(DOCK) - Data Exchange Protocol
What is DOCK?
Dock is a data exchange protocol with the purpose of decentralizing data exchange. By doing this, Dock will provide an application that allows users to have one seamless login portal to connect all of their online profiles and accounts in one place. Additionally, Dock gives users ownership of their data allowing them to choose where it’s used, and what information is shared. Users will be able to log into the application and connect to external apps such as Twitter, LinkedIn, and any other app that chooses to participate with Dock. By connecting all of your online profiles in one place, and giving the user control of how their data is shared, Dock will effectively provide a new marketplace for third-parties to share user data while simultaneously incentivizing data sharing between platforms. By ensuring all parties needs are met thereby benefiting everyone.
In today’s marketplace, the average person changes jobs 12 times during their career, freelancing as a profession grows annually, and freelance workforce projections for the U.S are expected to reach 40% by 2020. Because of this, professionals have a higher need for centralized platforms that connect them to job opportunities. However, the $200 billion dollar industry is monopolized by companies including, LinkedIn, Upwork, Glassdoor, and others. Because these platforms centralize their user data, users are not able to seamlessly transfer their data which results in fragmented profiles scattered across the internet in various places. Because anyone will be able to use Dock protocol users’ will be able to easily port their personal data between applications that choose to participate thus, users will have immediate access to update their profile information, employment history, and any other type of data across all participating platforms simultaneously. For example, imagine if you could log into one application and update your previous work history, and it automatically updates across your Facebook, LinkedIn, Twitter, Upwork, and any other online profile!
How does the Dock protocol work?
Dock protocol utilizes Chainpoint which is the current open-source standard for anchoring data within blockchains. Originally, Chainpoint was created for use on the Bitcoin blockchain. However, Dock uses a modified version of Chainpoint that enables anchoring updates of data formats to a singular blockchain within a single block transaction. In addition, this modified version of Chainpoint makes it possible to prove that an update was created at a specific block generation event. This is accomplished through the changes to Chainpoint which are highlighted in gray:
What is On-Chain Vouching?
Accounts on the Dock network will be able to sign the on-chain data format hashes of any other account meaning that a third-party will be able to attach a signature to a piece of user information thereby allowing third-parties to vouch for information as true for individuals. Examples of this would be:
Employers vouching for the truthfulness of their employees’ work history.
Schools vouching for the truthfulness of student credentials.
Students of a school vouching for the integrity of another student
Identity services vouching for their citizens identity information
Applications vouching for the truthfulness of an application related data format.
However, a signature alone is not enough to verify user data if anyone on the network can sign it. Therefore, Dock plans to assign a secondary trust, or create a reputation layer to assess how good each individual signature is. This means that users on the Dock application can have their previous employers, or schools verify and vouch for the information that individuals put on the resume or application.
How are DOCK tokens used?
Because todays applications are incentivized to hoard their platforms user-data, it is inaccessible by third-parties and by users themselves. Data gathering is another methodology used is, open an ecosystem up for user data to come in from other third-parties, and then shutting down the third-party application access. An example of this would Microsoft’s internal strategy which goes “Embrace, Extend, Extinguish” and LinkedIn has used this strategy as well with their user data.
These problems can addressed through token-based modeling, by allowing a token to represent user data that is exchanged between applications, while the user still controls what personal data is shared. Users will be able to control which applications can access and update their data, but they will not be rewarded monetarily for doing so. This is because the core motivation relies on incentivizing applications to share user data. It is not meant to encourage users to monetize their data as that could lead to questionable actions among users. Applications will pay a price in (DOCK) to each other for accessing user data, but not to the user itself. As an example, when a user sends data that is attributed to one application such as Twitter to another application such as Facebook. Then a payment will be triggered within the Dock protocol and DOCK will be sent from one app to the other. Excess tokens in the smart contract will be burned.
There are a number of reasons why burning Dock tokens is an effective mechanism:
– There should be a cost for applications to acquire user data.
– Simultaneously, users should not receive those tokens as an incentive to avoid malicious behavior.
– General token holders will benefit from the total supply of the outstanding tokens decreasing due to the burning mechanism.
– Any percentage of token burn will act as an anti-spam and anti-DDoS mechanism for the smart contract.
Potential issues for Dock protocol
There are a few issues that Dock may need to overcome in the future. However, they have provided potential solutions if these scenarios are to play out in the future.
On-Chain Scaling & Transaction Flooding
Because the Dock Protocol will require a relatively high transaction throughput for its smart contracts to operate the Ethereum network could prove to be a problem if scaling is an issue in the future and the current scaling solutions don’t pan out. Furthermore, Dock Protocol could experience a denial-of-service attack although that would require a very large amount of DOCK tokens to initiate. Moreover, any such attack over an extended period of time would very costly.
ETH will also be needed by Users for Gas
The Dock smart contracts as well as the protocol are reliant on the Ethereum mainchain which means that users and applications will need to have both Ethereum and DOCK tokens in order to use the Dock protocol. This complication can be addressed by the use of background automation through means such as hosted wallets, and hosted services.
Possibility of transition to Standalone Chain
In the case that Ethereum is not able to scale their mainchain to the degree required for The Dock Protocol, or transactions become too expensive the Ethereum network, then Dock reserves the right to launch a standalone global chain. However, they would only choose this route if no other options were presented. If this were to happen, the new mainchain would be dedicated to running Dock protocol and smart contracts. Furthermore, a public snapshot date would be announced where applications would be upgraded to a client that switches over to the mainchain at a predetermined date.
Who is on the Dock team?
Nick Macario – Co-Founder
Previously founder of branded.me
Nick is a multi-time founder and technology executive. His previous company was a professional networking site which grew to millions of users and is currently remote.com.
Elina Cadouri – Co-Founder
Previously Co-founder Outsource.com
Elina is a multi-time founder and marketplace operator. Her previous company was a freelance marketplace transacting tens of thousands of jobs and millions of dollars in revenue.
Jeffry Harrison – Director of Partnerships
Previously worked at The Muse
Jeffrey brings years of industry experience in both sales and recruiting. Prior to Dock he was a Team Lead at The Muse where he helped grow the sales team from 3 to over 40, and was responsible for some of the largest deals the company achieved.
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