Finance

Chainlink Launched Staking For Better Protection of Oracle Services

12/08/2022
Bitcoin Ethereum News
  • Chainlink is continuously working hard to protect Oracle Services from unwanted security glitches. 
  • Chainlink also offers services to Cardano and several other crypto firms. 

Chainlink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Recently Chainlink has launched its Staking features to help increase the economic security of the platform oracle services.

As per a blog published on December 6, 2022, on the official blog website, it is noted that Chainlink Staking v0.1 is now live on Ethereum Mainnet. The initial implementation enables community members who meet at least one of the Early Access Eligibility List criteria to stake upto 7,000 LINK in the limited size v0.1 staking pool. 

The blog also notes that Staking is an integral component of “Chainlink Economics 2.0” that enables community members and node operators to earn rewards for helping increase the crypto-economic security of oracle services. 

The newly launched Staking has initially been launched.  

The co-founder of Chainlink, Sergey, quotes that this launch is the foundation for Chainlink Economics 2.0 and will eventually improve. “As the network expands, Chainlink Staking will continue to evolve and deliver enhanced security across our ecosystem and throughout Web3.”  

Sergey added, “The Chainlink network has successfully scaled to support a significant and growing portion of DeFi and many other new smart contract verticals, enabling more than $6.6 trillion in transaction value this year.” 

On September 29, 2022, TheCoinRepublic reported that chainlink co-founder Sergey Nazarov and SWIFT strategy director Jonathan Ehrenfeld Solé made the project’s announcement at the company’s SmartCon 2022 Conference in New York.

According to Nazarov, this will accelerate distributed ledger technology (DLT) blockchains in traditional finance and capital markets.

The SWIFT interbank messaging system is the most widely used platform for traditional cross-border fiat transactions, which connects over 11,000 banks worldwide. The system received an average of 44.8 million daily messages in August 2022.

Chainlink added that this partnership with SWIFT enables financial institutions to gain blockchain capability without having to replace, develop, and integrate new connectivity into existing systems—something that, according to Chainlink, would necessitate significant modifications at an “exceptionally high” cost.

At a panel discussion on CBDCs in May, Mastercard CEO Michael Miebach said that he doesn’t think SWIFT will be around in five years. This is probably because CBDCs are becoming more and more competitive for cross-border payments and settlements.

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Source: https://www.thecoinrepublic.com/2022/12/08/chainlink-launched-staking-for-better-protection-of-oracle-services/