Introducing 'New Kid on the Block'
Each and every day I spend a few hours of my time poring through information regarding cryptocurrencies searching for new opportunities as well as when to take profits or cut my losses on previous purchases.
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This morning whilst reading my notes made from last night’s session I had a brainwave! Why not make this a weekly feature for Steem where I assess ### newly listed or ICO’ed assets and / or currencies ###. This will definitely add value to the crypto community and should also stimulate healthy debate.
The format will identify the coin with some salient information about the coin and the team. It will NOT be investment advice and if I have taken a position in a coin I will state so.
A sample below (researched today) is how I intend to present the information but this could metamorphize over time.
Dentacoin (DCN)
DENTACOIN (DCN)
Summary: An Ethereum based token which is used as a payment system in the dental industry worldwide (I am assuming that ‘worldwide’ is the end goal).
The team do appear to be very dedicated and have been working since 2014 on the concept with 120 participants from around the world. The initial tokens were distributed to participants in June 2017 at 8 000 000 DCN per Ethereum and their are over 1800 Token holder addresses.
The token is active with 3653 transactions having taken place to date (at time of writing)
In the past week there has been some development commits on Github but no apparent releases. I do confess to not being technically savvy enough to verify the commits
Social Media: Active on Twitter, Facebook, Steemit(@dentacoin), Slack, Medium and Reddit
Asset / Currency - Asset
Mineable - No
In Circulation - 16 200 000 000
Total Supply - 8 000 000 000 000
Development Team - Recently Active on Github after long inactive period
Pre-mined - Created
Slack - https://dentacoin.slack.com/ ('This invite link is no longer active' was the response)
Github - https://github.com/Dentacoin
Bitcointalk.org - Active
Exchanges - Cryptopia
BTC Satoshi Value - 0.00000006
Conclusion:
What can I say about this token? The idealistic business model is laudable but the execution is what bothers me. For this to be successful they would need to get buy in across many disciplines such as, dentists, insurers, hospitals, medical aids and patients. Being medical the chances of legislation across countries being obstacles that hamper or prevent implementation is a distinct possibility.
There does not appear to be a very strong development team behind the project (one contributor to Github repository) which, for me, is the backbone of a good idea. Good concepts need to be backed up by a strong development team otherwise we may well be staring at vapourware, best case numerous delays in deployments. Another challenge for me is the number of tokens
For the above reasons I will not be getting involved in DCN
Yes please. It's good to see a critical review too as there are seemingly far too many alt-coins to keep track of. I'll cross this one off the list!
Oh yeah...thanks for the response...and for reading!!
I was seriously going to do a few at a time as I quickly assess in my head whether I think is good, bad or worth further investigation...but then when starting this post I realised I cannot just use my 'flash assessment'.. I do need to provide a bit more background... then to check developer activity... then read white paper..then ... then ... shyte, it takes a while. And I do ask myself..'Do you want to do this for 3 SBD ???' ..and more appropriately where will I find the time .
chances are you probably don't! Perhaps get a template together for the format, that would save some time. Might still not be that good an hourly rate though!
LOL, but it does clarify my thinking so that is a bonus. It also makes mea bit more thorough as I dont want to post bullshit....
Yeah because posting bullshit is strictly forbidden on Steemit 😂
This is a cool idea. You should add more posts like these. I think it would do fairly well.
Thank you for your feedback... I will definitely do some more...