The proliferation of dental chains means it can spread faster. One dental chain can start using Dentaprime to suddenly put it in a hundred different clinics around the world.
- Dentaprime is a dream come true for any national healthcare program. It stands to drop the average cost per patient, improve patient health and offer a unified management system automatically.
Dentacoin will almost certainly be crushing any cost-benefit analysis on the industry side, making it very hard to resist.
It may also be fairly resilient to competition from other cryptocurrencies. There are no other dental-specific cryptocurrencies, and most other ecosystems that might get used instead (such as ICON, which is seeing use in South Korea’s health insurance industry) are designed to offer cross-chain functionality and are more likely to work with Dentacoin instead of against it.
The Dentacoin team is also highly experienced, with a strong emphasis on multi-disciplinary skills and a history of hitting their development milestones punctually. With coin inflation already locked in by the smart contracts and a long-term plan that’s dependent on development and growth, it’s nice to know that things are on track.
At first glance, Dentacoin looks like a goofy idea with few features to recommend it. A closer look shows it to be much more carefully constructed than it appears.
But for investors, it’s hard to get over the multi-trillion coin supply limit. DCN is simply never going to hit a dollar and shifts of a fraction of a cent could see it swing dramatically between being over and undervalued.
It’s also hard to square such a heavily-supplied coin with the idea of a functioning dental economy. If a root canal costs a million DCN and a dental review rewards you five DCN, the incentive to keep “playing” won’t last.
The Dentacoin ecosystem is a lot better than it looks, but the DCN token itself is a bit more dubious and doesn’t really seem to have an essential role. At the moment, it looks like it’s only there because real money is too expensive.
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