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dock.io

The dock.io protocol is a special purpose decentralized data exchange protocol. This protocol is intended to incentivize the exchange of work experience, reviews and professional connections, and can be expanded to include any type of shareable data. Applications will receive tokens for data exchange.

Rating: 3.4

Official contacts
Location: N/A
Web-resources:   Whitepaper Website
Social networks: N/A
Product source tracking: N/A
Details Description Risks Full analysis Team

Detailed review

Stage of product development
Alpha version of the platform is available on app.dock.io . However, some of the alpha version elements (for instance, "Importing data from LinkedIn" page) were copied from Remote.com interface. That is why the product development can be characterized rather MVP than Alpha version.


Token description
ICO date
21.02.2018 - 25.02.2018
Token price
N/A
Platform
N/A
Blockchain
ERC20
Token distribution date
N/A
Consensus method
Proof-of-Stake
Escrow
N/A
ICO currencies
USD
Bounty camping
https://help.dock.io/token-sale/earn-dock-tokens
Markets
N/A
Token functions
Utility Token: The Dock token (DCS) will be used by users for voting for the future improvements on the platform. Also, tokens will be used to incentivize applications to share their data with users and other applications.
Tokens distribution
Token Sale (30.0%)
Ecosystem Incentivization (30.0%)
Team (2 year vest) (20.0%)
Cold Storage (2 year lock) (10.0%)
Investors (6.0%)
Advisors (2 year vest) (4.0%)
Risks
MARKET

The market of professional networks looks quite fragmented and established, that is why it is unclear if dock.io will be able to gather all the users from different platforms in one place. The motivation for users to switch from their current professional network platforms to dock.io is unclear.

PRODUCT

The platform will run on Ethereum Blockchain and will need a relatively high transaction throughput to operate with such a large number of users and applications. That is why, there are potential scaling problems. Some of the alpha version elements (for instance, importing data from LinkedIn page) were copied from Remote.com interface. Also, the bounty campaign of the platform looks too generous. The team gives tokens for a very simple task, such as following the company's pages on social networks.

BUSINESS MODEL

The users may not be interested in sharing their personal data without getting any reward in return. It is not clear how the platform will make money.

FINANCES

The Use of Funds is not given in a detailed way and there is no financial plan for anticipated expenditures. The team aims to raise 30M USD by selling 30% of tokens. This gives company's valuation around 100M USD. This figure is way above the post-money valuation of comparable startups on the US market, according to PitchBook data.

TEAM

However, the core team of Dock is currently involved in another related but still different project - Remote.com.

Full analysis
Market

Dock.io enters the market of professional social networks. Nowadays, even though much of the personal social networking activity has consolidated on Facebook, there is still a place for niche professional social networks, such as Doximity (professional network for doctors, raised 81M USD), RallyPoint (Linkedin for military, raised 12M USD), Academia.edu (network for scientists, raised 18M USD). Also, recently a team of former Tinder employees, led by Tinder's original CTO Ryan Ogle, launched a new app aimed at professional networking called Ripple. However, this market looks quite fragmented and established, that is why it is unclear if dock.io will be able to gather all the users from different platforms in one place. Moreover, the motivation for users to switch from their current platforms to dock.io is unclear.

Product

Dock.io aims to create a platform for sharing and controlling professional personal data. The platform will allow users to control their data and share it with different services on demand. Currently, the alpha version of the platform is available to test. There were ~450K visits to the application website (app.dock.io) since its launch in December 2017, according to SimilarWeb. However, some of the alpha version elements were copied from Remote.com interface. Also, dock.io has strong partners - remote.com and SmartRecruiters - that committed to start using the protocol. The former one had 1.4M visits during January, while the latter one had 4.4M visits in January, according to SimilarWeb data. Also, the bounty campaign of the platform looks too generous. The team gives tokens for a very simple tasks, such as following the company's pages on social networks.

Business model

Applications on the Dock platform will provide compensation to other applications for accessing users' data. Users, however, will not pay applications for their own data. Instead, any time a user sends data that is attributed to another application, a payment will be triggered within the dock.io protocol. This payment is not necessarily simply rerouted tokens. Rather, it might include re-creating burned tokens, without ever surpassing the original amount created initially. Using this model, applications will indirectly pay other applications to access their data.

Finances

The team aims to raise 30M USD by selling 30% of tokens. This gives company's valuation around 100M USD. This figure is way above the post-money valuation of comparable startups on the US market, according to PitchBook data. The team will burn unsold tokens during the ICO. The team bonus of 20% issued tokens will be frozen for 2 years using a vesting scheme. The funds will be in the following manner, according to official Telegram Channel: 60% Research and Development, 25% Marketing-Sales-Business Development,10% Operations, 5% Legal-Compliance-Governance.

Team
The founder of dock.io - Nick Macario - has long-lasting founder experience with multiple exits. The co-founders previous project - Remote.com, has 1.2M average views per month, according to SimilarWeb and is also concentrated in the field of aggregating professional data. Most of the technologists of the project are also coming from Remote.com and has been working there together for a while. The project has strong advisory team that includes Charlie Shrem - exFounder at BitInstant and Founder at Bitcoin Foundation. However, the core team of Dock is currently involved in another related but still different project - Remote.com. It might affect the development of dock.io.
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