Dockio Review

Dock.io is a blockchain based technology that enables users to exchange and transfer data between different platforms.

Idea and token

There are many centralized platforms used by business owners and employers used to source their workforce.

Unfortunately, the platforms are known to hoard tons of personal data.

Dock.io seeks to solve this problem.

The Dock token incentivise applications to exchange and transfer data between two or more decentralized applications.

Dock.io’s native cryptocurrency is given as reward to applications that facilitate exchange of data.

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Project overview

Built on top of Ethereum, Dock.io uses a special data encryption technology together with its native cryptocurrency to encourage data sharing between platforms.

It connects the online profiles and reputation of users using the blockchain.

What does the company/project do?

It’s a decentralized platform that’s not controlled by any third-party. Using the Dock app, users update their information onto the Dock.io platform.

Users get full control and ownership of their data, although they are not incentivized to share it.

How advanced is the project?

There’s a working application with thousands of users.

The Dock App boasts of having over 200, 000 registered users.

What are the tokens used for?

DOCK is the native digital currency token of the Dock.io platform. It’s used as a means of payment on the platform.

It’s also given as a reward to applications that facilitate exchange of data.

As a utility token, DOCK’s value is expected to appreciate once the platform gains widespread adoption as more people will need it to access the platform.

Decentralizing the data sharing model using the blockchain

The data market has for a long time been centralized and few organizations are known to monopolize data. In most cases, these organizations hoard data.

Dock seeks to decentralize data by using a blockchain.

Their solution allows users to own and control data and to exchange it with two or more decentralized applications.

How users share data on Dock

Once in the Dock platform, users can form a network among themselves.

All the data is then encrypted and anchored on the blockchain. Data originators are required to be on the internet to share fresh data on the platform.

The platform allows users to share data selectively using third party applications allowed in the user-application contract.

Once you share data with an external application, you lose control of your data.

A few technical details

Dock.io uses the IPLD and IPFS technology that helps it beat the scalability issues associated with earlier blockchains.

IPFS is Interplanetary File System (IPFS), an open source storage protocol.

The Dock.io network allows users to create an ad-hoc publish-subscribe network. The IPFS network is a collection of nodes that store hashed files.

One interesting fact of the Dock platform is that users can share data even when they are not connected to the internet.

They are only needed to be online when sharing data that has never been published on the platform.

Using the Dock cryptocurrency, users also vote on the platform to ensure the integrity of data packages in case there’s a disagreement.

Tokenomics and incentives

The Dock cryptocurrency is using a unique tokenomics model that denominates its tokens in fiat currencies instead of BTC or ETH.

Their aim is to encourage price stability on the platform as cryptocurrencies are known to be volatile.

They also use a unique incentives model that’s focused on rewarding DApps instead of users.

Incentives for applications

The Dock ecosystem uses the Dock token to incentivize applications to share data with each other.

On the platform, data sharing between apps is involuntary, meaning that an application cannot be prevented to pay for data that they need to use.

The platform gives users the sole discretion to decide on who accesses their data and this is a clever way of discouraging applications from hoarding data.

Incentives for users

Unlike in most platforms where the users are rewarded, the Dock platform rewards applications.

This way, the creators believe that users will attach more value to data and won’t need to provide false data to earn a passive income.

It’s the team’s way of weeding out spammy or false information.

What are they providing?

Instead of rewarding users, Dock is giving them control of their data. They get to decide what to share and with whom.

They also get convenience as they get to share all their information from one platform, the Dock.io application.

Ecosystem and partnership investments

The Dock.io platform has set aside 30% of all tokens to be ecosystem incentives. This rewards pool seeks to promote the growth of the platform.

It’s important to note that Dock has some impressive partners who’ve invested into the project, including Connect Capital and L2 Ventures.

Token burning mechanism

Dock developers have also devised a clever way of keeping spammers and DDoS attackers at bay; they use the token burning mechanism.

Tokens are also burnt to cut their supply, which then raises their value.

Dock development status and roadmap

The Dock.io team first created the Dock App in January before conducting the token sale event in February.

With the App, people are already trying out the service by migrating their personal data to the app.

So far, Dock says that over 15 million people are using Dock’s partner applications, including Fund Request, Remote, and Smart recruiters.

According to their website, the team claims that the app has over 200, 000 registered users.

In 2019, the team plans to launch the Network Data exchange to open up the ecosystem to developers.

