On June 7, the Chainlink team released their “Long Term Goals, Roadmap, and Initial Implementation,” outlining the next steps for the data oracle blockchain project.
Blog mail referred to “Chainlink Economics 2.0” with a focus on staking as part of efforts to scale the system and integrate more blockchain networks.
He explained that staking is a mechanism that provides a new level of “cryptoeconomic security” for Chainlink. The same is true for most proof-of-stake blockchains that reward participants for helping to secure the network.
The bet marks the beginning #Chain link Economy 2.0, a new era of long-term security and resilience for Oracle networks.
In this update, we define the long-term goals, roadmap, and initial implementation of staking on the Chainlink network.https://t.co/WJkoUzPA0i
— Chainlink (@chainlink) June 7, 2022
Focus on staking
Chainlink has four long-term goals that launched oracles on Solana earlier this month by placing bets, but the basic principle was explained as follows:
“LINK staking, in turn, enhances the ability of nodes to receive jobs and receive corresponding fees on the Chainlink network.”
The main goal of staking is to increase the security and confidence of users in the Chainlink oracle services. LINK tokens are locked as a “service level guarantee regarding network performance,” he explains. In addition, rewards and penalties such as pruning allow Chainlink nodes to continuously generate accurate oracle reports and deliver them in a timely manner.
The second goal is to encourage participation and community participation. Additionally, node operators can create delegated staking systems like Tezos does.
Thirdly, Chainlink staking aims to earn sustainable rewards for actual long-term usage. He expects long-term growth to see the majority of staking rewards come from “non-emission-based sources.”
The end goal is to “give node operators access to more valuable jobs through staking.” This means that, over time, node operators will have more opportunities to participate in Oracle’s Decentralized Networks (DONs), further enhancing security.
The introduction of the staking mechanism will be gradual, evolving as its oracle flows have changed from a single ETH/USD flow to thousands. The initial release of version 0.1 is scheduled for later this year, with planned upgrades to versions 1 and 2 to unlock additional functionality.
In February, Bank of America gave Chainlink a big fork, saying its oracles could disrupt major industries.
LINK Price increased by 12%
Chainlink’s native token reacted strongly to the roadmap update, climbing 18% on the day before a slight pullback. Yesterday, from about $7.40, LINK climbed to an intraday high of $8.83 during the Asian morning session on Wednesday.
At the time of writing, the token is trading at $8.40, having gained over 10% in the last two weeks. However, the long-term trend is still bearish as LINK is down 84% from its May 2021 all-time high of $52.70.
Binance Free $100 (Exclusive): Sign up and get $100 free and 10% off Binance Futures fees for the first month. (terms).
sign up and enter the code POTATO50 to get up to $7,000 on your deposits.
Credit : cryptopotato.com