What is the Dock Network and why it can be useful
The platform was created in 2017 with a mission to solve inefficiencies in existing data solutions: untrusted and inaccurate information, data silos and gatekeepers, incompatibilities, and lack of control for users.
The Dock Network has become a complete solution to create decentralized identities (DIDs), build, manage and present credentials. In this article, you will find out what the Dock Network is and why it is so important to the blockchain industry.
What is the Dock Network?
Dock is built on Substrate and uses the consensus mechanism offered by Substrate which is a hybrid as it separates block production and finality and achieves them through different methods. The finality is achieved through a finality gadget called GRANDPA (GHOST-based Recursive ANcestor Deriving Prefix Agreement). It finalizes chains rather than individual blocks and offers provable finality.
The Dock network started with a Proof of Authority (PoA) network and therefore the block production algorithm in this phase was Aura, which was transitioned to a Proof of Stake (PoS) consensus.
Dock ecosystem stakeholders consist of identity owners, issuers, revocation authorities, holders, verifiers, validators, and governing council.
Why the Dock Network can be useful?
As large parts of our lives now take place in the digital world we are relying on our digital identities to represent ourselves to others.
Many apps and digital products on the market promise to improve your organization in incredible ways. To identify where true innovation is occurring you have to look a little deeper. The unfortunate truth though is that a majority of this is marketing noise that overpromises and underdelivers. Besides, the Dock project has the real potential to become a helper at your organization.
The main feature of the project is verifiable credentials (VC). A digital credential is a significant improvement to a physical credential. They can visually represent an individual's skills, abilities, and accomplishments and are verifiable- establishing a trustworthy reference point with whoever is viewing them. Some examples of a digital credential would be a digital driver's license or passport, concert tickets, an association membership card, training completion certificates, an employee of the month award, and many other types of records and achievements.
It's important to understand that a digital credential is proof of qualification, competence, or clearance that is attached to a person and that it proves something about its owner.
Digital badges help control your digital identity by bringing the important data that describes you together in a single place and give you the ability to speak a global, common language of verified skills, learning, accomplishments, and status.
Blockchain Credentials are credentials that have been recorded on the blockchain to increase security and fraud prevention. Blockchain credentials are very hard to fake or modify, and they are simple to verify. In Dock, you are allowed to create and issue a verifiable credential with supplied data.
Nowadays it is not economical or scalable for organizations to utilize blockchain for credential issuing. Setting up infrastructure, maintenance, and upgrades, needing blockchain expertise, and rapidly evolving technology and ecosystems make it difficult to be economically efficient on their own.
The Dock network needs maximum participation and widespread adoption to reach its potential. This is achieved through a non-profit, decentralized, open network of governance and collaboration. Dock Network brings the best resources and brightest minds in the world together to produce the highest-performing blockchain credentialing solutions at the lowest possible costs.
Dock's web app
Dock has built a demo version of web app Certs using their blockchain and SDK to demonstrate how easily credentials can be issued, managed, shared, and verified using Dock's technology.
Certs is aimed to show that our claim deduction feature, facial recognition, and verifiable credentials can be used together to cryptographically verify a subject's age, eliminating the need for manual checks.
Dock has created what we believe to be the world's first universal verifier for World Wide Web Consortium (W3C) standards credentials. W3C is an international community developing open standards across the web. This specification provides a format for expressing secure credentials, privacy-respecting, and cryptographically authenticated. W3C standard credentials can be issued via Dock and the verifier is open source, free to use, and publicly available.
The Role of DOCK tokens
The Dock utility token (DOCK) plays a key role in aligning incentives across all of the Dock network's participants including issuers, validators, token holders, and the Dock Association, and ensures collaboration and growth. The network will periodically emit tokens for about 25 years with a decreasing number each year to incentivize early participation. These tokens are called emission rewards and are distributed among the validators and the Treasury.
Any write operation completed on-chain requires tokens. The amount of tokens varies depending on the resource consumption of that operation including its size, disk usage, and CPU usage. All operations pay a minimum fee called the base fee. Dock tokens are required to process operations on the Dock network including creating a decentralized identity (DID), revoking and anchoring credentials, and creating schemas to structure credentials.
The Dock token also plays an important role in ensuring token holders participate in the governance of the network. Major changes to the network are decided by token holders voting on proposals, and the value of each token holder's vote depends on the number of locked tokens and lock duration.
The Dock token enables transparent and accountable governance for the Dock Network. Any token holder can participate via open proposal submission, voting on the direction of the network, and electing board members to the Dock Association.
Staking and Validating
The Dock token provides emission rewards to validators who support the infrastructure of the network and process transactions. Emission rewards are paid to validators as compensation for their services.
Validators process transactions, produce blocks (by putting transactions in blocks), and finalize them; they also validate blocks produced by other validators. The maximum number of validators that validate concurrently is 50 and they are selected by the network based on the amount of stake they hold.
Nominators select validators they would like to process transactions, produce blocks and validate transactions. They do so by staking Dock tokens.
Everstake as a reliable validator at the Dock Network
Everstake is a large, high-performance validator with experience in more than 45 PoS blockchains. Our company constantly improves services and runs top-notch gear with the highly professional specialists on board. Everstake regularly provides educational materials for users, assists them with all issues related to staking and our dedicated Blockchain Managers manage the operational flow in the most efficient way.
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.
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