The concept of cryptocurrency appeared relatively recently but has already become firmly embedded in our lives. Its popularity in the world is constantly growing, which cannot but attract scammers, driven by the thirst for profit. Therefore, the development of cybersecurity is becoming more and more important, there are more and more new ways to secure your cryptocurrency. One of these ways is chainlink staking, about which you can learn all the details by the link.
What is Chainlink Staking
This mechanism adds performance guarantees for oracle services with LINK tokens passed by users. In June 2022, this technology was introduced to the general public for the first time, and its beta version will be available as early as December 6!
The bottom line of stacking is that all users’ earnings and fines are controlled through the LINK token. If one of the ecosystem participants violates the rules, his tokens will be blocked and he will not have access to them. Due to the fact that payment for services grows, the total remuneration of participants in this system also grows, as well as the pool expands. Increased security will help attract more investors.
In Chainlink’s case, the initial lock-in period of 12 to 24 months was based on a “conservative release cycle.” However, after contacting community members and node operators directly, Chainlink management decided to change the lockout period to 9-12 months.
How it will work
In the beginning, only the most proven and experienced participants will get access, and in version 0.1 the reward will not exceed 5%. The entry pool will be 25 million tokens, and new entrants will be able to enter when it reaches 75 million.
The development will look like this:
How profitable would that be?
Of course, potential investors are very interested in this project, especially considering the increase in the price of the token after the news broke. If in the middle of the year there were still doubts about chainlink staking, now that the release is on its way, it is clear that it is a good idea.
And while we wait, we suggest visiting Coinbase, the best place to start online cryptocurrency trading. There you can build your own investment portfolio.
If you are interested in buying different cryptocurrencies, such as bitcoin or altcoin, we recommend the coinmetro platform, which specializes in cryptocurrency transactions.
Chainlink itself was originally designed to increase security, but as a bonus, we got revenue growth opportunities.
Chainlink can indeed evolve into a global standard with a growing and resilient user base, which in turn opens up great opportunities to reward stakeholders that enhance cryptoeconomic network security and user assurance.
Now we just have to wait for what will happen, because the launch in the main Ethereum network will already be on December 6, and that’s when the most experienced participants will be able to place their tokens — up to 7000. In two days, access is promised to be opened to a wider public, but the limit of 7,000 LINK will still exist.
As with every new feature or option, it needs time to show us what it will be for investors and regular crypto users. If you’re a newbie, it’s a great opportunity to track the progress from the beginning.
Let’s see what happens next!