A New Staking Operation from ChainLink! Staking will provide an incentive that will allow the Chainlink system to grow, according to founder Sergey Nazarov.
Chainlink, a provider of price lists and other data for blockchains, has introduced staking of its native LINK token to its network to help maintain protocol security. Chainlink Staking v0.1 allows people to earn rewards while helping the protocol to become more secure. In order to do this, players will need to “validate LINK tokens and smart contracts to support certain performance guarantees around joint operations,” Chainlink said in a blog post. The first part of Chainlink staking will help secure the data stream.
“What staking does is that it allows us to scale the system by creating incentives that allow the system to grow,” The Chainlink network contributed more than $6.6 trillion in business value this year, Nazarov said. Staking lays the foundation for what the company calls Economy 2.0, its vision for a flexible and efficient protocol by providing the right incentives, Nazarov said, which is essential for the network to keep growing.
The company has been busy lately. In September, it announced that it was partnering with SWIFT, the interbank messaging system that enables cross-border payments, to enable its network to communicate across all blockchain platforms. In the same month, he also launched Chainlink Build, a program that aims to accelerate the progress of startups in the Chainlink ecosystem (the managers can also get additional incentives from this) and introduced Chainlink Scale to make to increase the progress of the blockchain network.