Question: Are you an avid fan or a skeptical critic of cryptocurrency?
Another question: How do you feel about your smile?
As a financial strategy, cryptocurrency is a polarizing concept. But dental care is a universal human concern.
Dentacoin, cryptocurrency, and the Blockchain technology behind it presented the opportunity to revolutionize the dental industry on a global scale, and the results have been intriguing.
Dentacoin is the first and only organization bringing Blockchain technology into the dental clinic.
Using their system, you could very well pay for your next dental cleaning using nothing more than a string of numbers on an app.
What is Dentacoin?
The Dentacoin Foundation was founded in the Netherlands in 2017 by brothers Philipp Grenzebach and Jeremias Grenzebach and Professor Dr. Dimitar Dimitrakiev. Dentacoin is a private company and a non-profit organization committed to one thing: leveraging Blockchain technology to make dental care more accessible to everyone.
This innovative and intrepid organization is genuinely blazing the trail for future ventures into healthcare Blockchain.
Before discussing the specifics of Dentacoin, let’s take a moment to review what Blockchain and cryptocurrency are.
Blockchain is a technology that has actually been around since the early 90s. This technology allows people to create permanent records of online data transfers. Once a “block” of information is completed, it cannot be altered. Any changes to the information will simply join the “chain” as a new “block” of data. As a result, information can always be verified and is never truly lost. This is an essential aspect when dealing with virtual currency, better known as cryptocurrency.
Cryptocurrency is decentralized virtual money. That means it doesn’t exist in physical form and is not regulated or backed by any government entities. The value of cryptocurrency is determined purely by the demand for the currency, and it is maintained through a transparent system of peer-reviewed checking.
And how are cryptocurrency transactions processed, logged, and valued?
That’s right, through a Blockchain.
The Blockchain maintains a permanent record of each cryptocurrency transaction, and each transaction is verified by other independent users of the cryptocurrency system. These people are called “miners” because they use complex computer programs to solve algorithms that verify those cryptocurrency transactions, and they generate new units of cryptocurrency as a payment in return.
As more people purchase cryptocurrency and carry out transactions online, demand for the currency increases, and its value goes up.
Many people use cryptocurrency because it allows them to remain anonymous. All you basically need to make transactions is a special web link. No one can identify you by seeing your link. All transactions on the Blockchain are anonymous and untraceable.
Others purchase cryptocurrency as a kind of speculative investment. They hope to sell out after watching the value increase, but this is generally considered to be a hazardous financial strategy.
Now you’re probably wondering:
What does my dental care have to do with cryptocurrency?
Here’s where Dentacoin comes in.
The Dentacoin Foundation created a token currency called “Dentacoin,” used to pay for dental care by participating dentists. The token, abbreviated DCN, has a value-based upon a major cryptocurrency called ether (Ethereum).
The Ethereum system is the main currency exchange platform, and Dentacoin leverages the Ethereum Blockchain technology and functions within this platform as a closed unit. This is a widespread arrangement for companies that want to offer cryptocurrency by working with one of the big names in the field.
Look at it this way: Ethereum is the cash you pay when you enter an amusement park, and Dentacoin is the preloaded wristband that you swipe to purchase food, drinks, and entertainment.
Fortunately, you don’t have to have anything to do with the Ethereum system if you aren’t into cryptocurrency. You can directly purchase and deal with Dentacoin tokens.
So how does Dentacoin work?
To put it simply, the Foundation set up this system with the goal of making dental treatment better for everyone all around the world.
Through Dentacoin, they hope to:
Dentacoin aims to offer a “win-win-win” scenario for everyone involved in the exchange of dental services across the world. Because geographic borders do not limit cryptocurrency, Dentacoin provides the perfect environment for a rich and diverse network of dentists and patients worldwide.
People who cannot have a bank account or who cannot rely on local currency stability can earn virtual money and spend it on the dental treatment they need. Dentacoin also offers patients multiple ways to earn tokens that they can save up and spend on their dental care.
Dentists can typically earn more money by repairing teeth rather than by preventing tooth decay. Still, Dentacoin offers dentists a steady financial income stream in exchange for offering more preventative services to their patients.
Despite the risks of cryptocurrency investment and the negative press that often surrounds the topic, Dentacoin uses the technology to challenge the status quo, break down barriers to care, and promote better dental and financial health for all.
The Currency of Dentacoin
Dentacoin offers its system through a collection of free web, and mobile applications called the Dentacoin Ecosystem.
Dentacoin’s primary offering is Dentacoin Assurance, a smart contract that serves as a complement to or a substitute for dental insurance.
Some patients avoid seeing a dentist for basic dental care because they don’t have access to dental insurance or a line of credit. Perhaps they can’t access social services because of citizenship issues or a criminal record. Whatever the case, such patients can start dealing in Dentacoin and enjoy the benefits of preventative care. All they need is Internet access.
Dentists can sign up with Dentacoin Assurance and create treatment contracts which they can then offer to patients who can’t afford out-of-pocket expenses for dental care, particularly for essential preventative treatments like checkups and cleanings.
Dentists can offer a lifetime of essential dental services to patients in exchange for a fixed monthly payment in Dentacoin.
Not only do the patients benefit, but dentists do, as well. The dentists are then receiving a fixed monthly income stream just for offering preventative treatments.
Dentacoin Assurance is an ideal payment system because it creates a “smart contract.” This is a coded and fixed agreement that gets locked into that Blockchain as soon as it’s made. It’s a protection and guarantee for both dentists and patients; there is no treatment rendered if the patient doesn’t hold up their end of the agreement and vice versa. Either party can cancel the agreement, but it ensures that the services provided are paid in advance.
Should You Try Dentacoin?
We live in an increasingly cashless world where many transactions are already digital. In light of the COVID-19 pandemic, remote dental care and hands-free payments are becoming ever more important, so Dentacoin is well-positioned to help more people access the basic dental treatment they need.
The concept of incentivizing dental care through DCN is also a fascinating prospect. Most people don’t care for their teeth very well, and the promise of earning a bit of cryptocurrency can encourage anyone anywhere in the world to brush twice a day.
Dentacoin isn’t a crazy cryptocurrency investment or wealth building scheme. Instead, it’s a secure method for reducing dental costs and bridging the gap between dentists and underserved populations.
So while we can’t make a Dentacoin prediction just yet, it does look like now is the time for this treatment model to shine.
We look forward to seeing how Dentacoin continues to grow and influence the health care Blockchain trend.
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