Further to the successful release of Dock’s mainnet on the 30th of September and the security audit that came before, the team at Dock now turn our attention to our token migration which will commence towards the end of this year. Specifically, swapping the existing ERC20 token in favour of Dock’s own mainnet token. This introductory post will be the first of four that discusses the various aspects of the migration and will serve to remind about what the migration is and why we are doing it. The rest of the series will cover:
- Part 2: Incentives for rewarding the Dock communities participation in the swap including bonus pools and vesting schedules.
- Part 3: Details where the community can migrate, the exchanges who are supporting, migrating directly with Dock, security audit, users support and wallets.
- Part 4: Summary of key points and dates, everything in one place to reference during the migration.
For the uninitiated, Dock has a total supply of 1 billion ERC-20 tokens via the Ethereum smart contract with address 0xe5dada80aa6477e85d09747f2842f7993d0df71c, you can view that on Etherscan here. The Dock token plays a key role in the network. It provides:
- An integrated payment mechanism for performing network operations including: the creation of decentralized identities (DIDs), issuing credentials, creating schemas and more.
- A way to reward validators who provide their resources to the network by producing blocks and confirming transactions.
- Decentralized governance, as detailed in our earlier post on governance, will be utilized to mange changes to the network, how it is run and by whom will be decided on by voting and Dock tokens will be the mechanism by which members of the network will vote.
With the utility that a Dock native token brings, we’re keen to migrate the over as efficiently as possible. Token holders will be able to swap either directly through Dock’s website or through exchanges, and at present most major exchanges will be supporting the token through the migration.
Token holders will have 3 months to migrate their tokens and will be eligible for multiple Dock token bonuses during the migration:
- Swap bonus pool for any holders swapping within the first 5 weeks of the migration
- Vesting bonus pool for those willing to hold part of their new tokens for a short period of time.
Collectively these pools are worth $500k USD at the time of writing and we’ll get into the detail of those in our next post.