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Ethereum smart contracts powered Dether empowers users to buy Ether with cash and spend it at physical stores.
Dether is on a mission to drive cryptocurrency, especially Ether adoption among the masses with its game changing application. The Ethereum smart contract based platform makes it easier for users to purchase Ether tokens with cash and spend it anywhere including physical stores. Dether eliminates the need for a bank account, and all a user needs is a mobile phone with internet connectivity to start using the cryptocurrency.
The Ethereum blockchain protocol is gaining a lot of attention in the recent days as it opens doors to a trustless digital world where applications don’t have any kind of censorship, fraud or third-party interference. However, there remains a roadblock when it comes to purchasing Ether as it is currently a long and tedious process. Dether wants to change that by offering a simple solution that makes easier for people to lay their hands on the cryptocurrency.
To promote the Ethereum ecosystem, Dether has built a decentralized application (Dapp), creating a worldwide ecosystem of Ether buyers, sellers and physical stores that are willing to trade Ether for fiat cash and accept the cryptocurrency as a means of payment.
Creating a P2P Bridge between Fiat Currency and Ethereum Cryptocurrency
Dether empowers any Ether owner to become a teller and have an accessible way to make money. They can act as mobile ATMs by getting listed on Dether map and start selling Ether for fiat currency anywhere in the world. At the same time, those who are interested in buying the cryptocurrency can just open the Dether map, use its built-in location system to discover sellers near them. They can also view sellers’ ether/fiat rates, fees, and even initiate an anonymous chat over an encrypted peer-to-peer messaging solution from within the app. Upon agreeing to the trading conditions, the seller and the user can decide a meeting point and carry out the exchange.
The Dether map also includes information about the network of physical stores that accept ether as a mode of payment or wish to trade the cryptocurrency for cash. By listing on Dether, merchants not only get the much-needed publicity as an outlet embracing cryptocurrencies, but also an early entry into the segment which will eventually be dominated by Ethereum and other cryptocurrencies.
The co-founder of Dether Hamid Benyahia said,
“Our mission is to break barriers to foster Ethereum mass adoption.”
The platform is a result of the frustrations experienced by Hamid after his family members in Algeria, restricted by the Algerian dinar, weren’t able to interact with the Ethereum blockchain. And, Dether is the solution Hamid and his team came up with to make Ethereum accessible to anyone on earth.
A Fully Decentralized Solution That Brings More Security to Buyers and Sellers
Unlike existing solutions, Dether has a technology roadmap that integrates different key elements of decentralization into each feature, propelling it towards full decentralization. In the Dether ecosystem, no central entity has any control over the users’ accounts, funds, conversations, etc. The communications between buyers and sellers on the platform are peer-to-peer and completely decentralized. The platform won’t hold the funds and user will remain anonymous.
Another co-founder, Mehdi Amari said,
“From its outset, we envisioned and built Dether to be a fully decentralized solution. We strongly believe that having a trustless solution is the key to Dether’s success. Users must be able to exchange and trade with one another with trust, despite not knowing each other beforehand. In other words, we’ve decided to align our strategy with blockchain’s core principles, where the power of its users, and not a central entity, determines its success.”
Powered by Ethereum smart contracts, the reputation system is also fully decentralized. Buyers and sellers have their own public reputation rating based on the transactions they have successfully achieved and its respective volumes.
From the Arab Spring to a Decentralized Peer-To-Peer Ether Network
Explaining the importance of decentralized model, Hamid provides an example of the Arab Spring movement. He said,
“I remembered the huge demonstrations that happened in North Africa and the Middle East back in 2011. I thought that if these populations had had the chance back then to have a decentralized social network, for example, it would have prevented a lot of activists from going to prison, as they were constantly identified through social media. And when I look at all of the decentralized applications that are being developed on top of Ethereum, it only consolidates my initial idea that more and more people will use it, and that one of its challenges is mass adoption.”
For months, the team of eight Blockchain and Ethereum enthusiasts have been working on Dether. The team will release an alpha version this summer and is already looking for testers. Users will be able to create their Dether wallet, communicate anonymously with each other and start trading together.