Dentacoin (DCN) Price Surges 25% on Release of Blockchain-Based Authentication App

The cryptocurrency of dentists the world over, Dentacoin (DCN), saw its value rise by 25% on Tuesday, October 30th, in defiance of the recent market downturn.

Dentacoin was recently unveiled as the first partner of Civic (CVC), who rolled out their own blockchain-based version of Google and Facebook login authentication.

With the Civic Connect app, internet users can securely log in to websites without inputting their personal details. Instead, users make a Civic ID upon initiation, which is then used to gain access various websites and applications.

Dentacoin is now the first to adopt the login verification system within its decentralized dental care network, and both the Dentacoin (DCN) and Civic (CVC) token prices took sudden lurches upwards as the news rolled out.

Blockchain-Based Authentication

In an era when personal data is traded around like baseball cards by corporations and their favoured third-parties, blockchain-based personal verification could yet prove to be a very viable use-case.

At least, that’s how the market seems to have reacted to the release of the Civic Connect app. According to Dentacoin co-founder Jeremias Grenzebach:

“We implemented Civic into the user verification process on DentaVox and Trusted Reviews earlier this year, which has helped us tremendously ever since to ensure that real users with verified identities have access to our tools and can, therefore, earn and use the currency distributed within. Implementing the KYC on all the tools now, including Dentacare this time, will allow us to perfect this mechanism.”

Indeed, Dentacoin has already employed the verification system on its DentaVox platform – a site which pays users in DCN for their survey answers; as well as their own Trusted Reviews page.

The app comes with various tools and libraries to allow for easy conversion to existing applications, as detailed by Civic CEO, Vinny Lingham:

“We’re thrilled to announce Dentacoin as our first Civic Connect partner. The new app-to-app integration we’re introducing with the Dentacare Health Training App makes it easy for any native mobile app to securely authenticate users. The authentication improves user experience and does not track or collect personal data without their consent. What’s more, app users will never have to remember a username and password again.”

Dentacoin (DCN) Jumps 25%

From the daily low of $0.000209, DCN’s value climbed up to the $0.000262 mark before levelling off. That represents a 25% spike within little over twelve hours.

DCN trade volumes fluctuated all day on Tuesday, climbing to $180,000 before falling to $115,000. Over 50% of that volume has come from one trade – the DCN/BTC pair on the OEX exchange.

Civic (CVC) Follows Suit

An examination of CoinMarketCap’s charts reveals that the CVC token price surged at the exact same time as DCN – at 13:24 UTC precisely.

CVC’s gains were less pronounced than DCN and amounted to 5% for the day, as the token price climbed from $0.129253 up to $0.135935.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.