Chainlink Announces Some Important Updates For The Upcoming Roadmap

To further scale security to accommodate the growing amount of value in applications, Chainlink (LINK) has released several significant updates in the platform’s latest development roadmap.

In the Chainlink 2.0 update according to the new whitepaper released in April 2021, the project plans to implement the LINK staking mechanism, which has been a possibility that has been expected by the investor community for several years now because Chainlink is the largest oracle project in the entire crypto industry.

According to the announcement released by Chainlink, the overarching goal of the staking process on the network is to provide ecosystem participants, including node operators and community members with enhanced security and ensure the safety of the users of the oracle service by supporting them with staked LINK tokens.

Security not only creates an incentive to provide reliable data but also allows for the creation of a penalty mechanism for underperforming nodes that fail to achieve their goals of consistently generating oracle reports. and send them to specific destinations in a timely manner.

Another benefit of introducing a staking mechanism is that it will help incentivize a large number of Chainlink communities to participate directly in the platform to support the performance of the oracle network. The ability to attract more individuals to participate directly in community supervision will help increase the decentralization of the network and create a reputation system and strict mechanism.

Chainlink staking will go cross-version, with the first v0.1 release slated for later this year. After full validation from production use and community feedback, the v1 release will introduce further additional functionality to strengthen the protocol and incorporate user fees as rewards, setting the stage for v2 with more comprehensive features.

The new roadmap also introduces a new technology called Proof of Reserves (PoR). With PoR, a company’s cryptocurrency holdings can easily be checked through an automated process that improves the transparency of blockchains, smart contracts, and oracles.

This real-time asset audit helps ensure that user funds are protected from unforeseen segmented reserve operations and other fraudulent activity from off-chain custodians. In doing so, PoR helps bring a higher level of transparency to the entire crypto ecosystem and helps address some of the biggest complaints about how the current financial system is performing.

Thanks to the latest update that has just been released, the price of LINK has immediately turned extremely positive, up 12.1% in the past 24 hours, and is trading around $8.44.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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