On June 14, 2017, history was made. It was the first time ever when an entire company was bought using entirely a cryptocurrency, Dentacoin. The business, F3T, which is a dental clinic located in Stratford, London was purchased for over 31.5 billion Dentacoin. The dental clinic specializes in fixing dental prosthesis or dental restorations, including veneers, onlays, inlays, bridges, and crowns, as well as edentulous jaws or jaws without teeth. F3T’s worth in hard cash is about $92 million USD.
In the past years, many things have been bought with cryptocurrencies. For example, in 2010, a cryptocurrency was used for buying something of little value for the first time. On that day, one of the earliest adopters of Bitcoin used the digital currency to buy 2 pizzas for 10,000 BTC from another Bitcoin owner. The actual value of those pizzas at that time was $41 USD. It is amazing to see how far cryptocurrencies have come within a short period of less than a decade – it is evident from the size of the transaction.
What is F3T Pilot Clinic All About?
F3T is known as the pilot clinic for an innovative dental clinic concept that is related to highly efficient and technologically advanced, blockchain-integrated dental clinic. It has been designed to serve as a sample for future business models which will be used as a reference point in the global dental industry. F3T dental clinic in Stratford, London is the proof-of-concept, and has been reported to achieve the breakeven point only after a short operating period. The high level of efficiency considerably reduces operating costs, and hence allows the owners to pass the savings to the customers in the form of lower prices for dental procedures that are generally expensive for most patients to afford.
F3T also utilizes an internal feedback system that reward patients who provide with detailed feedback about the clinic with Dentacoin. The modern dental clinic is planning to execute the Dentacoin Trusted Review Platform, to ensure better security, higher level of automation, and protection from fraud and manipulation. One of the highlighting features of this system is that the comments will remain unedited, which will give other patients contemplating about F3T confidence that low cost for dental services doesn’t mean below standard quality of care. Blockchain’s storage will be used to store the reviews that will keep the platform maintenance cost to a minimum, similar to the cost of dental care. Once the reviews have been uploaded on the blockchain, they can never be edited or deleted.
Dentacoin launched its Initial Coin Offering (ICO) on October 1st, 2017. Before the ICO was even launched, it had over 30,000 people who had registered and got their names on the waiting list. Indian Rupee, Bitcoin, and Ether were the main modes of payment for the ICO. The price had been set at 33,000,000 DCN per 1 BTC or 2,500,000 DCN for 1 ETH contributed during the entire ICO period.
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