Yes, you heard it right, dentist are in for special treatment. An exclusive cryptocurrency called- ‘Dentacoin’ is designed exclusively for the use by the dentists. Sounds weird? Well, it not exactly weird. As the crypto market will grow and will get widespread, it is expected that the specific digital assets such as ‘Dentacoin’ will be embraced more and more.
Since healthcare or specifically dental care comes under an essential requirement of everyday life, it is bound to embrace such innovation. Currently, the dental care industry is of worth 8 Trillion U.S. Dollars. With the efficiency, speedy nature, and precision of blockchain technology, Dentacoin’s aims for providing an ‘improved healthcare system’ sounds very much possible. As per ‘Reddit’ Dentacoin official posted-
“People can get access to preventive dental care at affordable rates through Dentacoin Assurance. Dentacoin also aims at helping people to improve their poor oral hygiene habits through their Dentacare App.”
Dentacoin aims to become “the future of the industry.” But is it too preposterous or real? Well at first glance one may dismiss it as an over-ambitious goal, but if we pay close attention, we will find that the magic lies in the details. The team Dentacoin is pushing the envelope aggressively to widespread the understanding of the Dentacoin concept. The effort for publicity has got the company some ‘paid releases’ in the media dealing with the crypto news, as per cryptobriefing.com.
Dentacoin is a mutual project of Dr. Dimitar Dimitrakiev, Philipp Grenzebach, and Jeremias Grenzebach. With the backing of their expert knowledge in financial markets and cryptocurrency development sector, the birth of Dentacoin took place in 2017. The company is aiming at the entire dental industry which is worth 400 Billion U.S. Dollars.
According to the American Dental Association, an average American spends 544 U.S. Dollars annually for dental care. With the introduction of Dentacoin, there are chances of the table to turn dramatically.
Last year in August the Dentacoin ETH based crypto token- DCN held a market cap of 112,327,971 U.S. Dollars. At that time the circulating supply of DCN out of the total supply of 8,000,000,000,000 was- 325,226,613,094 DCN. Also, the exchange rate was 0.000345 U.S. Dollar. Last year in January the all-time high of the token was recorded as- 0.006575 U.S. Dollar.
The token can be traded on crypto exchanges such as HitBTC, Cryptopia, Mercatox, IDEX, and CoinExchange. Although it is paired with BTC, ETH, USDT, LTC, and DOGE, the aim of the token is different. It is not seeking competition in the crypto asset market. It has its eyes set on building a dental blockchain instead.
The company aims to gradually distribute 76.1 percent of the tokens, while the founders of the company aim to hold 5 percent of the entire supply, whereas 2.4 percent will go to the core team members of the company. The token becomes a versatile token as it is an ERC 20 token. That makes it eligible to be stored in crypto wallets such as MyEtherWallet, Coinomi, and Ledger Nano S and so on.
The completion in the healthcare sector-
Dentacoin can not completely block the competition, as the healthcare sector already have major companies who are trying to incorporate blockchain into the healthcare services. Dentacoin does not have a monopoly in the area.
For instance, according to sources, Medicalchain is also striving to use blockchain. This company aims to record and distribute patient healthcare and insurance information on the blockchain. The company joined hands with Mayo Clinic recently which is one of the world’s most successful teaching hospitals. Medicalchain partnered with Mayo Clinic so that it can use decentralized medical records system in the real world medical practices. The CEO of Medicalchain- Dr. Abdullah Albeyatti said-
“We are thrilled to be working with Mayo Clinic. […] Mayo Clinic will provide its world-class healthcare and health IT expertise, while Medicalchain will provide our knowledge of blockchain and crypto. Together we will work on several use cases using blockchain based electronic health records.”
The second company in competition to Dentacoin is TimiHealth’s TimiDNA platform. This company is targeting to bring back the lost trust to the DNA industry, given there have been cases when manipulative companies took DNA Data from the public and sold the information while making gains of 130 million U.S. Dollars. The company is in the process of announcing new partnerships with other DNA organizations that share the same aim. Joyce Lignell, the chairwoman of the advisory board of the company, said-
“We are also developing capabilities with service partners to provide all of the same services as existing genomic companies, but with the additional security of blockchain technology and control over permission rights to share data as you see fit. We know empowering consumers is going to be a disruptive force in the genomic landscape, and we are proud to be the leader in this movement.”
Another competitor of the Dentacoin is Pfizer. It is a big name in the pharmaceutical sector. It has recently partnered with Aimedis. This partnership has been made on an artificial intelligence powered blockchain in order to improve the healthcare sector.
Looking at good coverage by the solutions that incorporate both healthcare and blockchain, Dentacoin is doesn’t have much freedom of choice to exercise. With focused dental sector approach things might start to turn bright for the company. Lately, the Dentacoin Foundation bought a 90 million U.S. Dollars worth of DCN clinic in London. It is a brick and mortar clinic.
So what makes Dentacoin stand out?
As we saw the Healthcare sector is full of competition, then how Dentacoin aims to pull off its aims? And since dental care is not regarded as mainstream as other healthcare sectors, how will the company aim to convince the patients to participate?
Detacoin showcases an incentive-based platform. On this platform, participants are requested to offer honest feedback and reviews, and in lieu, they are rewarded with DCN. Further, these tokens can be used to purchase services that are offered by Dentacoin network.
Another platform which Dentacoin hosts is- DentaVox. It is an online market research place. One can get public reviews on a variety of dental health topics. Further, the company has also launched Dentacare Application. This App is available on both Android phones and iOS phones. It is a learning an indulging app that involves parents and kids to inculcate good habits of regularly brushing, flossing, and good oral care through games.
Through such endeavors, in next one and a half year, Dentacoin aims to establish a Dental Assurance platform and Health Database. The patient data records built with the help of blockchain technology has the real chance to make the company a major hit. As the patients will buy services and information in the dental network through DCN, in return the company will offer them services at discounted prices. In a way, one can look at this structure in the light of health insurance. This structure is sure to attract budget committed patients.
The idea of using the blockchain technology into dental care system to offer transparent and efficient services and record system is a good one but will involve a lot of time to win trust from the public. Things like security and privacy protection of the patient’s data is another aspect which Dentacoin will need to balance in order to secure a wholesome success of the idea.
Ifs and Buts about Altcoins and by extension- Dentacoin-
Although Dentacoin is trying sail with a lot of hope and vigor, some pardon themselves to differ. For instance, as per the reports obtained from Digitalrends.com, Vortex as the host of the Bitcoin News show expressed the connection of blockchain’s complexity impacting the altcoins. Vortex said-
Altcoins such as Dentacoin “cannot scale to the global audiences because blockchains are inherently slow and expensive despite the extraordinary claims made by these founders. […] None of these app coins currently have enough market share to provide any real liquidity for proper investors. Their books are razor thin, so anyone can come along and either pump or dump the market price very easily, which leaves the chain quite open to attacks and manipulations.”