Dock (DOCK) is a fascinating startup that aims to offer individuals more control over their digital credentials and professional accomplishments. It’s a decentralized exchange protocol that makes use of blockchain technology to establish a safe and transparent credential-sharing environment. Consider it a decentralized version of Linkedin where the user has complete control over their data.
Based on multiple technical quantitative indicators, the current forecast for dock.io in 2022 is Bearish. This could be an indication that DOCK is a bad buy in 2022. However, it’s important to consider both technical factors (price history) and fundamental factors (on-chain activity and development) before making the decision to buy this cryptocurrency or not. Consider this Dock price prediction as a guide to understand the price movements of the coin but not as an investment suggestion.
Today’s Dock price is $0.015078 with a 24-hour trading volume of $1,144,381. Dock is up 2.07% in the last 24 hours. The current CoinMarketCap ranking is #685, with a live market cap of $11,623,308 USD. It has a circulating supply of 770,888,815 DOCK coins and a max. supply of 1,000,000,000 DOCK coins.
How does Dock work?
On the Dock platform, data sharing is a straightforward notion. Users may submit any data they want to the platform and control who has access to it.
They may connect with organizations or apps on the platform, and each of these connections is recorded on the Ethereum blockchain via a smart contract. This is a significant distinction from current centralized systems, which allow users to decide who sees their data but not the platform’s access to it.
Users may publish their data in a public, unencrypted fashion with Dock, allowing everyone on the platform to access it. This is information that the user does not deem sensitive, such as their name, schooling, employment history, and so on. It’s critical to understand that once data is made public, it stays public indefinitely. There is no way to keep the information out of the public eye.
Users can also encrypt their data in order to keep it secret. Dock’s data is encrypted by default. Only the user or an application with access to the data may decode it once it has been encrypted. This ensures that the user retains complete control over their data.
According to the whitepaper, the data can be in a number of formats, and the user community will be free to pick which formats to utilize. Some opponents have questioned how effective this would work and have recommended that data formats should be standardized. The CV and job history data formats have been established by the platform.
Dock’s approach is called data format signaling, and it involves applications communicating which data formats they will accept. The team argues that natural market equilibrium can lead to agreement on acceptable data formats.
Technicalities of Dock
Dock is based on the Ethereum blockchain, and with Ethereum’s current network congestion, there’s no way for Dock to save and recover resume data or any of the other data it’s designed to keep.
As a result, the Dock team is relying on the IPLD standard, which was designed to aid the open-source peer-to-peer Interplanetary File System (IPFS) in performing content-addressable data sharing.
The IPFS network is comparable to a torrent network, however, instead of torrent files, it stores hashed files. These hashed files are kept in a collection of IPFS nodes, and when a user wants to access a file, they do so by contacting the blockchain’s associated hash. The blockchain’s overhead is reduced since it no longer has to keep the data itself, only the accompanying hash.
While the platform is now dedicated to the Ethereum blockchain, the team has said that if the need arises, they would explore developing their own native, independent blockchain.
Dock Application Incentives
Through the DOCK tokens, the Dock system has created incentives for programs to share data with one another. Essentially, if an application wants to obtain data from another program, it must pay for it.
Because data exchange is forced, this architecture also prohibits programs from hoarding data. There is no mechanism for one program to prohibit another from paying for the data it owns. Only the user has the ability to define restrictions that prevent data from being shared with others. Dock works to prevent data hoarding on the platform in this way.
Dock User Incentives
The Dock platform, unlike virtually every other decentralized network with currencies, does not reward users for sharing their data. This was done on purpose and with intention. The Dock team wants individuals to realize that their data is significantly more valuable than they think and that any payment for their personal data is insufficient. Instead, they encourage people to consider their data as a valuable asset in and of itself.
Another reason to avoid incentivizing users for data collection is to avoid a flood of people spamming the platform with fraudulent information in order to obtain incentives. Dock recognizes that this is the quickest way to kill the platform, therefore they’re doing all they can to avoid it.
Furthermore, the lack of incentives makes things clearer for consumers, who will not have to worry about micro-transactions and payments. All they have to worry about is keeping their personal information up to date.
Instead of charging a tiny fee for useful data, Dock gives consumers total control over their data and convenience. Users can simply regulate who has access to their data by storing it all in one place, and they can maintain it without having to remember all of the numerous sites where they have a profile. This ensures that data is always up to date across the web, avoiding situations where users are seeing outdated information.
Dock Price History
DOCK is a Dock network native utility token that is intended to be used to create and maintain universal, individually-owned, tamper-proof credentials. Dock’s utility in many industries, like as healthcare, education, and supply chain management, is demonstrated by blockchain technology, which assures that credentials are safe and instantaneously verifiable. Dock’s mainnet became life in September of 2020.
Developers may use Dock’s tools to create customized apps that can provide credentials. There’s also Dock’s sample program, Certs, which you can check out on their website, as well as a W3C credential verification. Dock was also given a grant by the W3C early on, which increased its dependability.
Dock employed the Proof-of-Authority (PoA) consensus protocol in the initial phase following the mainnet’s debut when verification was chosen by the Dock Association, a governing body supervising the network’s growth. This will change in July 2021, when the project will migrate to the next phase, which will replace PoA with PoS — Proof-of-Stake. This is excellent news for DOCK token holders because the improvements will let users to do more with their tokens, such as vote for governing Council members or run a validating node. The upgrade will enhance the present incentive system, in which tokens serve three purposes: governance, staking and validating, and supporting network operations.
Dock Technical Analysis
Dock price analysis displays partial bearish movement in the market, and the market moves towards a somewhat upward direction, raising the price of DOCK. After that, however, the cost of DOCK experienced an increment and reached $0.013, from $0.012; on June 18, 2022, DOCK/USD gained further momentum and obtained a further increasing movement the following day.
Today, on June 19, 2022, the price has been experiencing a strong uptrend, causing the price of DOCK to move over the $0.014 mark, which indicates the current price is close to it.
Dock price analysis revealed the market is following a bullish trend. However, the market volatility decreases, forcing the resistance and the support to move towards each other, making the cryptocurrency’s price less prone to volatility fluctuations.
The DOCK/USD price appears to be crossing over the Moving Average curve, making the market bullish. Therefore, the market shows immense consistent opportunities and possibly favors the bulls. However, the price is expected to shift toward a downward movement soon, under the moving average curve, causing a possible breakout in the market.
Dock price analysis reveals that the Relative Strength Index (RSI) score is 38, making DOCK/USD fall under the lower neutral region. However, the RSI follows a downward trend indicating a favorable market and dominance of selling activity.
Dock price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow an upward trend, making Dock’s price less vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.026, which serves as the strongest resistance for DOCK. Conversely, the lower limit of the Bollinger’s band exists at $0.013, which acts as the strongest support point for DOCK.
The DOCK/USD price appears to cross under the curve of the Moving Average, signifying a bearish movement. On the other hand, the price seems to indicate future upward activity, showing a constantly increasing market. As a result, the price attempts to cross the moving average curve, which will cause a reversal in the market.
Dock price analysis reveals the Relative Strength Index (RSI) score of 31, signifying a severely undervalued cryptocurrency. Furthermore, the RSI falls under the devaluation threshold. Therefore, following an…