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Chainlink to Launch Link Staking, Nazarov Also Revealed Plans for 2022

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  • Chainlink, a decentralized blockchain oracle network built on Ethereum, fulfilling the demands of “LINK marines” will launch LINK staking rewards and continue to climb its insane growth ladder as shared by co-founder, Sergey Nazarov.
  • The previous year, the Chainlink Oracle network, adding to its network capabilities launched new capabilities like random number generation (VRF or verifiable random function in cryptography) and its smart contract service dubbed Keepers.
  • Chainlink’s VRF has already reached more than 2.5 million randomness requests and is being used by trending NFTs such as Bored Ape Yacht Club and Axie Infinity.

Chainlink securely transitions the real-world data into the smart contract world and has quite evolved since its inception in October 2018. At its beginning, the chainlink used to provide cryptocurrency price data from DeFi protocols such as Aave. Today it’s much more than that. 

Just like smart contracts are the foundation of DeFi, Oracle networks are equally important in the crypto sphere, as they enable the safe execution of smart contracts based on verifiable real-world events.

Today, the Chainlink ecosystem has 1,000 project integrations, access to over one billion data points, and with 700 oracle networks, it has secured over $75 billion in value — 10x from 2020.

ALSO READ – ETHEREUM DEV TIM BEIKO CALLS JPMORGAN’S STATEMENT ABOUT BLOCKCHAIN’S DEMISE “ A LAZY CRITIQUE”

LINK Staking

This year, Chainlink will be launching LINK staking, letting its LINK holders secure the protocol by locking up part of their LINK to the protocol and earning rewards. 

On the appeal of Chainlink Fans or as famously dubbed “LINK marines”, the ecosystem will be launching the feature of Staking.

Chainlink Co-founder Sergey Nazarov explained that it’s complex to create a new consensus, it’s not like copying someone else’s staking and launching it. The most challenging part is to come up with a completely new type of consensus.

Further, Nazarov clears that oracle networks are not blockchains and are actually, a unique form of decentralized computing. He says that they create consensus on hundreds of oracle networks about weather data, price data, and computations.

Chainlink laid out the working of staking in 2021, however, it is been working on staking solution for years. The Co-founder shared that the team is finally satisfied with the system they’ve created and also with its scalability and security. The system is currently in test mode and has been audited. However, Nazarov didn’t say if the system will be launched in 2022.

How Was 2021 For Chainlink?

Last year, The Chainlink Oracle network also provided additional features in its network such as random number generation (VRF or verifiable random function in cryptography) and Keepers, its smart contract service that facilitates the automation of highly complex instructions.

Oracle’s VRF has already touched the mark of over 2.5 million randomness requests. In 2021, the Oracle network was also seen being leveraged in many fields like gaming, insurance, centralized finance, and NFTs. Famous Projects like Bored Ape Yacht Club and Axie Infinity are also utilizing VRF.

Pooltogether, a DeFi staking service has employed both VRF and Keepers —both being part of expanding network computation abilities of the startup that the team has plans to develop next year.

Chainlink soon will release its global standard for communication and messaging among blockchains called CCIP.  Nazarov says, CCIP aims to accomplish what TCP/IP did for the internet ie., connecting all the blockchains into a unified “internet of blockchains” but through cross-chain smart contracts.

Chainlink’s Plans For 2022

In the coming year, Chainlink’s plans include continuing to scale at the crazy that the Oracle network has been growing so far, shared Nazarov. He also mentioned that the Chainlink team members rose from 70 to 350 and next year the ecosystem is expecting to grow double the current number.

Nazarov also predicts that several banks, insurance providers, and various other institutions will be adopting DeFi and to launch their own startup, the companies will develop their own systems. Here, the chainlink can play a major role and provide those companies a pathway to DeFi without the firms having to collaborate with protocols.

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