Co-founder Sergey Nazarov believes that incentives from staking will allow the Chainlink system to expand.
In order to maintain the security of its network and give price feeds and other data to blockchains, Chainlink has made staking of its native coin LINK possible.
People can get paid with Chainlink Staking v0.1 while assisting in the protocol’s increased security. Stakeholders will need to “commit LINK tokens in smart contracts to back certain performance guarantees around oracle services” in order to accomplish this, according to a blog post by Chainlink. Data feeds will be more secure thanks to this initial round of Chainlink staking.
According to Sergey Nazarov, co-founder of Chainlink, “staking allows us to scale the system by generating incentives that allow the system to flourish.”
According to Nazarov, the Chainlink network has permitted transactions worth more than $6.6 trillion this year. According to Nazarov, staking is laying the groundwork for what the business refers to as Economics 2.0, their ambition for the protocol to scale and become more efficient by offering the proper incentives. This is important as the network continues to grow.
The business has recently been very active. It stated in September that it was collaborating with SWIFT, the cross-border payment system for banks, to enable communication between its network and all blockchain platforms. In the same month, it also introduced Chainlink Scale, a programme that intends to speed up the development of blockchain networks, and Chainlink Build, a programme that aims to support the growth of early-stage enterprises in the Chainlink ecosystem.