Dent Coin Review: The Future of Telecommunication?
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Bitcoin has started the game of cryptocurrencies, by trying to revolutionize the current financial institutions and offer people a more optimal, cheap and fast method of transactions without the involvement of third parties such as banks. As a matter of fact, Bitcoin is not perfect and this incentivized other people to create altcoins which are somehow similar to Bitcoins and at the same time try to fix some of the issues Bitcoin faces. The “revolution” is not only targeting financial institutions. For example, Dent coin is trying to change the current global telecommunication industry and offers the world a new method of data exchange.
What is Dent coin?
“We need to make a dent in the universe” are the words of Steve Jobs and these words inspired Mikko Linnamäki – the co-founder of Dent to name the company Dent Wireless Limited. The company was founded in 2014 and is based in Hong Kong. The CEO and the founder of Dent is Tero Katajainen who has more 20 years of experience with Internet startups. The rest of the team too, seem rather professional and well aware of the sphere. The team also has managers in Japan, China, and South Korea.
Dent wants to make bandwidth and mobile data free, democratic and tokenized. The company is trying to achieve its goal through creating apps for mobile devices, creating a blockchain based marketplace for trading mobile data packages. These packages can be created in case the users sell not used mobile data packages to one another or those packages can be telco products. The company is using Ethereum blockchain.
Dent coin is created by the company with the purpose to repurpose data, how it is paid for, sold, shared, stored. The coin operations will be transferred to mobile usage and this way stand against the huge telecom industry.
Dent aims to:
- Enable users to donate or trade mobile data by clicking on a button. There will be no limits and waste.
- Serve more customers than current telecommunication industry does with an improved network.
- Remove roaming fees of data or at least make them as little as possible.
- Create an economy of sharing data to optimize the utilization of assets and decrease the waste, which will decrease the prices too.
How does Dent work?
Dent is based on Ethereum blockchain. Dent token is the platform’s power. The transaction such as buying, donating and selling, which enter Ethereum blockchain use ETH. The instruments that Dent offers are going to be smart contracts on Ethereum blockchain. Dent will make a blockchain based platform for trade by driving Ethereum smart contracts. It will also determine the fluctuating mobile data prices around the world. The users and end-users will be able to determine the prices with the true market drives. The company will generate revenues from the transaction fees as well as commissions.
Problems Dent coin aims to solve
Here are the top three problems this crypto project is aiming to solve:
- Liberating mobile data: This crypto coin wants to become a global currency for trading mobile data between the user community and telecoms. It creates a wide data sharing economy where every single user will be able to trade the mobile data with other users at any time.
- Disruption of international roaming: Dent does streamline the process by eliminating all the costs related to data roaming. These costs are generally routing costs incurred by different telecom companies.
- Automating mobile data for the very best price: This exchange even allows devices and consumers to automate the buying process of varying data packages. In the exchange, a user can browse through several plans that are posted by other users and operators in his or her region.
The dent ICO ran from July 12, 2017, to July 26, 2017. During this initial coin offering, a total of $43,861,680 was successfully raised. They had a targeted amount of 70 billion Dents but ended up supplying 100 billion DENT during the ICO. This was a milestone that made DENT a seemingly successful cryptocurrency for investors. The market cap in August 2017 got up to $17,461,026, then it went down to $3,174,131 in November 2017. Then On January 2, 2018, Dent market cap jumped up to $1,119,528,223 and as of March 5, 2018, it has gone down to $235,124,385. The Dent token supply is 100 billion.
Dent mobile app
Dent mobile app is available both for Android and iOS. Initially, Dent mobile app targeted the US and Mexico. The purpose of the app is sending data to users of certain operators around the world. In order to do it, the users simply need to have the app installed on their device and the Dent credits on their account. The Dent mobile app is supported by Mexican operators such as America Movil and Telefonica. In the US, Dent services can be used by post-paid customers only if they are customers of AT&T or Verizon. These operators, in other words, are supported to get data from Dent users.
The process of becoming a Dent mobile app user is as follows:
- Downloading and installing the mobile app under the name “DENT”.
- Afterward, getting registered with a mobile number.
- Consulting the Terms and Conditions as well as the Privacy Statement.
- After agreeing, the number which was registered earlier will receive a code that will consist of 6 digits via SMS.
- After typing in the code, choose “Validate”.
- Create a personal profile account.
In order to buy or send data, as a user you should:
- Select a person who will be the recipient from the address book or by type in the phone number of the given person. However, the recipient should be a user of one of the operators mentioned above.
