What is Dent? And how does DENT work? (2022 edition)

DENT CRYPTO_NEWS

Dent is a decentralized, blockchain-based environment where users can buy and sell different mobile data services. The platform offers roaming-free calls, mobile data plans, eSIM cards, and call minutes. Dent aims to revolutionize the way mobile data is used and paid for, bringing control over mobile data servicing to network users.

Dent enables users to donate, buy, and sell mobile data and related services on the Ethereum blockchain, thus offering a completely decentralized, secure, and automated global market for mobile data services. Mobile data has become a necessity in all parts of the world and mobile service providers don’t always offer proper servicing, which is why Dent connects users through blockchain from all parts of the world and places control over the mobile data market in the hands of users on the network.

 

Dent creates a peer-to-peer market for selling, donating, and buying mobile data services, which should change the way the telecommunications industry traditionally operates. With Dent, users can take advantage of roaming-free calls, reduced costs for mobile data plans, and more amenities. Dent allows both individuals and telecommunications companies to sell mobile data services in the Dent P2P market. Users can automatically find the best deals in the market and pay for services at lower and more affordable prices. 

 

How Does Dent Work?

 

Dent combines multiple state-of-the-art technologies to enable simple and decentralized sharing of mobile data services among network participants. To be able to operate, Dent uses Ethereum smart contracts and virtual operators, as well as mobile and web applications. Dent depends on these key elements and a consumer base, needing a large one to sustain enough traffic to function. A large number of users and buyers means that telecommunications companies and sellers will be more likely to join the platform.

 

Dent creates a complex, but user-friendly ecosystem in which Dent Exchange represents an integral component. Dent Exchange facilitates all P2P market activities and has seven elements: instrument repository, Market Maker algorithms, pricing data, order management, portfolio management, order execution, and the DENT Exchange Parachain. The web version is more complex than the mobile version of DENT Exchange, which might be more intuitive and user-friendly. Users can either utilize the web or mobile app to access the DENT market.

 

All transfers and transactions depend on Ethereum smart contracts where transfers are executed in order of market activities. Virtual operators are market makers and offer a wide range of data packages and services to network users. Operators are also known as telcos, and they also take care of premium services for SMS and USSD packages. Dent network is able to perform three types of transfers, which include P2P data package transfers for roaming-free service, user-to-user data exchanges, and Initial Data Offerings. IDOs are offered by telcos and Dent makes a commission by taking fees from handling IDOs.

Who Are the Founders of Dent? (History of Dent)

Dent was launched in 2017, founded by the CEO and founder of DENT Wireless company, Tero Katajainen. Katajainen has a degree in science and a strong background in technology, having won multiple awards in the field of technology.

The co-founder of Dent is Mikko Linnamäki, a pioneer in web software and a serial entrepreneur with several successful businesses behind him before DENT Wireless. Together with a seasoned dev team, Linnamäki, and Katajainen created a blockchain project that should disrupt the industry of mobile data.

 

What Makes Dent Unique?

 

Traditional mobile carriers often sell their mobile services at high prices, which makes mobile and data services highly inaccessible to a great number of people around the globe. Dent has the goal of changing the way mobile data services are offered, sold, and bought, using a combination of innovative technologies and blockchain.

Dent offers anyone the chance to sell mobile data and telecommunication services, which includes telecommunications companies and individuals alike. Sellers on the Dent network can offer their services on the exchange as Dent forms a peer-to-peer market with free global access to anyone.

What Gives Dent Value?

The intrinsic value of Dent is derived from its technical capacity, technologies used to create the P2P market for mobile data services, use cases, and ultimately the size of its user base. All these elements define what could be the real-life value of Dent as a project with a specific utility, while DENT also has a market value.

The intrinsic and market value often doesn’t coincide as DENT price is subject to frequent changes and may experience dramatic spikes and dips within a short timeframe. DENT can be traded in the market of cryptocurrencies for a profit based on the difference between the buying and selling prices.

 

How Many Dent (DENT) Coins Are There in Circulation?

 

There are currently DENT in circulation. Dent has a limited total supply, much like many other cryptocurrencies that use a capped supply as an anti-inflation mechanism. This scarcity could potentially make DENT a good long-term store of value. The capped supply means that no new DENT coins should be minted once the total supply is exhausted.

The number of DENT coins in circulation multiplied by the current market price of Dent equals the market cap. The market cap ranks DENT in comparison with its crypto peers and also defines its market share and dominance. The market cap changes with the changing price and the fluctuating number of coins in circulation.

Other Technical Data

DENT is the utility token of the Dent network and it is an ERC-20 token based on the Ethereum blockchain. Ethereum smart contracts execute all DENT transfers made on the Dent blockchain. DENT is the main payment method on the network and is used to pay and get paid for mobile data services.

Users need either a web or a mobile application to access the Dent market of mobile data services. Web and mobile apps allow users to gain access to all relevant information and functions regarding trades, which include placing orders, viewing the order book, quote fees, price history, market depth, and other important data and features.

 

How is the Dent Network Secured?

Dent network uses Substrate, a modular framework for building blockchain environments, to create a functional, fully operative, and secure ecosystem as the DENTNet continues to develop. Dent is hosted on the Ethereum network and Ethereum-based smart contracts, thus being secured by the blockchain. Ethereum currently uses Proof of Work for security purposes, while the network will transition to Proof of Stake with the finalization of the Ethereum 2.0 upgrade.

Proof of Stake has proven to be more energy-efficient and cost-effective than traditional consensus mechanisms such as Proof of Work. Dent is also secured by nodes and virtual operators – the greater the number of nodes and operators, the higher the security level.

 

How to Use Dent

 

Dent can be used by individuals and telecommunications companies to sell mobile data services at affordable prices and on a global scale so that such services are easily accessible to anyone around the world. You can use the Dent network to buy, sell, and donate mobile data with the support of innovative technologies and decentralization that together form a P2P market that completely depends on users and functions automatically.

DENT coins can be used to pay and get paid for mobile data, but can also be exchanged for fiat and other cryptocurrencies, or traded in the cryptocurrency market for a profit. Dent Wireless plans to expand the range of services and features in the future, which should make the market even more attractive.

How to Choose a Dent Wallet?

As an ERC-20 token, DENT can be stored in any wallet that supports Ethereum and the type of wallet you choose will likely depend on what you want to use it for and how much you need to store.

Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of DENT for more experienced users.

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of DENT or more novice users.

 

Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your DENT, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.

Kriptomat offers a secure storage solution, allowing you to both store and trade your DENT tokens without hassle. Storing your DENT with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Buying and selling DENT, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.

 

Dent Consensus

All Dent tokens were created at launch, which means that Dent doesn’t need miners to create new blocks and mint new coins. Dent depends on the Ethereum network, which operates on Proof of Work, while the second-largest network should soon transition to Proof of Stake. Dent can’t be mined or staked.

 

Conclusion

 

With a combination of state-of-the-art technologies, blockchain, and a vision to disrupt the mobile data industry, Dent is slowly unveiling its potential as a P2P market for selling and buying mobile data services. Dent could soon become the leader in eSIM services as the project continues to develop according to its official roadmap.

The larger the user base of the Dent app, the more secure the network becomes, while services tend to become more affordable in comparison with traditional mobile carrier offers. It seems this project has the potential to completely revolutionize how we acquire and use mobile data services.

Join the crypto revolution and start your Dent journey today!


 

 

Source : What is Dent? And how does DENT work? (2022 edition)

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