A blockchain project that enables decentralized identities and verifiable credentials to be created has announced that it is transitioning to a proof-of-stake algorithm.
A blockchain platform that allows businesses and developers to issue and manage verifiable credentials has announced that it is transitioning to a proof-of-stake algorithm.
Dock says the switch to PoS will further decentralize its network — increasing the number of validators involved in securing its infrastructure, and enhancing governance measures.
Until now, the project’s blockchain has been based on a proof-of-authority algorithm, where validators were selected by the Dock Association, a nonprofit organization.
The move to PoS means that validators will now be chosen by the network based on how many Dock tokens have been locked up to back their candidacy. Candidates will be able to stake their own tokens, and other token holders will also be able to support their nomination. They will subsequently be rewarded if the candidate is selected to start producing blocks.
As Dock explained, this also creates an incentive for validators to act in the best interests of the network and perform their duties properly. Staked tokens can be taken away if they misbehave — creating a powerful incentive to act with integrity.
Although Dock’s governing council will continue to operate, the mainnet’s transition to PoS will mean that token holders now have a voice when it comes to proposed changes to the network. They’ll also be able to have their say on who is elected to this council.
A date for the diary
Following on from weeks of extensive tests, the official switch to PoS is scheduled to happen on July 7 at 1pm GMT. A team of security experts have also been performing audits to ensure that the revamped network is safe to use.
The team behind this project told Cointelegraph: “Dock’s progression to proof-of-stake is the result of sustained drive and focus by the team which will bring considerable benefits to the entire ecosystem; greater decentralization, more power to token holders and increased utility to the Dock token.”
Token holders are being given detailed information on how they can participate in the new network — ensuring that the community can seize the opportunity to play a bigger role in its operation.
How Dock works
Dock’s offering can help businesses embrace blockchain technology with ease — and the team behind this project says verifiable credentials can have a plethora of use cases.
In the paper-based healthcare industry, organizations that issue medical licenses can provide professionals with digital credentials that can be instantly verified by hospitals, clinics and medical departments.
Dock’s infrastructure can also deliver much-needed efficiencies when it comes to supply chain management, where transparency and careful monitoring are crucial given the extensive consequences that can arise if things go wrong. This project delivers cryptographically verifiable credentials that can’t be forged — all while realizing “significant savings in administrative expenses and increased profitability.”
And it can also streamline the often arduous hiring process — ensuring skills and qualifications can be quickly and easily verified, and reducing the risk of being misled by someone who has embellished details in their professional life.
The project recently entered into a partnership with the credentialing platform Xertify, which is going to integrate Dock’s infrastructure and tools. Xertify already has significant traction with clients in a diverse range of sectors — including education, health and agriculture. It’s also currently working on a solution for COVID vaccine credentials, which has been deployed in Colombia and Mexico.
Elsewhere, winners of a recent hackathon used Dock’s open-source software to create a tokenized urban ecosystem where tokens are used to manage crowds, and verifiable credentials are issued to community members. The ovrhd team have now secured a contract with The Hague, and pilot schemes are going to take place later this year.