How DENT works and where to buy and sell it
DENT Wireless as it’s officially known, aims to use cryptocurrency to democratise mobile data and bandwidth in a peer-to-peer economy. In simpler terms, it aims to help users buy and sell their mobile data.
Where to buy and sell DENT coins.
Step-by-step guide to buying and selling DENT
- You can only buy DENT with another cryptocurrency, so you’ll first need to buy BTC or ETH and then trade that for DENT at one of the exchanges above.
- The coins accepted may vary, depending on the exchange.
- This involves creating an account on the exchange, and then sending coins from your wallet to that exchange. At this point, they can be exchanged for DENT.
- After the exchange, your DENT will either be deposited to your account on the exchange or sent directly to the wallet address you’ve specified.
How does DENT work?
DENT Wireless has three stated goals.
- The liberation of mobile data. It wants to let customers buy and sell their mobile data peer to peer as quickly and easily as possible, to eventually create a global marketplace for mobile data, bringing prices down all around the world.
- The removal or minimisation of data roaming fees. DENT aims to remove the concept of data roaming by using a system called “Local Breakout” that automatically routes data in the most efficient way possible. Currently, data roaming fees are used to offset the costs of inefficiently routing data, for example from someone’s home country to the country the person is in currently.
- To help drive the data sharing economy. Just as Airbnb is driving shared living space, Uber is driving shared transportation and other peer-to-peer systems are emerging, DENT wants to drive shared mobile data.
To try to accomplish its goals, DENT uses an ERC20 token on the Ethereum blockchain.
- A single currency. The use of its own currency makes it a lot easier to buy and sell data globally.
- Smart contract products. When users buy and sell mobile data it comes packaged as a smart contract product. This ensures transparency in the system and means buyers and sellers can’t cheat each other.
DENT operates through a mobile app with the aim of making buying, selling and sending data as easy as using any other app.
What to consider if buying DENT
DENT will have a total token supply of 100 billion, of which about 10.7 billion are currently in circulation.
If you’re planning on buying, it’s probably also worth getting the app itself to see how it works, and whether you might simply prefer to use DENT for its intended purpose rather than holding onto its tokens.
The DENT platform is largely operational and has a functional product that appears to be widely used.
It also previously adjusted prices to adapt to the growing value and popularity of the coin, so it’s worth considering that DENT’s value might be increased without pricing the token out of usability.
However, it’s also facing extreme competition from other blockchain providers. For example, Sirin Labs’ dedicated blockchain smartphone which is currently under development and has the goal of having DENT-like features built-in.
The Sirin phone is being created with the specific aim of eventually migrating into the IOTA network, and IOTA, IoT Chain and other “Internet of Things” platforms might have the potential to eventually leave DENT obsolete.
But if you’re looking to test drive some blockchain technology in the real world, you may want to test the waters by buying some DENT, getting the app and seeing how it stacks up next to your current mobile data prices.