Why is Dock (DOCK) crypto making a splash today?

Highlights:

• Dock is a decentralised network designed to solve the Web3 identity problems.
• Dock's services can be used in many sectors ranging across finance, legal, retail and others that rely on credential data.
• DOCK is the native utility token on the Dock mainnet. It is used as a payment mechanism for performing various operations on the network.

Dock Network, which helps you make your document tamper-proof with verifiable credentials, is in news today. Its native token DOCK, which has a market capitalisation of nearly US$24 million, has been listed on Swyftx, a leading crypto exchange in Australia and New Zealand. With this listing Australians can now trade in DOCK token. Earlier DOCK was available for trading on Binance, Gate.io, HotBit, Huobi, Global, KuCoin and WazirX, according to CoinMarketCap.

Although, Swyftx listing has not led to any significant price or volume gain in the crypto, DOCK supporters on social media platforms are vouching for a rebound in the token soon as it has been in a downtrend for a long time.

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At the time of drafting this article, DOCK token was trading at US$0.031 apiece, down 0.41% in the last 24 hours, according to CoinMarketCap. Right now, this token, ranked 681st by CoinMarketCap, is 87% off from its all-time high of US$0.2427, which was reached exactly four years ago on 4 May 2018.

Will DOCK crypto witness a rebound soon? To answer this question, let us understand what the Dock Network is and what are its real-life use cases.

What is Dock Network?

Dock is a decentralised network designed to solve the Web3 identity problems. It helps businesses and developers to build, manage and present digital credentials that are instantly verifiable using blockchain technology. The digital economy often faces authentication problems as identity papers and PDFs can be easily faked. The process of verifying the authenticity of a document is always done manually, which is time-consuming. If you don't verify them manually, you may be at the risk of fraud. Dock Network aims to solve this problem through Verifiable Credentials (VCs) that can verify documents instantly.

For the uninitiated, VCs are documents that contain a crypto signature--a permanent stamp that allows a person to confirm that you have issued that credential. These are fraud-proof and verifiable in one click. So, this can create instant trust between people and organisations. Dock's services can be used in many sectors ranging across finance, legal, retail and others that rely on credential data.

The company has both credentialling system and a decentralised digital ID, which is known as DID. Its credentialling system, which uses blockchain, meets all Web3 standards. Recently, the company received a grant from the Web3 Foundation to work on the vision for a decentralised ecosystem producing blockchain-anchored verifiable claims.

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DOCK is the native utility token on the Dock mainnet. It is used as a payment mechanism for performing various operations on the network, such as the creation of DIDs and VCs. Members of the Dock Network decide through voting how it will be managed and DOCK tokens are the mechanism by which members of the network vote. According to CoinMarketCap, out of a total supply of 870 million tokens, nearly 765 million DOCK tokens are in circulation right now. 

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