- Click on “Choose Offers”.
- Check out and choose from the packages that the recipient has from the operator.
To buy and transfer Dent here’s what you should do:
- As a first time user, you may get a package with Dent credits as a welcome. These can be instantly used as a buying method for the very first packages of data.
- As a buyer or user, you should be aware of the fluctuating Dent prices.
- In order to purchase more Dent, you need to go to your profile and choose “Buy DENTs”. Then you should pick a package and make your payments with PayPal.
- In case you want to transfer Dents from a different wallet you need to go to your profile and choose “Transfer DENTs from Wallet” option.
Dent growth rate
Over the past years, mobile data has become very important. Using the ecosystem of DENT, users are able to connect to one another using the Etherum blockchain. This way, users can sell or donate their mobile data, which has been unused.
The company is planning to expand to Brazil and India too sometime very soon as the official website states that the expansion will take place in March 2018. By targeting these two countries with big populations and some problems regarding telecommunications.
The company has already recorded some impressive successes such as raising 152,200 ETH during their token sale. As for the market cap, as mentioned above, it varies from time to time.
The main purpose of handling Dent on Ethereum blockchain is to avoid dealing with various fiat currencies from around the world. The company believes that this is a universal currency for the marketplace to use mobile data.
The total supply of Dent crypto coins is 100 billion coins. The 70% of these tokens were sold at the time of the token sale, covering both the presale and the public token sale. The total value of the tokens was estimated around 152,000 ETH. The leftover 30% of tokens that were not sold are going to be implemented in the acquisitions for telecommunications. It will be an incentive for the employees, as well as the users. One ETH is worth around 40,200 DENTS with the current exchange rates.
Dent is unique because as the tokens come from a limited pool, the market has a capacity to expand as more data packages are being introduced into the DENT exchange. Dent mining isnt possible, but the tokens can be bought from some exchanges.
How to buy Dent coin?
In order to buy DENT, you need a DENT wallet. DENT is an ERC20 token, thus it can be stored on ERC20 compatible wallets. The ERC20 standard is basically a specific set of functions, which developers must use in their tokens to make them ERC20 compliant. ERC20 tokens have gotten widespread approval.
As DENT is not mineable, it can be bought from various exchange platforms, such as HitBTC, Kucoin or Coinrail. To buy this cryptocurrency, the buyers are to have Ethereum (ETH) in their wallets because Dent cannot be bought with fiat money. The currency of any project, based on the Ethereum blockchain can be bought with Ether.
To store DENT using an ether wallet:
- Go to myetherwallet.com and create a strong password.
- Press ‘Create New Wallet’. Click on ‘Download Key store File’. Read the warnings.
- You will then be given a powerful and unencrypted private key for your wallet. Please note, that you should never share your private keys with anyone otherwise you may become a victim of theft.
- Once done, scroll down to see your wallet.
- Then you will see a string of letters and numbers named ‘Your Address’.
- This address is your personal wallet address, and it’s where you are going to be receiving your Dent coins. Copy the address and keep it somewhere safe because you are going to need it later on.
- Now purchase Ethereum if you do not have any so that it can be exchanged for Dent.
- Choose the Ethereum exchange you’d like to use and continue as instructed.
Exchanges that support Dent
HitBtc is a cryptocurrency exchange launched in 2014 and its office is registered in Hong Kong. HitBTC have a daily trading volume of 500 million USD. It is a multi-currency exchange platform. However, the exchange was hacked in early 2015. This exchange only offers DENT/ETH pair.
Kucoin is a cryptocurrency exchange platform and has it service center based in China. They have a mobile app both for iOS and for Android devices and they trade in crypto pairs such as ETH/DENT, BTC/DENT, DENT/BCH, DENT/NEO.
Coinrail like HitBTC and Kucoin too is an exchange platform that deals in multi cryptocurrencies as an exchange platform. It has comparatively fair rates and provides a wide range of services for registered users. The South Korean based exchange has strict policies in regards to privacy and security. Here you can trade BTC/DENT and KRW/DENT.
Many investors in the crypto business are excited about the future that Dent holds. This is because there has not been really any blockchain deployment to actually revolutionize the world of mobile data before the arrival of Dent.
Also, the platform’s cryptocurrency is completely going to democratize the way the world will use, buy or sell, and even donate mobile data. Seemingly, this is an interesting project that will destabilize the global telecom sector and some people believe that it will rise in the future.
We hope this article was useful for you. Make sure to follow our website on regular basis and keep up with everything going on in the crypto world. Thank you and see you next time!