How to Take Control of Your Data — Dock
The most successful business in the digital age is most assuredly user data. Companies like Facebook and LinkedIn base their entire business model around providing users with a space to share and absorb information. That model has come with centralization and the risks of data breaches and trusting 3rd parties with user information. The project I’m looking at today is called Dock. Dock is looking to change how user’s transfer and share their data with applications and give users the keys to their own data castle. This article will focus on the current issue of centralization, the Dock protocol, and the DOCK token.
LinkedIn is the most recognizable name in regards to network building and resume sharing. The centralized entity allowed for the creation of a gigantic network that allowed for job seeking and employed individuals to connect and grow their list of contacts. That network is maintained within the central entity though. Others are not able to access it or export it off site due to the value of an individual’s information. That competition has led to a marketplace where services like LinkedIn, Upwork, and others lock people into using one platform.
Dock is looking to solve the issue of non-transferrable data and looks to break open the industry of networking through decentralization without losing the incentive to encourage growth.
The concept behind Dock is quite straightforward allow users to transfer their personal data and profiles between applications and social media. Met a colleague in the same industry and added them on LinkedIn? Great with Dock you can now take that contact, sync them with your address book on your phone, and then move over to your calendar app and set up a meeting all with seamless integration.
Before I go any further explaining the protocol I’m going to pump the breaks a bit. With Dock a user has control of their data. You decide what information should and should not be transferable between applications. Have your home address, home phone, business phone, and business address all set in your phone? With Dock you’re able to choose to only export your business information so the rest remains safely with you.
How that works practically with Dock is a user is able to designate information as public or private (the default). Public information is available on any app connected. Private information is encrypted and must be decrypted by user request or by a user authorized application to be shared.
The technology underlying this system is the Ethereum blockchain and IPFS. IPFS is the Interplanetary File System which is a decentralized method of storing data. Through this system of peer-to-peer storage Dock can effectively store user data in a safe manner without clogging the Ethereum network.
Lastly, did I mention that Dock already has a working application? On the Dock website user’s are free to sign up for the Dock application and take control of their personal data. The application itself already boasts 1 million users (according to Dock) and the team is fairly regular in announcing new partnerships for its protocol.
DOCK is an ERC20 token that’s used by the Dock protocol and whose primary function is for applications to pay for the transmission and receiving of user data. This functionality is at the core of the Dock protocol and makes it so that the token is necessary for the system to function. I view this set up as having to pay for access to any other website that holds valuable information that one would like accessed.
Given that arrangement spending tokens to send and receive data should be the largest token sink. In addition to that functionality, holders of tokens can also use tokens in order to introduce new proposals to be voted on by the community and to vote on others proposals.
Furthermore, there is a mechanism for applications to earn tokens within the system instead of only spending. When users create new data on an application that can be shared those applications are rewarded with DOCK for the new data. In other words, if I were using a Dock integrated application and updated my resume to include new data. The application I updated it on would receive DOCK tokens for my participation.
A key component to this system is that applications, not users are the ones sending and receiving tokens in this ecosystem. Users are incentivized to use the platform based on its advantages and applications are incentivized to integrate due to user demand and the ability to earn from user participation.
The roadmap for Dock can be found in a blog post by the team from back in December of 2017 and they recently released an update for the month of August. I’ll be basing this section over those two articles.
As far as where we are in the released roadmap there aren’t any milestones planned until Q1 2019. That milestone is the data exchange integration that will allow a two way communication between applications and the Dock protocol opening channels for those applications to request and receive user information. This milestone was mentioned in the August update and the team states that “Once the solution is released, Dock users will be able to seamlessly update their information across partner sites and connected apps with one click.” Additionally with this milestone the team stated that they are “exploring multiple Proofs of Concept” for this feature. While there isn’t any definitive statements regarding release it’s nice to see they are focusing on this feature on time.
That feature is the final one listed in the roadmap so following that release I would assume that the team will be focusing even more on adding additional partners and platforms to integrate with the Dock protocol. At the moment Dock has several partners including InvestFeed, Breezy, and Indorse.
DOCK is trading at a price of $0.017 or 272 Sats or 0.00006029 ETH. The total supply of the token is 1 billion and the circulating supply is 429 million tokens. Given those numbers the market cap of $7.5 million and daily volume for the token across exchanges was $1.5 million.
There are five exchanges that offer trading pairs for DOCK with 91% of the daily volume coming from Binance’s BTC pairing. Binance also offers an ETH pairing with around 3% of daily volume. Second in volume is Gate.io with a USDT pairing. Gate.io also offers an ETH pairing but the volume is negligible.
Binance — https://www.binance.com/
Gate.io — https://gate.io/
To learn more about the Dock project please see the following links:
Website — https://dock.io/
Twitter — https://twitter.com/getdock
Reddit — https://www.reddit.com/r/dockio/
Medium — https://medium.com/dock
Whitepaper — https://dock.io/whitepaper
Dock is a cryptocurrency project with a clear use case and a released application that users are already taking advantage of. The team is constantly pursuing expansion of its partnership network and has been hitting development milestones effectively. Projects that deliver seem to get pushed to the back of the hype train with many others that have prolific marketing teams with charismatic leaders. What we have here with Dock is a project that is already delivering on its promises.
Thank you for reading today’s article! This is my first article for this week and I’ll be releasing a new type of article covering crypto education on Wednesday and an article covering Haven on Friday! As always follow me on Twitter @thant1194 or on InvestFeed @thant11 in order to stay up to date on all my articles as I release them. I am not associated with the Dock project and am not a holder of their token. Thank you again for reading. I have to return some video tapes.