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What is DOCK? How does it achieve a secure and transparent credential sharing ecosystem?
DOCK is a decentralized network based on a blockchain distributed platform allowing smart contract functions. It mainly emphasized the privacy and control of users to align their interests with third parties.
Dock.io is an exciting project that tries to provide control to the users of their credentials and achievements. It aims to create a secure and transparent ecosystem for sharing the credentials. The current market price of DOCK is $0.0934, with an increase of 7.88% in 24-hour.
It is not at all tough to share data on the Dock.io platform. The individual user can decide which of their data is to be uploaded to the platform and to whom that data is accessible. The users can connect the companies on the platform, recorded on the Ethereum blockchain through a smart contract. What makes it different from the current centralized platform is that the users can indeed control their data's views but cannot control data's access for the people.
Users can share their not sensitive data, i.e., name, work, and education history, directly with the public in an unencrypted manner, and they can keep their sensitive data private. By default, any data is encrypted on the platform, and the users have the control to make it public or decrypt their data. Notably, once decrypted, data cannot be removed from being public.
As we already discussed that the platform is built on the Ethereum blockchain, and it is using the IPLD specifications. Notably, IPLD specifications enable the decentralized data structures, which are addressable universally and can be linked to allow for more decentralized applications. IPLD helps the peer-to-peer IPFS (Interplanetary File System) to perform addressable data exchange. The IPFS network stores the hashed files, which can be retrieved by the users anytime by calling its associated hash from the blockchain.
What makes it a unique system of decentralization is that the tokenomics model controls its data-sharing. To encourage price stability, DOCK token denomination is done in fiat. We all already know that cryptocurrencies are volatile, and the dock network believes that the fiat denomination of DOCK could avoid the extreme price swings of the crypto.