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Here’s a quick cryptocurrency quiz: What do May 22, 2010 and June 14, 2017 have in common? The answer is that on both days, a cryptocurrency was used to buy something of value for the first time. The date in 2010 is celebrated by Bitcoin users because that’s when one Bitcoin holder purchased two pizzas for 10,000 Bitcoin from another Bitcoin holder. The pizzas were valued at about $41 USD.
On June 14, 2017, a little over 31.5 billion Dentacoin was used to purchase a business. The business, a dental clinic named F3T is located in London, Stratford and specializes in edentulous jaws (jaws without teeth) and fixing dental prosthesis (dental restorations which include crowns, bridges, inlays, onlays and veneers). The company was valued at about $92 million USD.
The differences between the two transactions far outweigh the similarities. While the Dentacoin purchase clearly includes a premium paid to the seller to cover the risk that Dentacoin fails to achieve value in the market, the difference in magnitude makes a difference in substance. The purchase of an operating business can’t really be equated with the purchase of two pizzas.
The dental clinic is the pilot clinic of the first of two innovative dental clinic concepts for the technologically advanced and highly efficient, Blockchain-integrated dental clinics, which are developed as future business models for the global dental industry. The “proof-of-concept,” F3T pilot clinic in Stratford, London has reported a break even after only a short time of operating. This efficiency reduces operating costs, thus passing on the saving in the form of lower prices for dental services to patients.
The clinic has also utilized Dentacoin to reward patients who give their detailed feedback through an internal feedback system. F3T clinic is on its way to implement the Dentacoin Trusted Review Platform, for a higher level of automation, security and manipulation-protection. This unedited collection of patient comments, will give other patients confidence that the low cost does not mean low quality of care. The reviews are stored on blockchain, so the cost of maintaining the platform is reduced, just like the cost of the care itself. Once on the blockchain, the reviews can never be deleted or edited.
Going back to the pizzas, it is important to note that the Bitcoin transaction was within the Bitcoin community. The pizzas were bought by one Bitcoin user from another, not from the pizzeria. The continued operation and success of the clinic will expand the Dentacoin community, bringing in patients and other dental professionals. Independent dentists from around the world have expressed interest in using the Dentacoin model and tools.
Currently, anyone can be excused for not knowing the second date in the cryptocurrency quiz. After all, Bitcoin is the reigning star of the cryptocurrency world. But the use of Dentacoin as a tool in building a successful business in an industry ripe for disruption may mean that future quiz takers will remember June 14, 2017 as a seminal date in both the dental and cryptocurrency industries.
Dentacoin launches its ICO on 1st of October, 2 p.m. GMT. Over 30K people are already registered on the waiting list. The main modes of payment during the ICO will be Ether (ETH), Bitcoin (BTC) and Indian Rupee (INR). The price for the entire ICO period will remain fixed at 2 500 000 DCN for each 1 ETH contributed or 33 000 000 DCN per 1 BTC.
More information on the official Dentacoin ICO page:
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