Dock ICO: $20 million raised

The Dock ICO was a success. It hit its funding target of $20 million within days.

During the token sale event, the team sold 30% of its 1 billion tokens. This success didn’t come without challenges.at first, ICO investors fell prey to scammers, leading to loss of money.

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The Team

Dock founders Elina Cadouri & Nick Macario lead a well experienced team.

The two founders have experience in the technical world, having founded successful campaigns before launching Dock.io

Short term and long-term potential of Dock.io

After a successful token sale event, Dock’s short term potential looks bright. It has managed to create a large online following that seems to encourage the team to deliver on its promises.

The team further enhances the project’s potential by having it listed at major exchanges.

In terms of long term viability, Dock is entering into a highly centralized data storage industry says a lot about its plans, given that it’s a decentralized platform.

It only needs to standardize its data formats to make it easy for any user to share data.

Token type and purpose

DOCK is the digital currency token native to the Dock.io blockchain, as an ERC20 standard token, it’s a utility coin that allows users to participate in the Dock platform.

It’s also the means of exchange on the platform, and coin holders can use it to vote on the platform.

Dock also incentivizes applications to share data.

Coin price

Since its launch in January 2018, DOCK’s price has hovered around the $0.2 mark. In May, the price reached its peak of $0.212.

The price then took a beating and stands at $0.026.

Discounts/bonus

The Dock.io ICO had an impressive bonus program that rewarded institutional investors during the pre -sale. It included a 50% bonus.

Hard cap

The team had set a funding goal of $20 000 which was achieved within days.

Total supply

There are 433, 052, 635 Dock in circulation according to CoinmarketCap. The total supply of coins is 1 billion DOCK.

Total circulating supply

510 million tokens.

Team

The Dock.io project was founded by Nick Macario and Elina Cadouri. They boast of a wealth of experience in the technology industry.

The third high-ranking team member is an engineer who is the project’s Chief Technology Officer.

Others take up roles as chief scientist, head of product, blockchain engineer and many more.

Partners/Investors

Since its launch, Dock has attracted a number of partners who are already using its protocol.

These include Smart recruiters, Fund Request, WorkHere, Remote, Breezy, Social X and Full Candidate.

Others are Tribe Pad and Geek Hunter.

The main investors backing the Dock.io project are Digital Asset Fund, DCH, 1KX, AlphaBet, L2 Ventures and Block Water Capital. 

The last investor to be named on the Dock website is BlockTech.

Advisors

The advisory team is led by Lasse Clausen, in charge of fundraising.

Opportunities

The IPFS technology that Dock uses gives it an edge over most other personal data solution providers.

There’s no denying that the Dock platform could easily transform the personal data industry especially if a large number of players like LinkedIn get on board.

Dock is also launching at a time when parts of Europe are implementing the PDIR law to govern how personal data is shared.

Concerns

Even with a bright future, there are a few concerns that could stifle the growth of Dock.io

It has also attracted institutional investors.

Deadlines

The key team members seem to work for both Dock and Remote.com.

It’s not clear how they divide their time to grow the Dock platform and this could affect the project’s deadlines and timelines.

Hype

For a company that has inked partnerships with three other firms, there should be a lot of hype surrounding it, but this is not the case.

Dock seems to have a good number of Telegram followers (65000) and a vibrant Reddit community. 

Without the hype, the project is not likely to scale quickly.

Positives and negatives

It’s true that Dock has lots of positive reviews because of its solid vision, technology and working prototype.

But it fares badly when it comes to team dedication, community and lack of incentives for users.

Whichever way you look at it, its pros outweigh the cons, making it an ideal investment for both short-term and long-term investors.

Summarizing Dock

Docks aim, is to provide a solution for data hoarding, which ia s a prevalent problem with existing professional firms.

Looking at its technology and vision, it’s not hard to see that the project is a pretty solid solution that can effectively solve an existing problem.

It’s poised for growth once the team implements the white paper.

Conclusion

In conclusion, Dock could become a mainstream player in the personal data space if it’s widely adopted.

The fact that it has a working product is a sign that it’s a practical solution.

However, there are a few issues that seem to work against it, including the risk of failure in case it’s not well received in the market.

The PDIR regulation, the strictest personal data regulations in the EU, has already taken effect and could change the tide for Dock, either positively or negatively.

Although we enjoyed digging into this project, we believe we've picked out much better ones in our recent newsletter.

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