The blockchain platform, which allows companies and developers to issue and manage verifiable credentials, has announced a move to a proof-of-stake algorithm.

Doc says the move to PoS will further decentralize the network by increasing the number of validators involved in protecting infrastructure and improving governance.

So far, the project’s blockchain has been based on a licensing algorithm in which the auditors were selected by the non-profit Dock Association.

Moving to PoS means that validators will now be selected by the network based on the number of Dock tokens that have been secured to support filtering. Applicants will be able to assign their own tokens and other token holders will also be able to support nomination. They will then be rewarded if a candidate is selected to start mass production.

As Doc explained, this also creates an incentive for auditors to act in the best interests of the Internet and do their jobs properly. Included tokens can be removed in case of misbehavior, which creates a powerful incentive for fair trading.

While the Dock board will continue to operate, the move to PoS will mean that token holders now have one vote on the proposed network changes. They will also be able to give their opinions on who will be elected to this council.

diary history
After weeks of intense testing, the official transition to PoS is scheduled for July 7 at 13:00 GMT. The security team also conducted audits to ensure that the repaired network was safe to use.

The team behind this project told Cointelegraph, “The Doc’s progress towards Proof of Effort is the result of continued commitment and team focus that will bring significant benefits to the entire ecosystem; more decentralization, more power for token holders, and increased utility for Dock tokens.”

Token holders receive detailed information on how to participate in the new network so that the community can take advantage of the opportunity to play a more important role in the operations.

More information from the document here

How does the sidewalk work?
Dock’s offerings can help companies easily adopt blockchain technology — and the team behind the project says verifiable links could have many uses.

In the paper-based healthcare industry, medical licensing organizations can provide professionals with digital credentials that can be instantly verified by hospitals, clinics, and medical departments.

Dock infrastructure can also provide much needed efficiencies in supply chain management, where transparency and close control are critical due to the far-reaching consequences that can arise if something goes wrong. This project provides credentials that are verifiable through encryption and cannot be tampered with while providing “significant administrative cost savings and increased profitability”.

In addition, it can simplify the often difficult hiring process, provide quick and easy validation of qualifications and skills, and reduce the risk of being misled by someone who adorns the details of their career.

The project recently partnered with Xertify, an identity platform that will integrate Dock’s infrastructure and tools. Xertify already enjoys great success for clients in a number of sectors including education, healthcare and agriculture. A COVID vaccine information solution is currently being developed and distributed in Colombia and Mexico.

Elsewhere, winners of a recently awarded open source hackathon program to create a token urban ecosystem in which tokens are used to control crowds and issue verifiable credentials to community members. The Ovrhd team has now signed a contract with The Hague and pilot schemes will be implemented later this year.

Source: CoinTelegraph