Dentacoin Assurance 2.0, the upcoming upgrade of the first blockchain-based dental assurance plan, will be again a PIONEER! This will be the first running assurance on the Optimism network, the faster and cheaper official layer 2 solution of the Ethereum ecosystem. Thanks to the up to 100 times improvements in scalability offered by Optimism compared to Ethereum mainnet, the implementation will cut the transaction costs and processing time for users of Dentacoin Assurance 2.0, thus ensuring its long-term feasibility.
Not many projects have yet been approved for running on Optimistic Ethereum and we are proud to place Dentacoin among them! It has been implemented already by leading decentralized platforms such as Uniswap and 1Inch exchange.
WHY IS THIS UPGRADE SO GREAT? Two keywords: Costs & Speed
Addressing the issue of continuously growing transaction fees on Ethereum blockchain, in the past months we at the Dentacoin team have been focused on finding a viable solution for tackling the issue. Dentacoin Assurance 2.0 is envisioned as an entirely decentralized assurance plan, meaning that all patient activities are securely stored on the blockchain. For example, the monthly premiums paid by patients, as well as the usage of the plan for preventative treatments, are recorded as contract calls on the blockchain. Similarly, the monthly premiums to dentists part of the pool are automatically distributed. All these micro transactions require affordable transaction costs. Results from the rigorous tests with Optimistic Ethereum in the past few months are promising, showing that transaction costs for the user can be brought down to just a few cents with instant confirmation.
“THE BEST ALWAYS GO FIRST”: Dentacoin whitelisted to launch on Optimism Mainnet
Dentacoin has passed the whitelisting process and is now eligible to launch contracts on Optimism Mainnet. This paves the way forward towards the next steps in product development. The alpha version of Assurance 2.0 launched at the end of last year is already in the process of reworking so that it can implement the Optimism solution. Having completed phase one of preliminary testing, now the development team is engaged in synchronizing the current infrastructure of Dentacoin ecosystem with the new integration. Next phases are planned as follows: