Chainlink Staking goes live on 6 december
Chainlink • November 23, 2022
Sergey Nazarov, a co-founder of Chainlink, announced at SmartCon 2022 the launch month for staking as well as a new business model for the Web3 services platform. Last week, the announcement came that version 0.1 of staking, securing data feeds such as ETH/USD will launch on 6 december.
In order to provide Web3 apps secure access to real-world data, Chainlink, which leverages Oracle networks, has announced that its long-awaited staking incentives would launch on 6 December along with two new initiatives BUILD and SCALE aimed at improving the financial viability of its services.
Chainlink is evolving into a decentralized data services platform as a result of the several services it offers, including pricing data feeds, weather data, random number generation for gaming applications, and, shortly, safe cross-chain communication. All of these services are meant to become more safe with the introduction of explicit staking.
Explicit staking attempts to increase the crypto economic security of the oracle networks by allowing its node operators to put stake towards their services. This stake behind the services increases the costliness of nodes to provide inaccurate data because you may lose some of your stake. Going forward, Chainlink Labs claims that staking will be pushed forward slowly to more services, ensuring the security over the network as its first priority.