The Dock network: 2021 Recap
2021 was fruitful for the Dock network and its users. Most of the milestones have been completed, the remaining ones will be reached in the new year. Let’s review what worked well, what didn’t, and Dock’s general direction.
The roadmap contained such milestones as Ledger Wallet Support (Q1), Delegatable Credentials (Q1), Chainlink Oracle Integration (Q1), Dock Token Migration (Q1), Proof of Stake (Q2), Dock Server and Wallet (Q2), Dock App v0.1 (Q3), Dock App v0.2 (Q4), etc.
What did the team manage to complete?
Further to the successful release of Dock’s mainnet on the 30th of September 2020 and the security audit that came before, the team at Dock turn their attention to the token migration. Specifically, swapping the existing ERC20 token in favor of Dock’s mainnet token. Those who were holding ERC20 DOCK had to migrate their tokens before midnight (GMT) on the 31st of March 2021.
Tip: If you still have the ERC20 tokens, you can reach out to [email protected] to help you with migration.
In April Public Delegation feature release was announced, it improved upon the existing feature by adding the following capabilities:
- The ability for delegators to publicly attest delegations by adding details of delegation to their DID documents on the Dock blockchain
- The ability for credential verifiers to search for delegation details publicly posted on DID documents using a crawler
- These new capabilities remove the necessity for the credential holders to present the proof of delegation during the verification process, as verifiers can now search for and obtain the publicly posted delegation information.
In addition, Dock, in collaboration with Subscan, had launched a new explorer that reports on the Dock network’s key data in April. The explorer allows Dock users and token holders to view the following: Dock network’s key statistics; Details of the blocks, events, extrinsic, and transfers on the chain; Status and details of governance activities, such as proposals and referenda; Validator and top token holder account information.
Since Dock’s mainnet launching and the completion of the token migration, Dock was full steam ahead in the growing adoption of the network. As part of this business outreach, they had developed relationships with a number of organizations and had started working on trials and proof of concepts with some of these entities. These collaborative efforts demonstrated how they can integrate with Dock and provide an insight into whether their Dock-based solution can meet their objectives, prior to producing a full commercial product.
Dock’s partnership with digital credentialing platform Xertify was announced in May.
Dock and Xertify share a mission to bring innovative credentialing solutions to organizations using blockchain technology. Xertify provides a full-service platform for organizations such as universities and government agencies to issue and manage credentials for their recipients. Xertify was integrating with Dock’s blockchain infrastructure and tools to facilitate the issuance of their credentials. By partnering with Dock, Xertify ensured that the credentials they issue were W3C-compliant, universally verifiable, and cryptographically secured.
The most significant achievement of this year probably is Dock’s Proof of Stake.
In preparation for this major milestone, the team was seeking parties that were interested in participating in the PoS network as a validator.
Everstake was one of the first who has joined the project as a validator.
The Everstake team believes in the future of the Dock Network and believes that the platform will play an important role in the development of digital credentials. Therefore, Everstake is interested in participating as a validator and actively supports the platform, helping it to remain secure and decentralized.
Everstake is a large staking provider run by an experienced blockchain, IT, and fintech development team. The team is actively involved in various crypto projects, develops solutions to improve the process of handling PoS blockchains, and provides validator services. We have vast validating experience in more than 45 PoS blockchains. Our highly professional DevOps are dedicated to each node, backed up by the assistants, and provide 99.95% uptime. Each network is also being monitored by the Blockchain Manager. We keep the reserve nodes for each of the main nodes we run. The backup server is there to take up the job in case of malfunctions.
The Everstake team strives to simplify the delegation process for token holders. Our team cares a lot about raising its users’ awareness and creates quite informative articles. We are focused on creating and developing guidelines that help users in staking.
Dock’s mainnet was transitioning from Proof of Authority to Proof of Stake on July 7th, 2021 at 1 pm GMT. We explain how Dock token holders can earn passive income by participating in the new network as nominators below.
Nominators are an integral part of the new Proof of Stake mainnet, as they help secure the network by electing validators and extend the utility of the Dock token by using it as a tool for nomination. After candidate validators begin accepting nominations, nominators can review their details - e.g., identity, commission rate, and their current level of stake - and decide on which validators to support (a nominator can back up to 16 validators at a time). Nominators can then make a transaction on the Dock chain to stake (lock-up) Dock tokens for the selected validator(s). When the nomination period is over, the Proof of Stake algorithm automatically selects the candidates with the highest stakes to become validators. Token holders can review validator information and stake tokens using our network frontend application.
