- ICO Platform: Ethereum
- Industry: Data Exchange and Storage
- Price: $0.067 during ICO
- Bonus: 40% (during pre-sale)
- Soft Cap: N/A
- Hard Cap: $20 million
- Token Total (Available for sale): 1 billion DOCK (300 million DOCK)
- Website: https://dock.io/
- White paper: https://dock.io/whitepaper
- Telegram: https://t.me/dockio
Years ago, some companies transformed the labour market and overhauled employment-seeking processes. Rather than the traditional way: an applicant personally submitting applications to companies that have vacancies, these companies created online platforms, platforms where job seekers can create online profiles and “résumés”. These profiles will have their verified qualifications, work experience, recommendations, accomplishments, and so on. Consequently, companies with vacancies can visit these platforms and search for prospective employees.
The problem with this model, however, is this: while the online profile is that of the user, its data belongs to the company that owns the website. Meaning: the user cannot decide to move from that company’s website to another’s and take his professional profile along with him. Furthermore, even if the user has a personal profile on a non-job-related social media platform like say, Twitter, he cannot move his professional profile from LinkedIn (or Upwork) and use it to update his Twitter account.
Proposed Solution (The Product)
The companies that own professionals’ data refuse to share it because it has monetary value. These data drive their business models and it provides them with a competitive advantage over their rivals. dock.io’s proposed solution is to create a platform that will make it profitable for the companies to share their data.
This is how they say it will work: users will create profiles on dock.io, and participating applications will allow them to move their professional (or personal) profiles from their—the participating applications’—website to the users’ dock.io profile. For allowing the user to move his data from their website, the application will be paid in dock.io’s token, DOCK.
Subsequently, if another application needs user data from dock.io, they will have to pay the platform for permission to access the data. So, in a nutshell, dock.io gives applications monetary incentive to partner with them and make data decentralized. The user also gains from this: he can further optimise his value because his accomplishments can be accessed by various other applications as opposed to just the originating source.
dock.io was founded by Nick Macario, the current co-founder, and CEO of Remote. Macario is a veteran entrepreneur and before Remote, he founded Branded (which was later acquired by Outsource). Co-founder, Elina Cadouri is also a well-experienced entrepreneur and she was the founder of the now defunct Outsource. She co-founded Remote with Nick and now serves as the company’s COO.
They are joined on the dock.io team by many experienced developers and business personnel (most of whom work at Remote). Given Remote’s growing success (the platform currently has over 2 million users), it is safe to say that the team have the pertinent experience to ensure that dock.io succeeds.
The identity and access management market that dock.io hope to break into is a multi-billion-dollar market (according to MarketsandMarkets, the sector will be worth $14.82 billion in 2021). There are already established companies in the market, however, dock.io’s use case positions it to be a complimentary tech, at least for a start. Furthermore, none of them offer what dock.io offers: a decentralized platform that facilitates the exchange and storage of personal and professional profiles among applications.
An alpha version of the dock.io app has already been released. Their token sale starts on the 21st of February 2018, and full integration of the platform with other applications is expected to start in the 2nd quarter of 2018.
- An innovative use case that meets a pressing need in the market.
- A team that is already familiar with the target market.
- dock.io already have a working product.
- Branded and Outsource, two other companies founded by dock.io’s founders didn’t last for long, neither did they accomplish significant scale.
- Most of the team members still keep their jobs (even the ones at Remote). This calls their dedication into question, and it can also be viewed as a sign that they do not believe in the longevity of dock.io.
- Applications may be reluctant to participate until the DOCK token has amassed considerable value.
- dock.io already has partnership agreements with FundRequest, Remote, and SmartRecruiters. Combined, that is a pool of over 15 million prospective users.
- By positioning their product as a complimentary tech, dock.io can ease their way into the market and gradually assume a position of some significance. Afterwards, they can leverage their position and become a major player in the identity and access management market.
- Their use case is somewhat limited: to function, they need other applications to adopt their tech.
- The startup as a whole looks like a project that was developed to be sold to a bigger company.
In conclusion, dock.io looks like a promising investment: it has a good tech, it meets a pressing need, and has an experienced team. However, some of the project’s weaknesses and threats (as outlined above) makes it such that for now, it should be regarded as more of a short-term investment. In the long run, this may change; prospective investors should keep tabs on this project, it is an interesting one.
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