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October 21 2017

ICO Alert Report: Dentacoin

ICO Alert Report: Dentacoin

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What is Dentacoin?

Dentacoin is the first integral blockchain solution for the global dental industry, aimed at improving dental care worldwide and making it affordable through creating a network of patients, dentists, and suppliers, who confidently cooperate between each other and act in mutual interest. This one-of-a-kind business model uses the current state of the existing industry and introduces solutions to specific problems. Dentacoin is developing numerous blockchain-based tools, as well as introducing two innovative dental clinic concepts, technologically advanced and highly efficient, developed as future business models for the global dental industry. Among the tools of Dentacoin are a Trusted Review Platform (already up-and-running), Dentacare Mobile App, DentaVox market research webapp, Dentacoin Assurance, a trading platform for dental care products, materials and equipment, and a decentralized database for medical records. All tools have blockchain integrated functionalities and are served by a custom ERC-20 utility token, also named Dentacoin.
— The Dentacoin Team

Q&A

ICO Alert: How does the Dentacoin token (DCN) function within the platform and why is it needed?

Dentacoin: DCN is an ERC-20 standard Ethereum token and thus fully decentralized, freely usable on a global scale, and highly secure. It acts as a baselayer for the Dentacoin community, which connects all involved parties at the same time. It’s therefore a core feature of this utility token to be equally accessible and practically usable by all participants. The token powers the whole Dentacoin network as it is used for rewarding network participants for their contribution to the foundation’s mission; it is utilized as a united means of payment and ensures access to services provided within and across the network.
To only have one currency within the network is also important because it creates value circulation through many ways of earning and spending Dentacoin and in the long term, gains value through a strong network effect, meaning that value of the whole network increases with every new participant added to it.

ICO Alert: The total supply of Dentacoin tokens is set at 8,000,000,000,000, with over 76% of that total set to be released annually over the next 26 years. Can you explain why the total supply of tokens is so massive, as well as your reasoning for using TimeLock contracts?

Dentacoin: 8 trillion Dentacoins sounds like a huge amount, but it’s important to know that DCN has no decimals, thus can’t be divided into smaller units. The number of total units is, therefore, around 200 times smaller than the number of Bitcoin units, for example (Satoshi). All coins are pre-mined, as the use of a smart contract limiting the total supply of DCNs ever issued creates a strong anti-inflationary effect in the long term. There are three main reasons for this exact amount: Firstly, our concept has a clear long-term orientation. Secondly, for global coverage, we certainly need enough coin as we are approaching a whole industry with 600 million target users (patients, dentists, suppliers). Lastly, we have implemented a specific “value-generating” distribution model, meaning that through all the blockchain-based tools users will be rewarded with DCN for their contribution. Thus, approximately 40% of all pre-mined coins are reserved only for earning.
As for the TimeLock contracts, they guarantee a fixed and unchangeable yearly distribution of DCN. These smart contracts serve as a reliable promise to all coin holders as they set a fixed yearly inflation rate.

ICO Alert: Your pilot project, the Trusted Review Platform, is already running on testnet and the mainnet is set to be released in Q4 of 2017. What has the initial reaction to the platform been and how is the project’s success essential to the Dentacoin network?

Dentacoin: Actually, we are ahead of our roadmap at the moment and the Trusted Review Platform has been functioning on the main Ethereum network. The Testnet was released on August 17, 2017 and thanks to the detailed and constant feedback from our community, we managed to quickly find initial bugs on the platform and resolve them. Thus, the Mainnet was ready and released just a few days later, on August 21, 2017. Since then, we are constantly trying to improve the user experience. Apart from the complete payment automation implemented, now the users of the platform don’t need to worry about holding ETH to cover the usual transaction fees. A DCN wallet for each user is integrated into the Review Platform account and all transaction costs for receiving rewards are covered by the Dentacoin Foundation.
At the moment, there are nearly 4,000 users and 350 dental practices registered on the platform for the short time operating. This is a clear proof of the attention Dentacoin has earned on its way to create a more functional dental care system. After the ICO, there will be a focused regional targeting for popularizing the Trusted Review Platform, which will gradually achieve global coverage.

ICO Alert: A large component of the functionality of Dentacoin’s network will be the “value distribution model,” which incentivizes both dentists and patients to work together within the network. Can you explain the model and describe how it benefits both parties?

Dentacoin: Within the Dentacoin network, numerous blockchain-based tools connect all the users and reward them with Dentacoin tokens for their contribution to the foundation’s mission will be launched. This smart value-generating distribution model spreads the currency among the target user, brings all market participants together and generates value for the entire industry. As mentioned, this newly-created powerful network is expected to trigger a ripple effect, where adding a new participant increases the value of the network for all existing participants — the main prerequisite for increase in value in the long term.
The key benefits for patients in the network include:
1. Becoming an active part in improving the global dental industry; having their voice heard and thus making an important impact.
2. Establishing healthy dental care habits.
3. Getting rewarded for their contribution to the foundation’s mission with Dentacoin tokens, which may increase in value over time.
4. Being able to pay for dental treatment, dental care products, dental assurance with DCN.
Through participating in the Dentacoin Network, dentists will be able to:
1. Have a stable basic income (through rewards and assurance fees).
2. Create a loyal patient community and align the service with the patient needs; this should, therefore, help them to also achieve a higher level of customer satisfaction, increase the number of recommendations, and thus reduce marketing costs.
3. Buy dental materials and equipment with DCN at discounted rates.

ICO Alert: Both dentist and patient are incentivized to work together and form a trusted relationship within the network. What are the repercussions for a dentist or patient who breaks that trust?

Dentacoin: Let’s look at the Dentacoin “Hippocratic” dental assurance, that will be concluded in the form of a smart contract directly between a dentist and a patient. The essence of this concept is that through low monthly rates paid in DCN, patients will be assured to receive lifelong dental care by their dentist. Dentists should, therefore, provide patients will individual advice on how to take proper care for their teeth, how to form general dental care habits through the Dentacare app and thus prevent more serious dental problems. Only if the patient adheres to these recommendations and pays their monthly rates, the contract is considered valid. If not, the dentist is not obligated to keep him healthy by covering all treatment costs. If the dentist is the one to break the trust relation, they lose a patient, as well as their monthly income from assurance fees.

ICO Alert: If I am a new patient on Dentacoin’s network, what is the process of finding a dentist that will fit my needs and how does that process differ from the traditional models of finding care?

Dentacoin: Apart from the standard selection criteria, on our Trusted Review Platform you will be able to select a dentist with the most positive feedback received from REAL patients. To make sure that the quality of reviews is kept on a high standard, we prioritize trusted reviews written by real patients over standard ones, which generally can be written by anyone. Trusted reviews are reviews where you, as a patient, have been invited by email to give detailed and unaltered feedback to your dentist, right after the actual treatment. This way, we make sure that reviews are based on actual treatments and these type of reviews are incentivized with a significantly larger amount of Dentacoin. Furthermore, we’ll implement and up-voting mechanism, that will list valuable feedback higher.
The feedback left through the Trusted Review Platform is also very detailed; it collects impressions for many different aspects of the service and treatment provided and, therefore, it is much more valuable than the simple 5-star rating provided from most similar platforms.
Something else worth mentioning is that moderators don’t fit into our concept of decentralized stored and reliable reviews, which stay around forever and can’t be removed nor modified by single entities.

ICO Alert: The dental industry is relatively foreign within the ICO space. Can you tell us what current issues plague the dental field, and how blockchain, and more specifically Dentacoin, will look to resolve these issues?

Dentacoin: Dentistry is a growing, highly specific, yet fragmented $400 billion industry. We are talking about many lone fighters (approximately 1.6 million dentists) and thus a low degree of industrialization. The high level of fragmentation makes dentistry the ideal field for the blockchain technology to be applied. Here’s where Dentacoin sees their chance to set a new clear direction for global dentistry through digitization and the power of the crowd.
And if industrial problems, as the ones mentioned above, may sound distant at first, they reflect strongly on everyone’s daily life. According to the Australian Dental Association, 90% of all dental problems can be prevented with regular check-ups, proper oral care, and nutrition. Another research study, conducted by the Academy of General Dentistry, shows that “more than 90 percent of all systemic diseases (diseases involving many organs or the whole body) have oral manifestations.” Due to high costs, 80% of the world’s population cannot afford high quality dental treatment. Dentists are forced by the current system of tariffs, settlements, and insurances to think on short notice; keeping patients healthy in the long term is not economically viable. Simultaneously, the costs for patient acquisition are growing.
Dentacoin develops a concept to improve this deplorable state of affairs. The aim is to achieve the economically and medically desirable assumption of full responsibility for the dental health of each individual, shared equally between patients and dentists. The blockchain technology is the only way to automate data security, protect from counterfeit data, and achieve low costs. It is the only way to integrate a currency system at low costs and with maximum security, independent of authorities and banks. The technology enables more and more decentralized, autonomous processes that return the power back into the hands of the people.

