Paris, France July 31, 2017—Powered by Ethereum smart contracts, Dether is a revolutionary new way for anyone on Earth to buy ether using cash and spend it at physical stores nearby. Unlike existing solutions, a user doesn't need a bank account, only a mobile phone with internet access.
While the Ethereum blockchain opens the doors to a trustless digital world where its applications don’t have any kind of censorship, fraud or third party interference, its hurdle is mass adoption. Buying ether is currently a long and difficult process. Dether wants to change that.
For the first time, a decentralized application (Dapp) is creating a worldwide ecosystem of ether buyers, sellers and physical stores willing to trade ether for fiat cash and accept it as a means of payment.
Creating a peer-to-peer bridge between fiat currency and Ethereum cryptocurrency
With Dether, any ether owner can become a teller and have an accessible way to make money. Ether sellers can become mobile ATMs by being on the Dether map and selling ether for fiat currency anywhere in the world at any time.
Users interested in buying ether can discover ether sellers near them on the Dether map, the app’s built-in location system. Users can view a seller’s ether/fiat rate and fees and chat anonymously via an encrypted peer-to-peer messaging solution to agree on the trading conditions and the meeting point to carry out the exchange.
On the Dether map, users can even locate physical stores that accept ether as a means of payment, or who wish to trade ether for cash. This represents a unique opportunity for merchants. As Ethereum popularity explodes across the globe, more and more businesses are accepting ether.
“Our mission is to break barriers to foster Ethereum mass adoption,” said Hamid Benyahia, Dether co-founder. Frustrated at the fact that his family members in Algeria, restricted by the Algerian dinar, weren’t able to interact with the Ethereum blockchain, he searched for a solution that would make Ethereum accessible to anyone on Earth. Dether was born.
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 on each integrated feature, in order to propel Dether towards full decentralization. No central entity has any control over the user’s accounts, funds, conversations etc. Conversations are fully decentralized and peer-to-peer. No funds are held, and users are anonymous.
“From its outset, we envisioned and built Dether to be a fully decentralized solution,” said Mehdi Amari, Dether co-founder. “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 their volume of transactions.
From the Arab Spring to a decentralized peer-to-peer ether network.
“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,” said Hamid.
For months, a 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.
Join Dether’s community on Slack: http://slack.dether.io
Press release distributed by Pressat on behalf of Dether, on Monday 31 July, 2017. For more information subscribe and follow http://www.pressat.co.uk/