Hello Philipp and Jeremias. Kindly tell us briefly what the DentaCoin project is about?
Philipp: DentaCoin is developed as the first integral blockchain solution approaching the needs of the global dental industry. Having recognized the most pressing problems of the industry, we developed a concept which aims at achieving an economically and medically desirable assumption of full responsibility for the dental health of each individual, shared equally between patients and dentists. Through numerous Blockchain-based tools, DentaCoin will bring patients and dentists together in communities working together to improve dental care worldwide and make it affordable. Trust is the key. And trust backed by the nature of the Blockchain, inherently resistant to any modifications of its data. All tools play their important part in forming the community. Starting with the shared responsibility through the DentaCoin Smart “Insurance”, the joint cooperation to achieve the common goal through the DentaCoin HealthCare App and the open communication regarding service performance on the DentaCoin Trusted Review Platform. A healthy community prevents poor dental services provided and a high fluctuation within the community. Stronger bonds through mutual interests reduce costs for both Customer Acquisition and Customers Retention. Patients and dentists benefit from pulling on the same string.
That is great! But are you sure patients will fully grasp a combination of blockchain technology with dental care?
Jeremias: We actually see it happening even now. DentaCoin is already implemented as means of payment at two partner clinics in Europe. At our first partner clinic – SWISS Dentaprime – we integrated DentaCoin as means of payment and as part of their Patient Loyalty Program (rewarding patients for giving constant feedback, writing reviews, recommending the clinic to other people) in March 2017. Considering the fact that most of their patients are over 50 years old, I cannot skip the fact that at first it was confusing for some to understand what exactly is DentaCoin. Six months later we can state that we managed to develop successful communication approaches for different patient groups based on their knowledge and interest. Presenting the concept in a proper and easy-to-comprehend way is important for making people eager to get involved with DentaCoin. Patients are already paying part of their dental treatments bills in DCN. And moreover, they are very excited to do that. It’s nothing to compare with gift cards or bonuses. People feel like taking part in a revolution. Similar positive experience we have with our first functioning tool as well – the Trusted Review Platform – which is up an running on the main Ethereum network even before the ICO.
However, one of the main challenges in order to achieve a mass adoption of our concept is still related to simplifying the access to the Ethereum Blockchain so that all people, regardless of their level of technical competence, can easily operate with Blockchain-based tools. Considering the efforts that many developers worldwide put in this matter, we have no doubt that in a few years, if not earlier, the situation will be completely changed. We should also take into consideration the new generation of digital natives which are somehow born technology affines and are expected to “open” the market for Blockchain solutions into the everyday life.
Does the project really need its own tokens?
Jeremias: The project is mainly about building a network of dentists and patients, where those parties trustfully cooperate and act in mutual interest. DentaCoin token serves as the chain and the base layer for all the tools which we plan to develop in order to improve that kind of social and economical interaction. Through these blockchain-based tools patients and dentists will be rewarded with DentaCoin (DCN) for their willingness to contribute to the Foundation’s mission: to improve dental care and make it affordable worldwide.
The total Dentacoin supply is 8 trillion. Why do you need such an enormous amount of tokens?
Philipp: Yes, 8 trillion is the total DentaCoin supply which is pre-mined. The total DCN supply allocation is described in the Whitepaper in details. But it is important to mention that 76% of the total supply is locked in TimeLock smart contracts, meaning that each year only a certain amount of tokens will be unlocked for distribution. Three main reasons for this supply:
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. The target user group of DentaCoin consists of over 600 Million people, patients and dentists. The planned daily users only of our first tool – the Trusted Review Platform – are up to 3 Million in the long term, each of which will be rewarded with a certain amount of DentaCoins. And this is just one of the DentaCoin tools. 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 impact. Thus, approx. 40% of all pre-mined coins are reserved only for earning. The distribution model of DentaCoin spreads the currency among the target user group, brings all market participants together into co-working communities and thus generates value for the whole industry. This powerful network is expected to trigger network effects where adding a new participant increases the value of the network for all existing participants.