Step-by-step instructions on nominating can be found here:
This major milestone for the Dock community plays an active role in securing and running the Dock network.
Another significant milestone is Verifiable Credentials.
Dock’s API allows you to easily issue, verify, manage, and revoke verifiable credentials and decentralized identities. PDF certifications can be easily forged meaning online diplomas and certifications are becoming less valuable. Dock has built a decentralized network on which organizations can create their own identities, and use these identities to issue credentials that can be cryptographically verified.
The value created by digital badges and credentials affects more than just the organizations issuing them - they also greatly empower the recipients. By receiving and managing digital badges, individuals gain control over their digital identities and can elevate the story of their professional journey.
A digital wallet allows an individual to collect and instantly share information about themselves, and this information can be instantly verified.
In October Credenxia leaped into the future with Dock’s API. Preparing to move towards a decentralized solution for creating and managing employee credentials, Credenxia worked with Dock to build a Proof of Concept (PoC) application to create, issue, manage, and verify credentials instantly.
Helping businesses around the world work smarter, better, and faster, Credenxia offers a digital platform that uses cloud and smart technology to verify employee identity and establish proof of qualifications. With a mission to simplify the management of the workforce, Credenxia understood the need to provide alternatives to their existing centralized verification solutions.
As well, the Proposal to update the network rewards split had been submitted in October. The staking rewards emissions on the Dock network were adjusted to a 50/50 split with 50% of emission rewards going to validators and stakers, and 50% going to the Dock Treasury.
The period to vote on Dock’s first on-chain governance proposal to update the emission rewards split had officially concluded, with resounding approval by token holders. This marked an exciting evolution for the Dock network, with the community participating for the first time in a successful vote to make a significant change to the Dock network.
Moving on, we should mention the incorporation of a sandbox environment for users of the API that happened in November.
The Dock team focused on providing the best possible developer tools to ensure their products are easy to use while providing the best possible experience for technical teams.
For the uninitiated, Dock’s API enables businesses and developers to easily and instantly issue, verify, manage, and revoke verifiable credentials and decentralized identities on the Dock Blockchain. Dock integrates industry-leading World Wide Web Consortium (W3C) VCDM standards, allowing interoperability with other open source technologies. They provide a range of open-source software on GitHub that can be used alongside the API.
December started with the announcement about DAO HACKATHON which was running in the US and India. All participants in the hackathon were issued Verifiable Credentials by Dock. HackMania had organized and managed hundreds of hackathons across the globe for over 6 years.
USDAO and Dock were on the hunt to find and fund the best solutions built on the Decentralized Autonomous Organization tech stack. The sectors to innovate within Dock’s challenge included: Self-Sovereign Identity; Workforce Training; Know Your Customer (KYC); Learning & Academia; Health & Safety.
One more notable achievement is a collaboration with Transak, a platform for onboarding global users from fiat to crypto and back using local payment methods. Previously, Dock Tokens were only available for crypto to crypto buyers, thanks to Docks Integration with Transak, Dock Tokens can now be bought via bank transfers and card payments.
Transak enables bank transfers and card payments in multiple international currencies in over 60 countries, including the UK, Europe, and India. In a few simple steps, you’ll own DOCK tokens and will be able to participate in governance, staking, and transacting on the Dock Network.
Finally, we should remind you about the launching of the Dock Wallet App.
The app is now available on the App Store or Play Store. This is a significant milestone for Dock, as not only community members now can store, send, receive, and manage Dock tokens from their mobile device, it will serve as an important gateway to many planned Dock innovations.
The Dock team has been developing the app since March 2021 with a vision to provide a safe, secure, and convenient mobile wallet for storing and transacting with Dock tokens. Importantly, Dock’s Wallet App gives the token holder full control over their DOCK tokens as the wallet enables them to control and manage their own private keys, allowing them to send and receive tokens without the involvement of any third party.
To sum up, this year was full of events and updates. After completing many major milestones in 2021, the Dock team is looking forward to another year of building innovative solutions, driving adoption, and engaging with the community. You can check the roadmap to know more about plans for 2022.
Thank you for reading. Subscribe to Everstake on social networks to receive the latest news from the world of cryptocurrencies and read useful staking guides!