Dock token

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 Dock token serves three main purposes:

1. Governance

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.

2. Network Operations

Dock tokens are required to process operations on the Dock network including creating a decentralized identity (DID), issuing and revoking credentials, anchoring credentials, and creating schemas to structure credentials.

3. Staking and Validating

To become a validator in Dock’s Proof of Stake Network, candidates need to lock (stake) tokens and can invite others to lock tokens on their behalf. The network selects validators based on the amount of staked tokens allocated to them.

Token supply

Dock has a total supply of one billion ERC-20 tokens via an Ethereum smart contract.

Token holders (Circulating Supply*)

Approx. 600M DOCK / 60% of total supply

Distributed among token holders. Dock tokens enable any individual or organization to participate in the network including issuing, validating, and voting via open governance.
*600M as shown on Coinmarketcap and is a measure of tokens being held by the general public.

Dock Association Treasury

Approx. 200M DOCK / 20% of total supply

Will comprise the Dock Association’s Treasury and will be used to fund the development, marketing and operations of the Dock network. Over time, decisions regarding spending the Treasury will shift from the Association’s Council to token holders via an open governance mechanism.

Validator Emission Rewards

Approx. 200M DOCK / 20% of total supply

Will be mined over time as emission rewards on the Dock mainnet to reward validators for validating blocks and processing transactions. This release will be launched in 2 phases: Proof of Authority (PoA) where Dock's governing council will select validators based on performance, and Proof of Stake (PoS) where validators will be selected on the basis of their staked tokens.

2M DOCK (Estimated release for PoA phase)

198M DOCK (Estimated release for PoS phase)

In Q4 2020, Dock will commence a token swap when the existing Dock ERC20 token will be migrated in a 1:1 swap to the Dock blockchain. All token holders will be required to participate in the token swap as the ERC20 tokens will eventually be deprecated.

Network evolution

Proof of authority (PoA)

The Dock Mainet, Vulcan, will initially use a Proof-of-Authority (PoA) consensus mechanism where time will be split into fixed intervals and each validator will have an equal chance to produce blocks on a round-robin basis.

Time will be divided into 10 day intervals, called epochs, and each validator will have an equal opportunity to produce blocks. During each epoch, the network will offer 15K Dock tokens to each validator, thus the network (with 10 validators) will offer 150K Dock tokens in total to all validators (provided they are always available), emitting an estimated 2M tokens over this 6-month phase before the network transitions to Proof of Stake (PoS) consensus.

To keep validators invested in the long term, 50% of the block rewards of each validator are locked up until the PoS network is launched and will be released on the corresponding epoch during PoS. For example, on the launch of the PoS network, the first epoch will release locked funds of all validators earned in the first epoch of the PoA network, the second epoch of PoS will release locked funds of the second epoch of the PoA network and so on. Thus, a validator earning 15K tokens in say the 10th epoch of PoA network has 7.5K tokens locked in the network which are released in the 10th epoch of the PoS network.

Proof of stake (PoS)

In this second phase, Dock will launch a new network, Knox, which will utilize a PoS consensus which selects a validator for each slot (an interval of time) randomly.

In order to become a validator and earn rewards, a candidate has to lock tokens in the network. The candidate can also be nominated by others who will then stake their tokens for that candidate and get proportionate rewards if the candidate becomes a validator. As the nominators are rewarded proportionately, they are penalized proportionately as well. Misconduct by the validator can cause the nominators to also lose their stake.

Each year, the network will release 25% of the remaining supply at most and the released tokens will be equally distributed across epochs, each of which lasts 10 days. Circa 200M tokens will be emitted over the course of the next 25 years.

Year Tokens released Tokens remaining Circulating supply
1 50,072,651 150,217,953 849,782,047
2 37,554,488 112,663,465 887,336,535
3 28,165,866 84,497,599 915,502,401
4 21,124,400 63,373,199 936,626,801
5 15,843,300 47,529,899 952,470,101
10 3,759,689 11,279,068 988,720,932
15 892,192 2,676,576 997,323,424
20 211,721 635,164 999,364,836
25 50,242 150,727 999,849,273
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Year 25
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Buy DOCK tokens

DOCK tokens can be purchased at the following exchanges

Learn more about Dock tokens