Oracle service provider Chainlink has unveiled a new economic roadmap for the platform by introducing the much-awaited staking mechanism to the blockchain. In the announcement, Chainlink said that the staking mechanism will introduce operational efficiencies of its oracle network and the blockchain.
Simultaneously, it will reward all the LINK investors. Besides, Chainlink also unveiled the four major long-term goals it seeks to accomplish with its staking mechanism. This involves:
- Increasing the Crypto economic Security and User Assurances of Chainlink Services
- Enabling Greater Community Participation in the chainlink Network
- Generating Sustainable Rewards for Long-Term Users
- Empowering Node Operators to Acces Higher Value Jobs Through Staking.
Details of Chainlink Staking
Chainlink said that its staking mechanism will continue to evolve over time as its Oracle network continues to expand. The initial goal is to create a simple and secure foundation for staking. Later, it will continue to expand its scope based on the feedback received.
The rollout of Chainlink’s staking mechanism will be very similar to its Price Feeds functionality. This will allow identifying risks and opportunities at an early stage of implementation before scaling.
The initial version v0.1 of the Chainlink Staking release is projected for later this year. As per the announcement:
