Chainlink Staking to Boost Oracle Security
Chainlink, a blockchain oracle network, has announced that its much-anticipated staking feature is now live. As said by the company, Chainlink staking plays a significant role in "Chainlink Economics 2.0", which was made in an effort to increase security and promote sustainable growth.
As seen on Chainlink’s blog, staking will improve the network's security while also helping it serve a higher number of applicants.
Previously, Chainlink users who wished to receive the LINK token could do so by launching their own nodes. With the all-new staking system, users holding Chainlink tokens can earn more while increasing the platform's overall security.
How does Chainlink staking work?
Chainlink staking was first launched as a beta v0.1 that included a staking pool that secured the data feed linked to ETH/USD within the Ethereum mainnet. As a reward, users and token holders could earn for supporting and helping enhance the screen's performance by simply being a part of a decentralized altering system. The system works by flagging or reporting the network when the performance requirements are not met by the data feed.
Sergey Nazarov, a co-founder of Chainlink, said that the launch of the staking feature builds the foundation of the Chainlink Economics 2.0 program and will improve over time. He stated that as the network continues to expand, the staking feature will continue to evolve and deliver enhanced security across our ecosystem and throughout Web3.
The team at Chainlink is confident. It says that as the platform works on releasing new oracle features and services, the network security will match the ever-increasing value within applications that are run by Chainlink.
On 29 November, 2022, the LINK token started to gain popularity ahead of the staking feature launch. It is predicted this will boost the demand for the LINK tokens along with oracle services available on the platform.
Author: Tripti Sarda
Spirituality, cats, and a love for pop culture. You will always find me talking about the mountains.