Chainlink to launch staking feature in the second half of 2022

A base level of annual income will be 5%

08.06.2022 - 10:25

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What’s new? The Chainlink (LINK) oracle network has announced the launch of a staking feature in the second half of 2022. According to the developers, staking “aims to bring a new layer of cryptoeconomic security.” The project’s developers have also released a new roadmap for Chainlink 2.0.

Developers Blog

More details about Chainlink’s plans. The new feature will give ecosystem participants, including node operators and community members, the ability to increase the security oracles by putting native tokens LINK into staking. In addition, a system of penalties for inefficient validators will be introduced.

Initially, the pool for staking will be limited in size to 25 million LINK tokens. It will later be expanded to 75 million. The base level of the annual revenue of staking will be 5%.

In the Chainlink 2.0 roadmap, the developers also announced a new consensus algorithm — Proof of Reserves (PoR).

#Chainlink Proof of Reserve (PoR) enables #DeFi projects to verify off-chain and cross-chain asset reserves through automated audits based on cryptographic truth.Learn how PoR helps secure cross-chain assets, stablecoins, wrapped tokens, and more👇 https://t.co/qZRj7oExsz— Chainlink (@chainlink) June 6, 2022

Proof of Reserves is a consensus algorithm that requires an independent auditor to confirm that an asset custodian’s outstanding liabilities do not exceed its reserves in order to conduct a transaction.

PoR is designed to increase transaction transparency in cryptocurrency ecosystems. The algorithm will check assets from different networks with an automated process. For each network that integrates the new algorithm, the PoR will have a different configuration.

What is Chainlink? It is a decentralized oracle network built on the Ethereum blockchain. The project verifies and provides data from external sources for other smart contracts.

As of June 8, 10:20 UTC, LINK is trading at $8,4. The coin has risen by 10,29% over the past 24 hours (according to Binance) amid the publication of the roadmap.

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