In which countries will the DentaCoin project be accessible and are there legal implications per jurisdiction?
Philipp: Currently we are not aware of any legal restrictions against the implementation of our platform solution. However, there are countries in the world where the access to internet e.g. is limited which could be a challenge for the promotion of the tools. There are other countries where certain regulations on Coin Offerings exist but then again, that has nothing in common with the essence of DentaCoin as a platform solution for the dental industry.
What can you tell us about your team? How does the team compliment the execution of the project?
Jeremias: The Foundation was founded by Prof. Dr. Dimitar Dimitrakiev who is a highly respected university lecturer, with thorough experience in Financial Markets and Engineering and deep passion for technological innovations. The last thing actually brought us together. My brother Philipp and I are co-founders. I am also the core developer behind DentaCoin and Philipp – the business developer. DentaCoin is backed by a team with real world business background – developers, marketing specialists, dentists, dental technicians, industry 4.0 engineers, macroeconomists, insurance economists, lawyers and financial experts from the United Kingdom, Bulgaria, India, USA, Germany, Netherlands, France, Russia and South Africa. Since 2014 approx. 120 people were involved in different aspects of the concept creation. Currently the core team consists of around 30 people.
The essence of the DentaCoin project is that its target user group extends far beyond the Blockchain community. All the value-generating tools are targeted to the wide public, meaning to dentists and patients mainly outside the Blockchain community. Thus, technical competence to secure the most functional, safe and user-friendly system is certainly needed but it is not enough for the concept to be successfully developed and implemented. On that note, two main characteristics are inherent in the core team: 1) Participation of dental professionals on key positions; 2) In-depth competence in international marketing.
Where do you see the value of DentaCoin Tokens in the medium to Long term and the ultimate benefit for token holders?
Philipp: If we are talking about the market price, we prefer to distance ourselves from prophecy. The market price is only controlled by demand and supply. In our Whitepaper we have published the calculated fundamental price of DentaCoin – USD 0.00452 – which is 3700% higher than the ICO price in October 2017. This is the only serious value estimation that could ever be announced.
The calculated fundamental value (real value) of the Foundation remains almost unchanged throughout the development of DentaCoin, since it is bound to the size of the community and the value per user within the community. The market value can undergo typical market fluctuations and depends mostly on the demand for DCN. Respectively the calculated fundamental price has no influence on the market price (trading price). The market price per DCN is expected to exceed the real value over time.
Businesses that do not put their focus on trading but on the creating of user communities are usually valued by the amount of users, they have on their platform. The calculation of the future value is based on the number of DentaCoin wallets created. Within the first 3 stages of its development, DentaCoin Foundation aims to achieve 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), using the DentaCoin value-creating tools. 10% of the market share, with a corresponding rate of USD 60 per patient and USD 600 per dentist, a company value of approximately USD 36.12 billion is generated.
Briefly run us through how the process of DentaCoin Token crowdsale will be executed?
Jeremias: The Token Sale starts on 1st of October, 2 pm GMT and will last for a month or until the hard cap is reached. The price will be aligned with 0.00011723 USD / DCN. As Ether (ETH) will be the main mode of payment during the Token Sale, the price in ETH will be announced the week before the start. Participants will need to buy a certain amount of ETH in advance and then buy DentaCoin on our website or through an Ethereum wallet (e.g. using MyEtherWallet, MetaMask). We are trying to provide our supporters with more options to join the Token Sale and once we have updates we will announce it on our website. Here is the moment to ask once again all the people willing to participate in the DentaCoin Token Sale to trust ONLY the information on our official website: https://www.dentacoin.com/. No other source is trustworthy.
Thanks guys for making time for this, we wish you the best of luck with your crowdsale?
Thanks so much ICOWatchlist, we are working round the clock to make this happen.
For more details, follow the DentaCoin ICO here.