Decentralized oracle network Chainlink (LINK) is surging after the release of a new roadmap for its future.
According to a new blog post, the project’s long-term goals revolve around the introduction of staking to the protocol, which aims to increase the blockchain’s security, increase participation in the community, create sustainable rewards, and empower node operators.
“Staking is a key mechanism that aims to bring a new layer of cryptoeconomic security to Chainlink, where crypto rewards and penalties are applied to help further incentivize the network’s proper operation.
The overarching mission of Chainlink staking is to give ecosystem participants, including node operators and community members, the ability to increase the security guarantees and user assurances of oracle services by backing them with staked LINK tokens.”
The release of the roadmap sent Chainlink flying as it rallied from $7.28 to a peak of $8.98. At time of writing, LINK is up 10% on the day, trading at $8.64.
Chainlink, which provides real-time data feeds to smart contract platforms, will take the same approach with staking, according to the blog post.
“The rollout of the staking mechanism will be similar to Chainlink price feeds, which went from a single ETH/USD price feed on Ethereum operated by three oracle nodes to now supporting nearly a thousand price feeds powered by 50+ leading node operators across twelve blockchains and layer-2 solutions.
This pragmatic approach allowed risks and opportunities to be identified in the early stages of the implementation before scaling to meet growing user demand.”
LINK staking is set to launch sometime in the second half of 2022.
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Featured Image: Shutterstock/Joy Chakma