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:
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.
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.
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.
Dock has a total supply of one billion tokens
Approx. 650M DOCK / 65% 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.
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.
Approx. 150M / 15% 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.
Dock is in the process of migrating all token holders from ERC20 tokens to its new main net token. All DOCK token holders must migrate their tokens before March 7, 2021. More information is available here
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.
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.
DOCK tokens can be purchased at the following exchanges