Chainlink 2.0 delivers a new roadmap and staking to the LINK marines, who are overjoyed.
Chainlink 2.0 delivers a new roadmap and staking to the LINK marines, who are overjoyed.
After the developers revealed a roadmap and announced that Chainlink 2.0 will support token staking, the LINK price broke its decline and rallied to $9.
Passive income potential are one of the most appealing aspects of the cryptocurrency ecosystem since they allow investors to easily build their portfolio size regardless of daily price fluctuations.
Chainlink (LINK), the decentralised oracle network that delivers vital off-chain information needed for the effective operation of smart contracts, is the latest token to see a price increase after announcing the forthcoming introduction of staking.
According to www.coingabbar.com data, the price of LINK has climbed 35 percent since bouncing off a low of $6.67 on June 4, reaching a daily high of $9.00 on June 7.
Years of planning have gone into establishing LINK.
Because Chainlink has constantly been the largest oracle project in the whole cryptocurrency ecosystem, the ability to stake LINK has been a sought-after skill for several years.
According to Chainlink's statement, the overarching purpose of staking on the network is to enable ecosystem actors, such as node operators and community members, to strengthen the security guarantees and user assurances of oracle services by supporting them with staked LINK tokens.
The ability of nodes on the Chainlink network to receive jobs and earn fees will be improved by staking LINK, while the ecosystem as a whole will benefit from increased cryptoeconomic security and user assurances.
Staking provides not only an incentive to give trustworthy data, but also a penalty mechanism for underperforming nodes that fail to meet the goal of regularly generating correct oracle reports and delivering them to designated destinations on time.
Increased community involvement
Another advantage of implementing staking is that it will encourage a bigger portion of the Chainlink community to participate directly in the network by staking LINK to boost oracle network performance.
Increasing the number of people directly involved in community monitoring aids in the decentralisation of the Chainlink network and allows for "a powerful reputation system and cutting mechanism."
Staking is projected to boost network adoption over time as additional sources of rewards and an increase in the amount of protocol fees earned from non-emission-based sources attract more players.
Proof of reserves
Chainlink Proof of Reserves is also included in the revised roadmap (PoR). With PoR, a company's cryptocurrency holdings may be easily audited using an automated method that takes advantage of blockchains, smart contracts, and oracles' transparency.
This real-time collateral auditing serves to protect user funds from "unexpected fractional reserve techniques and other fraudulent conduct from off-chain custodians." As a result, PoR contributes to more openness in the crypto ecosystem as a whole, as well as addressing some of the most common complaints about how the present financial system operates.
