The mainnet of a credential-focused blockchain is switching to proof-of-stake

The shift to a proof-of-stake algorithm has been announced by a blockchain platform that allows organizations and developers to issue and manage verifiable credentials.

Dock claims that switching to PoS will decentralize its network even more by increasing the number of validators active in protecting its infrastructure and improving governance.

Due to the switch to PoS, validators will now be selected by the network based on the number of Dock tokens that have been locked to support their candidacy. Candidates will be able to stake their own tokens, while other token holders will be able to vote for them. They will be compensated if the candidate is chosen to begin creating blocks.

This gives an incentive for validators to operate in the best interests of the network and perform their tasks effectively, as Dock said. If they misbehave, they can lose their staked tokens, creating a significant incentive to perform honestly.

Although Dock’s governing council will continue to function, the mainnet’s shift to PoS means that token holders will now have a say in planned network improvements. They will also be able to vote on who will be elected to the council.

The official move to PoS will take place on July 7 at 1pm GMT, following weeks of extensive testing. A group of security professionals has also been conducting audits to guarantee that the redesigned network is secure.

Related : You can see more information and news about cryptocurrencies, click this link.

Dock’s Operation

Dock’s solution can make it easier for organizations to use blockchain technology, and the team behind it claims that verifiable credentials can be used in a variety of ways.

Organizations that grant medical licenses can give professionals with digital credentials that can be promptly confirmed by hospitals, clinics, and medical departments in the paper-based healthcare market.

Dock’s infrastructure can also help with supply chain management, where transparency and rigorous monitoring are critical due to the serious ramifications that can result if something goes wrong. This project provides cryptographically verifiable, non-forgeable credentials while achieving “substantial administrative cost savings and greater profitability.”

Dock recently announced a relationship with Xertify, a credentialing platform that would incorporate Dock’s infrastructure and capabilities. Xertify already has a large number of clients in a variety of industries, including education, health, and agriculture. It’s also working on a COVID vaccination credentialing system, which has already been deployed in Colombia and Mexico.

Winners of a recent hackathon used Dock’s open-source software to develop a tokenized urban ecosystem, in which tokens are used to manage crowds and community members are given valid credentials. The ovrhd team has now been awarded a contract by The Hague, and test projects will begin later this year.

Related : For any information and news about investing, you can check this click link.