DOCK is the native token of Dock’s blockchain network that is used to transact, incentivize, and vote in its Verifiable Credentials and Decentralized Identifier ecosystem.
All transactions to the Dock Blockchain, like creating DIDs, updating Revocation Registries, and creating Schemas amongst others, require DOCK tokens. The use of DOCK extends further to other initiatives that include governance and staking.
The utilities of DOCK can be divided into 3 main categories:
- 1.Governance: Token holders can actively participate in submitting proposals, voting, and electing council members
- 2.Network operations: Dock tokens are used to pay for transactions in the network such as creating DIDs, anchoring and revoking credentials, and sending payments
- 3.Staking and validating: Validators are paid emission rewards for validating and those rewards are shared with nominators who support them
The total supply of DOCK tokens is fixed at 1 billion. Out of which 70% is with holders, 15% is with the Treasury and Dock Association, and 15% is for emission rewards.
According to the team, the circulating supply is 770 million and the emission of the remaining DOCK will happen over 25 years distributing 25-30% per year. DOCK’s token emission schedule can be found here.