Mobile or broadband data has become a global necessity with the rising importance of the internet in today’s world. However, a large population in today’s world living in underdeveloped nations do not have adequate access to mobile data.Dentwas created as a unique concept to solve the problem of inequity in global mobile data accessibility.
Dent serves as a global exchange to trade mobile data just like any other commodity promoted by Dent Wireless Company. This blog provides information on dent, its features, how to buy and future price outlook. Read on!
What is Dent Crypto?
Dent is a decentralised, blockchain-based exchange platform which allows individuals and mobile operators to buy, sell or donate mobile data on its platform.
The main vision of this network is to liberalise the mobile data market and give greater control to users over how they can use their excess mobile data. It works on the Ethereum-based blockchain, offering a secured and decentralised platform for trading in mobile data.
There is a native token of this platform, and it is referred to as ERC 20 Dent. Ethereum-based smart contracts facilitate all Dent token transfers that are made on the Dent blockchain.
What is Dent Token?
Dent coins are the native cryptocurrency of this ecosystem. Individuals or telecom operators receive this token when they sell mobile data packs on the Dent exchange.
These tokens can be used to facilitate various transactions on the Dent blockchain network. Additionally, holders of dent coins can trade them at various crypto exchanges or convert these into fiat currencies at registered exchanges.
The trading price of Dent coin has been ranging from $0.0040 to $0.0010 during its life cycle. It has a market valuation of more than $108 billion. The total circulating supply of this token is $99 billion.
This network was developed by a team of three individuals whose main aim was to disrupt the mobile data roaming industry. Tero Katajainen, a Finnish Electrical Engineer, founded Dent Wireless Ltd. in 2014, which develops and controls the Dent exchange. It started its operation in 2017.
He was supported by two more able professionals, Miko Linnamki and Andreas Vollmer. Both these personalities have distinguished careers in internet entrepreneurship, having established several internet-related companies.
How Does Dent Work?
The Dent cryptocurrency network uses some of the most modern and state-of-the-art technology enabling decentralised trading of mobile data between operators and consumers.
It offers mobile data plans, e-SIM cards, and calling minutes to members on its platform. Some of the critical components of this network include Ethereum smart contracts, Dent exchange, mobile applications, and the web portal.
The Dent exchange is the fulcrum of this ecosystem, ensuring P2P activities in the market. There are elements of the dent exchange, namely – a repository of instruments, order management, order execution, portfolio management, market maker algorithms, Dent exchange parachain, and pricing data.
Dent mobile applications enable participants to place their orders, review and see the order book, and other trading information like price history and quote feeds. The Ethereum smart contracts are the mechanism by which transactions take place.
Telecommunications service providers offer SMS and data services to consumers in the ecosystem. You can execute three types of transfer using the Dent platform, which are as follows:
Data package transfers on a P2P basis for roaming-free situations.
IDO or initial data offering by service operators.
Data exchanges for a user-to-user transaction.
What are the Features of Dent Ecosystem?
Here are some features of the dent network ecosystem:
It serves as a global marketplace for mobile data trading
The dent cryptosystem aims to liberalise the mobile data industry by eliminating data roaming costs. This has the potential to disrupt the international data roaming arena
Dent functions on an Ethereum-based blockchain
It is a decentralised system allowing customers to choose operators
You can receive Dent tokens if you sell the excess mobile data available with you
Consumers can select from mobile operators available in their area based on the price they are offering for mobile data packs
You can trade the Dent coins received on the dent exchange on various crypto trading exchanges
How to Use Dent?
Individuals and telecommunications providers use this ecosystem to sell mobile data packs at affordable prices. This improves accessibility to internet services for the global population.
The innovative and state-of-the-art technologies allow individuals and network providers to sell or buy mobile data on these decentralised and automated P2P networks. On selling excess data, market participants will receive Dent coins. They can use these coins on different cryptocurrency exchanges for investment and trading purposes.
How to Buy Dent Tokens?
You can visit the Dent exchange platform and sell excess mobile data available to receive dent tokens. You can also visit any cryptocurrency exchange that allows trading in dent coins. Additionally, you can buy dent coins from prospective sellers. Here are the steps you need to follow to buy a Dent token:
Step 1: Register on the exchange platform and generate your login credentials
Step 2: Complete verification formalities by uploading relevant documents
Step 3: You can use either Ethereum tokens or Tether stablecoins to purchase Dent crypto coins. Select your preferred cryptocurrency for the trade
Step 4: Enter the amount of Dent tokens that you wish to purchase. Confirm the payment to complete the purchase
Dent Coin Price Prediction
The Dent cryptocurrencyhas linedup several exciting projects that will boost its future outlook. The Dent ecosystem aims to disrupt the international roaming markets. The current price of dent crypto is hovering around $0.0010.
Several experts are predicting that Dent coins may cross $0.0022 by the end of 2022 as more people might get interested. Moreover, the average price of dent crypto is expected to reach $0.0025 during the year 2023, with the maximum price breaching $0.0030.
The Dent coin is expected to gain pace with every passing year. By 2025 the price of Dent cryptocurrency may reach a maximum level of $0.0048, with the average price hovering around $0.0040.
Some optimist crypto analysts also believe that Dent coins may cross the $1 mark even before the end of this decade.
The Dent ecosystem is one of its kind that aims to revolutionise the mobile data industry landscape. It uses the P2P algorithm which uses advanced and state-of-the-art blockchain technology. However, as a crypto investor, make an informed decision before investing in Dent crypto.
If you are not familiar with crypto but want to invest, you can check out Navi mutual funds and start SIP at just Rs.500 per month. Download the Navi App now!
FAQs on Dent
Q1. How many Dent tokens are in circulation?
Ans: Thecurrent circulation of Dent coinsisabove 17,000,000,000. Founders are trying to raise this value to 100,000,000,000 in the near future with the option of further raising it as per the demand.
Q2. How is Dent crypto taxed in India?
Ans: According to the Income Tax Act of 1961, digital currencies have been brought under the tax netfrom 1st April 2022. All gains and proceeds from these currencies are subject to taxation at the rate of 30%.
Q3. How is the Dent network secured?
Ans: This ecosystem usestheSubstrate framework to develop the blockchain system. The blockchain network is verified by Ethereum smart contracts, which offers a sense of security to its investors and market participants. This network will transition to the Proof of Stake system once Ethereum 2.0 comes into effect.
Q4. Are Dent coins in limited supply?
Ans: The maximum supply of Dent coins is capped at 100 billion, as per the vision outlook of the founders. More than 17 billion Dent coins are currently in circulation. About 30% of total coins were kept with the organisation for strategic purposes, and the remaining 70% will be released into the markets for trading.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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