Peer-to-peer ecosystem Dether will open a new mobile app this June to let users experience the world’s first decentralized marketplace for fiat to crypto conversions allowing for buying and selling crypto for cash, as well as spending it at stores and on the go any time of day.
The Gibraltar-based marketplace will return the power over money to individuals, particularly the financially underserved and unbanked people all over the world. With the ability to control their own funds via easy access to crypto, Dether will help people regain their rights over their own funds.
The global network of crypto traders and merchants will no longer need banks as a third party to conduct finances and business. All it would take is a smartphone click.
Overcoming traditional currency barriers, obtaining a usable bank account, overcoming limits of geography – these all are the major challenges faced by users willing to obtain cryptocurrency. Some currencies are not accepted by exchanges. Moreover, unbanked people and those from countries where cryptocurrencies are not accepted at all have all been left out of modern money.
In March 2018, the team released the beta version of Dether on the Ethereum testnet, giving a glimpse of what people would now be able to do with the app and its core features. The official public release is set on June 2018, when users will finally be able to connect and trade with others just like them.
The platform will include the Dether map tracking crypto sellers located nearby with its built-in location system, ensuring people are easily connected and can start using crypto and cash immediately.
According to Dether co-founder Mehdi Amari, no central entity would control any accounts, funds or conversations since Dether represents itself a fully decentralized “cash-in and cash-out” marketplace. Dether does not hold funds nor private keys, with conversations completely peer to peer:
“The decentralized reputation system is based on the user’s number of trades and volumes. As a company, we don’t take any fees on the transactions between buyers and sellers.”
The Dether app will be useful for individuals buying and selling currency, as well as for shops willing to accept crypto as payment. Within Dether ecosystem, both an individual and a shop can become an exchange by simply registering a point of sale on Dether map and setting a fee.
In order to avoid the problem of volatility, the Dether team has collaborated with MakerDAO and founded the Dai stable token, bringing stability to retailers and individuals on Dether and allowing for easily switching crypto against the US dollar, and vice versa.
Having successfully completed its token sale in February, Dether has already released “Dether for Shops” on the Ethereum mainnet, letting retailers stake Dether utility tokens (DTH) to list themselves on the Dether map, letting people know they accepted crypto. Soon, shop owners can also be listed under business-related exclusive keywords.
Dether co-founder Hamid Benyahia described the user experience akin to looking for a place to have coffee or food on Google Maps, except that this was looking for a place to spend crypto:
“This represents a unique opportunity for merchants and the crypto community,”
Benyahia added that the Dether app will be released to target emerging contries in the regions of Asia, Africa and South America, where more than 2 billion adults remained unbanked.