ICO Alert: Does the team have specific goals on the number of patients and dentists they would like to see adopt the Dentacoin network? What are both the optimistic and conservative figures?

Dentacoin: Since we are only at the beginning of our project development, we’ve used the highest possible risk factors when calculating the short-, mid-, and long-term targets, described in detail in our whitepaper. To summarize: in the short-term (five years), we aim at achieving 0.1% of the target market share, i.e. six million patients and 2,000 dentists. The mid-term (10 years) target is reaching 1% of the target market — 60 million patients and 20,000 dentists. In 25 years, we aim to reach a market share of 10%. In the global dental industry, this 10% market share means 600 million patients and 200,000 dentists (12.5% of all dentists), operating within the Dentacoin Network.

ICO Alert: The Ethereum network has occasionally suffered from slow transaction times. Is there any concern that this may affect the Dentacoin platform?

Dentacoin: It won’t. Dentacoin is a long-term project, similar to Ethereum from this point of view. Both projects will evolve over time. Sharding and proof-of-stake will lead to much faster transaction times that will be needed by DCN users as soon as our project scales. We believe in Ethereum and we believe that we started just at the right time.

ICO Alert: Generally, at higher levels of poverty there are less options for both preventive and acute health care. Is this true for dental care as well? If so, is Dentacoin seeking to be functional within third world economies that traditionally lack quality health care coverage?

Dentacoin: The basic model of Dentacoin is applicable worldwide. And yes, in the long term, it is of the utmost importance to also reach third world countries that are in desperate need of preventive and acute health care. Our plan includes approaching different geographical segments of the global healthcare industry. However, this plan could not be executed successfully without thorough localized strategies tailored to the specific characteristics, needs, and requirements of each region. Establishing teams with the needed skills and cultural understanding to actively communicate with potential partners, institutions, and influencers in key regions is one of the major next steps on our roadmap, after the ICO.

Presale Information
The presale ended on Oct 1, 2017. A total of 80,000,000,000 Dentacoin tokens (DCN) were allocated to the presale.

Crowdsale Information
The crowdsale began on Oct 1, 2017 at 2 p.m. GMT and ends on November 1, 2017 at 2 p.m. GMT, or when the total amount being sold is reached. 240,000,000,000 DCN tokens will be available for purchase and tokens will be distributed immediately to the purchaser’s personal wallet after the transaction is complete.

The price per DCN during the crowdsale is 0.0000004 ETH/DCN, or 2,500,000 DCN per 1 Ether. The primary form of purchase is Ether, but Bitcoin and Indian Rupee can also be contributed. An Ethereum wallet should be used and the recommended gas limit is 200,000.

There is a minimum purchase amount of 10 DCN and there is no maximum purchase amount. DCN will be able to be purchased on select exchanges during the ICO or by sending Ether to the contract address published on the Dentacoin website. Contribution amounts should not be sent from an exchange address to the Ethereum contract address, or tokens may be lost. In order to contribute, visit the website for more information and video tutorials.

Token Distribution Information
There is a total supply of 8,000,000,000,000 DCN tokens set to be distributed, all of which have been pre-mined, with a majority being distributed on a yearly basis until 2042. A total of 240,000,000,000 DCN tokens will be allocated for purchase during the crowdsale.

If tokens still remain after the presale and crowdsale, they will be locked until 2042 and distributed according to demand upon release.

Allocation
Locked amount: 96.20%
76.1%: Time lock contracts (distribution 2017–2042)
5%: Coin option plan
5%: Founders
3%: ICO (locked until 10/1/17)
4.1%: Foundation (future needs after 2042)
3%: Dentaprime International (ownership) bonus if targets are fulfilled in eight years)

Unlocked amount: 3.8%
2.4%: Core team members
1%: Presale
0.4% Dentaprime International plc

Use of Crowdsale Proceeds
40%: Core development
25%: Operational
25%: Marketing and sales
10%: Legal and compliance

Team
Dr. Dimitar Dimitrakiev, Founder
Email
Dr. Dimitrakiev has more than 27 years experience in financial markets. He is devoted to science and engineering. He is a member of the IEEE Computational Intelligence Society, EADM and Union of Automation and Informatics and also is a university lecturer.

Philipp Grenzebach, Co-founder
LinkedIn
Philipp has studied law, economics, and business management. He adopted the triple bottom line to Dentacoin while integrating technical sustainability. He is a supporter of free, decentralized markets and holds a degree from Stellenbosch University.

Jeremias Grenzebach, Co-founder
Twitter
Jeremias has immersed himself in peer-to-peer technology for eight years. He was a contributor on such projects as Ethereum, Waves, ZCash, uPort, Status, imToken, and Byteball, and is a believer in decentralization and transparency.

Sergey Ushakov, Front-end and Solidity Developer
Linkedin
Sergey holds a degree in robotics and mechatronics and is currently specializing in software engineering. He is experienced in frontend, solidity programming, digital transformations, and business process automation.

Boris Nekezov, Front-end Developer
Linkedin
Boris combines the art of design with the art of programming, thus ensuring the technical feasibility of UI/UX designs. He is certified and vastly experienced in Javascript, JQuery, CSS, HTML, as well as in quality assurance testing. He is very involved in front-end development for blockchain startups.

Dr. Elena Tuma, Project Manager
Linkedin
Dr. Tuma is certified by the International Training Center for Dental Implantology (IFZI). She is currently developing blockchain infrastructure to collect and store trustworthy feedback as a basis for implementing a patient-driven strategy. Dr. Tuma also manages risks, budget, resources, third party communication in regards to the project Trusted Review Platform.

Dr. Desislava Gercheva, Project Manager
Dr. Gercheva is a dentist and dental educator. Her professional mission is to make first-class dentistry affordable to everyone. She fights against the unequal access to dental care by seeking new technologies, innovative treatment methods, and fair payment options. She is also interested in peer-to-peer insurance models. She manages risks, budgets, deadlines, resources, and third party communication in regards to the project Dental Insurance.

Dr. Dimo Daskalov, Dental Industry Development
Linkedin
Dr. Daskalov is currently the leading dentist, managing a team of 19 dentists. He is an educator in prosthetic dentistry and is improving dental services by implementing future technologies, and delivering a quality patient experience while simultaneously reducing the costs.

Dr. Ivan Peev, Dentistry 4.0 Specialist
Dr. Peev is a dental implant specialist with a significant experience in providing high-tech dental care by surgical guides and computer-navigated implantation systems. He is a Phantom instructor, certified by the International Training Center for Dental Implantology (IFZI).

For a full list of team members please visit the team page of the website.

Social Media
Blog:​ ​https://medium.com/@dentacoin/
Twitter:​ ​https://twitter.com/dentacoin?lang=en
Facebook: https://www.facebook.com/dentacoin/
Slack:​ https://dentacoin.slack.com/
Telegram:​ ​https://t.me/dentacoin
Bitcointalk:​ ​https://bitcointalk.org/index.php?topic=2042871.0
Reddit:​ ​https://www.reddit.com/r/Dentacoin/

You still have a chance to join the Dentacoin ICO and buy DCN at an exclusively low price: 2 500 000 DCN per 1 ETH. Over 90% of the Soft Cap is already reached! For more information visit the website now.

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View the Dentacoin Website here.

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References
(1) Dentacoin Website, Dentacoin, (2017)
https://dentacoin.com/

(2) Dentacoin Whitepaper, Dentacoin, (2017)
https://dentacoin.com/white-paper/Whitepaper-en1.pdf

Topics: Blockchain, Cryptocurrency, Dentistry, Dentist, ICO