A little over a year has passed since we launched the Dether beta app. Taking into consideration the feedback of our community of users, we’ve made great strides on Dether’s roadmap and are excited to present the new features of the Dether app to you today!
Since the beginning of the project, our mission has always been and remains to break barriers to Ethereum adoption by creating a bridge between cash and ether.
What is the Dether App?
The Dether App is your decentralized mobile application to buy and sell ETH locally with cash — no bank account needed, and no fees taken by us. First launched on testnet in 2017, then on mainnet in August 2018, the Dether app creates a direct bridge between cash and ether. With this stable release, we have built a frictionless solution for individuals willing to trade crypto with others.
What can you do with the Dether App?
✔️Build your crypto portfolio: store ETH & ERC20 tokens
✔️Buy crypto: use cash to purchase ETH and ERC20 from other peers in over 140 countries
✔️Sell crypto: turn your phone into a mobile crypto ATM and make money from it
✔️Exchange crypto on a decentralized exchange : swap ETH to ERC20 tokens and vice versa
✔️Locate crypto shops around you that accept crypto as a means of payment
What’s new in this release?
With many exciting new features and improvements, we have organized them around five main elements.
1 — Get your zone: A new way to own land on Ethereum
✔️ A zoning system built on Ethereum
Instead of creating just a point of sale on the map like in the beta, you can now directly own a zone in which to sell crypto.
We used a geohash system to create the zoning system in the Dether app.
A zone is defined as areas of 1,2 km x 0,6 km on a map, based on the geohash coordinates of 6 characters. When you own a zone, you have the assurance of being the only seller present in the zone, as well as the possibility of renting space to shops accepting crypto on the map
To own a zone that’s free, you’ll need to stake the licensing fees (the minimum being 100 DTH) or add more to discourage other people from entering in an auction for the zone. You can always release a zone and get your DTH back (minus the taxes).
✔️ A decentralized auction-based mechanism
At any time, a competitor can come and open an auction on your zone to become the new owner of that zone, and get the associated benefits.
If a user wishes to own a zone that’s already occupied, they can make a bid. Auctions last 24 hours and at the end of these 24 hours, the user that has bid (and staked) the highest number of DTH tokens will be the winner of the auction.
✔️ Harberger tax scheme implemented
How does it work? Let’s imagine user Alice owns zone u33d8r (Potsdamer Platz, Berlin). She has staked 1000 DTH on this zone, and she has owned the zone for two months. Bob can come and bid 2000 DTH to become the new owner. He will need first to pay a one time bid fee to start an auction (this mechanism is in place to discourage ill-intentioned people). Then Alice, (or anyone willing to enter the auction), can bid more than Bob to get the zone over a period of twenty-four hours. If Alice loses her zone, she will get her staked DTH minus the taxes she’ll need to pay in pro rata of time he gets the ownership.The taxes will go to the tax collector contracts.
With this system, we expect to achieve resources allocation efficiency, as opposed to just a property land system. Zones will go to people who could get the most out of it, and not to people wanting to participate in an auction just for speculation purposes. With this, we add the maximum value to the system to the end user. The end-user looking at the map would only see zones with sellers who have “skin in the game” and are willing to act rationally during a trade.
2—A decentralized, in-app chat
✔️Get in touch with buyers and sellers on the map
You asked for it, we did it!
Because users’ privacy matters, we wanted to be sure to implement an alternative to a central server to host or route messages, like those used by Facebook and WhatsApp. You can now directly communicate with other Dether users using your Ethereum address. No need to use any third party application to get in touch with buyers and sellers.
However, for those who still wish to put their Telegram username, you can still put it on your seller’s profile.
✔️Encrypted peer-to-peer client chat using IPFS
Any content written in the Dether is private. We don’t have access to your conversations. You and you only have access to it.
✔️Start a new conversation using your correspondent’s Ethereum address
When viewing a seller on the Dether map, simply click on “Chat” to get in touch with them. Or, start and new conversation and paste your correspondent’s Ethereum address.
3 — A redesigned UI and frictionless UX
✔️ Frictionless onboarding
You can import or create your wallet without any email address or phone number verification.
You can import your wallet using your private key (or your backup phrase).
✔️A redesigned wallet
Manage your crypto wallet by adding or deleting ERC20 tokens from the existing list.
✔️Better sell transactions management
No need to deposit ether in escrow into a smart contract to sell to a potential buyer. Sellers can create their point of sale while keeping their ether in their wallet. You and only you have power over your funds.
Get instant live notifications after doing any transaction using your Dether app.
Refresh your history to see live incoming transactions in your history.
✔️Brand new colors for a brand new app
The new Dether app has a different look and feel than the last version of the app.
Taking into consideration the feedback of the community (thank you all!), we’ve designed the app to be more sober and more “crypto-friendly,” on par with the current crypto applications available today.
4 — Uniswap protocol and liquidity integration
✔️Extending ETH < > ERC20 token swap liquidity
While we used Airswap and Kyber protocols in the Beta version to enable users to swap more token pairs, we have integrated Uniswap protocol and its liquidity in the new Dether App.
Why Uniswap? Uniswap is an open-source non-profit project that aims to benefit the Ethereum ecosystem. Being 100% on-chain, anyone can create a market for a particular token or join a pool in an existing market.
✔️Making a token liquid around the globe within few minutes
As you pay already know, individuals can become a Token ATM with the Dether app.
Dether users can sell a variety of ERC20 tokens for cash without holding any token liquidity in their wallet. All you need is ETH.
By using Uniswap’s protocol, we’re not just creating a decentralized bridge between ERC20 tokens, we’re also giving projects the ability to provide the liquidity needed so that their token becomes liquid any market around the globe, thanks to Dether sellers.
Dether sellers only need ETH in their wallet and we’ll manage the token swap using the liquidity provided by the project when they listed their token on Uniswap protocol.
5- Hidden technical improvements
✔️Smart contract based
Following our mission towards decentralized, the new app uses the Dether protocol and its set of smart contracts. Going towards a Dether protocol that could be used by other dApps, we have maintained (for now) just a server to display the front-end to users for a better user experience than if it was stored on IPFS.
✔️ Faster transactions
For any transaction done in the Dether app, users have the ability to rebroadcast them and thus speed the transaction’s speed. With a gas price that dramatically evolve from one hour to another.
✔️ Better transaction management
We’ve improved from the beta, in which you had to wait for a transaction to be mined to process another. Multiple transactions can now be handled at the same time.
[ 6 — UPCOMING ] Automated token listing in the Dether wallet
Enabling Ethereum-based dApps to create a bridge between their token and cash by automatically listing their ERC20 token on the Dether app.
How to download the Dether App?
The stable release of the Dether app is a progressive web app (PWA) available on both iOS (using Safari) and Android (using Chrome).
Which countries are open to cash to ETH buying and selling?
The app is available in over 140 countries (the full list available at the end of this blog post).
List of countries in alphabetical order:
Bosnia and Herzegovina
Central African Republic
Congo — Brazzaville
Congo — Kinshasa