Polkadot's ecosystem has been exploding since its mainnet Relay Chain was
first launched in May of 2020. Polkadot is now on track to launch
several parachains in 2021. And today's project aims to dock itself
into the parachains auction. In this video, we break down Dock
and its capabilities, what it can offer the cryptoverse, and if it will be the killer platform
that Polkadot has been waiting for. Let's get it! BitSwap is the hottest new way to trade tokens. Crawling all the top decentralized exchanges, BitSwap will get you the very best price
and value for your trades. BitSwap is changing the game. Try it now at bitswapdex.com. Welcome to BitBoy Crypto!
The largest crypto channel in all the Interwebs. My name is Ben. Everyday, I show you how to make money in crypto. If you like money and crypto,
then make sure to hit that subscribe button. In this video, we're going to break down Dock
and hope we don't drown. Dock is a project that seeks to allow
companies and developers to issue verifiable credentials
secured by blockchain technology.
The team has its eyes focused on
supply chains and health records, but they said in a recent interview
with dExplain.com that their blockchain can handle
any type of digital document. The team further added that their blockchain
can handle professional accreditations, academic degrees, workforce credentials, licenses and much, much more. So you might be thinking what's so
special about storing documents. But what you don't know is that the blockchain can
revolutionize the license verification industry, which currently is extremely manual
As an example, verifiable credentials allow medical workers to instantaneously become verified by hospitals,
medical clinics and insurance companies. In other words, Dock lets companies and developers
create decentralized identities or DIDs. Another example in the supply chain industry, which has an extremely outdated slow process. Currently, it includes manufacturers,
exporters, shipping companies, even a truck driver to deliver products or goods. Verifiable credentials provide proof of authority
for all the above or transferring the goods. And it's all verified with a consensus of blockchain. This ensures a company's compliance and that there is verified data along every
step of the supply chain process. This can be used to authenticate legitimate goods, separating counterfeit illegal products and more.
There are also a number of other reasons
why you would want to track supply chains including safety compliance,
and that's just scratching the surface. Dock can be used to transform
the entire supply chain industry. Now, let me explain how the current outdated
supply chain infrastructure works. You have a supplier, a carrier and a receiver. These three are key parts to how a supply chain works. The supplier sends products with a carrier
to deliver to the receiver, for example, timber being sold to someone
in the lumber industry. In the typical traditional world at present, there's a major issue facing this industry
which actually slows it down. The way that payments work in utilizing
blockchain as well as smart contracts just makes sense to fix this using
verified credentials and supply tracking.
Now, allow me to further detail how
the current outdated structure works through bids and contracts which require, and I kid you not, faxing and email legacy systems. The supplier sends the carrier
with a BOL or bill of lading, which the truck driver signs as a means
to legally take possession or ownership of the goods until delivered to the receiver. This process currently uses EDI or electronic
data interchange information. And during this whole process,
the carrier doesn't get paid until the receiver has the goods in their hands. This is where a smart contract could make things
much easier and better by automating the next part. The receiver then has to fax or email
the BOL again back to the supplier signed.
Finally, after receiving and reviewing the signed BOL, the supplier will send an invoice to the receiver
to pay them for the goods. Then finally after the invoice is paid by the receiver, the supplier can finally pay the poor carrier, which has endured costs on gas and possibly
even trucking maintenance costs, or if it's shipping containers,
then potential ship costs maintaining the supply rig. It's so important to note that this entire process can sometimes take
as much as 60 to 90 days to complete.
This process is slow and outdated and it's been
shocking that there hasn't been a solution until now. But here's how Dock can change things for the better, by utilizing smart contracts to verify that goods
and supplies have arrived from point A to point B and then using smart contracts to produce
an invoice and a bill of lading. So utilizing a smart contract could do
away with the need to sign a BOL because it would be digitally signed between
all three parties on a blockchain using Dock. Once a carrier has reached a certain location,
like the receiver's destination for delivery, a contract would trigger, which tells the supplier that goods have arrived. Payments are made simultaneously in an instant. Dock can also be used to simplify
and streamline the hiring process by providing credentials that are cryptographically
verifiable for companies. The team is a solid group of industry veterans headed by Nick Lambert, who has been working
in the blockchain space since 2011 previously as the COO of Maidsafe,
one of the oldest coins out there.
Elina Cadourie, COO, is one of Dock's founders
and has built a career in data network startups. Lead developer Lovesh Harchandani is an
expert in DID and verifiable credentials previously working at Evernym, where he contributed significantly by coding
Hyperledger Indy, Hyperledger Ursa and Sovrin. To name a few team members. The founding team also helped work on Remote.com, a job marketplace for remote work, where they encountered an issue of lack
of complete and accurate user data to provide job matching services. So they started Dock as an internal side
project to decentralize data sharing. However, eventually it became its own entity and evolved as they realized that Dock could be
used for far more than just employee data. Dock's CEO, Nick Lambert, recently expressed that
several large startup companies can utilize Dock. He further stated that more partnerships
will be soon announced in the future, while a post in the team's Telegram by Nick
hints at a potential partnership with the governments of Colombia and Mexico for passports based upon the shot
you need for the pandemic.
You guys are picking up what I'm putting down. Dock supports Ethereum virtual
machine smart contracts, so developers can easily migrate existing smart
contracts and dApps to the Dock network. Dock will be becoming fully proof-of-stake by the end of June and be initiated into the DOT ecosystem, giving it the potential to become a top smart
contract platform in the future as well. Dock's proof-of-stake mainnet will have
a competitive staking market where the highest stakers can
receive the most rewards and receive validator status.
This will result in a lot of demand for Dock tokens. Only the top 50 stakers receive validator status according to the team. This will be super competitive for those
that want to run a validator node. Speaking of tokens,
let's dive into the tokenomics. There are currently over half, 500 million tokens
circulating out of the billion total supply. The team has also set aside
$200 million DOCK for their treasury and 150 million for validator emission rewards of which 2 million has already been
contributed to the community.
The Dock tokens are utilized for governance, networking operations, and for staking and validating
transactions on the network. According to the team's website, they explain these three use cases as such, No. 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. No. 2: Network Operations Dock tokens are required to process
operations on the Dock network including creating a decentralized identity, issuing and revoking credentials, anchoring credentials, and creating schemas to structure credentials. No. 3: Staking and Validating To become a validator in Dock’s
proof-of-stake network, candidates need to lock or 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. Another competing project that has focused
on these use cases is VET or VeChain, showing there is a lot of room to grow
for Dock in regards to market cap.
Dock works closely with the Web3 Foundation
to develop the future of blockchain, having received a Web3 grant in August of 2019. For those unaware, the Web3 Foundation is run
by "Mr. Bad Haircut" himself, Dr. Gavin Wood, who was previously the co-founder
and CTO of Ethereum. Wood wrote much of the initial code of Ethereum
and is also a co-founder of Parity, a core blockchain infrastructure company responsible
for the development of Polkadot, Ethereum and Bitcoin. Quite a list. Dock is listed on several major exchanges
such as Binance, Huobi, KuCoin, WazirX and more. Dock has a lot of releases coming up on
its roadmap by the end of this quarter till the end of the year.
Let me know how you feel about Dock
and if you're bullish or bearish. What are your thoughts on verified
credential management or DIDs? Leave me a comment and let me
know your thoughts below. And a big thank you to Dock
for sponsoring this video, but we feel like this is definitely
a project worth looking at. That's all I got. Be blessed. BitBoy out..