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{{:Box-round|title=Quick take - Staking|
{{:Box-round|title=Quick Take - Staking|
<big>Staking: The Chainlink staking mechanism, involves network participants locking [[The Link token|LINK]] tokens into the system, which incentivizes correct oracle node behavior and maximizes the cost of attack for malicious actors.<ref>https://blog.chain.link/understanding-the-security-impact-curve-and-future-fee-opportunity/</ref> </big>
<big>Staking within the Chainlink ecosystem is a mechanism that gives 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.</big>
}}
}}
 
__TOC__
<h2>In depth</h2>
<h2>In depth</h2>
 
'''REVIEW'''
The evolution of staking.   
The evolution of staking.   


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Staking mechanisms should be designed to support the goals of the ecosystem. They should be used to incentivise the parts of a product, community or network that requires people to do work or to take risk. <ref name="Cobie" />
Staking mechanisms should be designed to support the goals of the ecosystem. They should be used to incentivise the parts of a product, community or network that requires people to do work or to take risk. <ref name="Cobie" />
'''REVIEW'''
Staking is a mechanism that can empower oracle networks to provide greater security guarantees and capture more fee opportunities.


Staking not only introduces an incentive to provide reliable data, but it allows for a penalty mechanism for underperforming nodes who fail to achieve the goal of consistently generating accurate oracle reports and delivering them to specific destinations in a timely manner.


Nodes are rewarded for honest work and punished for malicious activity directly or indirectly.  
Nodes are rewarded for honest work and punished for malicious activity directly or indirectly.  
<ref>https://blog.chain.link/blockchains-oracles-similarities-differences-synergies/</ref>
<ref>https://blog.chain.link/blockchains-oracles-similarities-differences-synergies/</ref>
<h2>Timeline</h2>
<h2>Timeline</h2>
* '''06 Dec 22.''' '''Chainlink [[staking]] goes live.''' Read the full announcement [https://blog.chain.link/chainlink-staking-early-access-now-live/ HERE].
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* '''01 Nov 22.''' Chainlink launch a US$120K '''[https://code4rena.com/ Code4rena]''' crowdsourced audit of [[Staking]] v0.1. Read the full announcement [https://blog.chain.link/chainlink-staking-crowdsourced-audit/ HERE].
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* '''03 Oct 22.''' Chainlink announce early access eligibility for '''[[staking]]''' v0.1. Read the full article [https://blog.chain.link/chainlink-staking-early-access-eligibility-app/ HERE].
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* '''07 Jun 22.''' Chainlink release the article entitled "Chainlink [[Staking|Staking]]: Exploring the Long-Term Goals, Roadmap, and Initial Implementation."  Read the full article [https://blog.chain.link/chainlink-staking-roadmap/ HERE].
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* '''02 Jan 22.''' In his speech entitled "The Future of Chainlink", [[Sergey Nazarov]] (Co founder of Chainlink) announced that 2022 will see the launch of [[CCIP]] and the implementation of [[staking]]. View the entire video [https://www.youtube.com/watch?v=YShbzR7mlog HERE]. Time stamp 58min.
----
{{:staking_resources}}
{{:staking_resources}}
‎<references />
‎<references />

Latest revision as of 03:00, 7 December 2022

Quick Take - Staking

Staking within the Chainlink ecosystem is a mechanism that gives 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.

In depth

REVIEW The evolution of staking.

Owners would offer their coins as collateral for the chance to validate blocks, and they would be rewarded for doing so. Staking, therefore, rewarded users risking collateral and doing work: participating in functions necessary to the continued operation of a network or a protocol. ‎[1]

Over time, the word ‘staking’ has been repurposed and redefined. Instead of receiving rewards for contributing to chain security with collateral at stake, modern “staking” just seems to mean "we give you more coins as a reward if you don’t sell your current coins".[1]

Staking mechanisms should be designed to support the goals of the ecosystem. They should be used to incentivise the parts of a product, community or network that requires people to do work or to take risk. [1] REVIEW

Staking is a mechanism that can empower oracle networks to provide greater security guarantees and capture more fee opportunities.


Staking not only introduces an incentive to provide reliable data, but it allows for a penalty mechanism for underperforming nodes who fail to achieve the goal of consistently generating accurate oracle reports and delivering them to specific destinations in a timely manner.

Nodes are rewarded for honest work and punished for malicious activity directly or indirectly. [2]

Timeline

  • 06 Dec 22. Chainlink staking goes live. Read the full announcement HERE.
  • 01 Nov 22. Chainlink launch a US$120K Code4rena crowdsourced audit of Staking v0.1. Read the full announcement HERE.
  • 03 Oct 22. Chainlink announce early access eligibility for staking v0.1. Read the full article HERE.
  • 07 Jun 22. Chainlink release the article entitled "Chainlink Staking: Exploring the Long-Term Goals, Roadmap, and Initial Implementation." Read the full article HERE.
  • 02 Jan 22. In his speech entitled "The Future of Chainlink", Sergey Nazarov (Co founder of Chainlink) announced that 2022 will see the launch of CCIP and the implementation of staking. View the entire video HERE. Time stamp 58min.

Staking Resources

Effective resource lists encourage wider reading and provide a more in-depth understanding of a topic.


Our goal with the Wiki resource lists is to create authoritative archives for readings and other resources pertaining to specific topics.
As such, the Wiki aims to keep all resource lists current, consistent, accurate and clear.

However, if users feel there are omissions, please contact the site admin with details of resources they feel should be added, making sure to include links, a brief description, and the importance of said resource.

Timeline

Date Media Author Title
02 Jan 22 Video Chainlink The Future of Chainlink | Sergey Nazarov announces upcoming staking

Educational

Date Media Author Title
N/A Staking FAQ's Chainlink Frequently asked questions - Staking Overview
06 Dec 22 Article Chainlink Chainlink Staking v0.1 Early Access Is Now Live
21 Nov 22 Article Chainlink The Chainlink Economics 2.0 Staking Protocol and Staking v0.1 Launch Details
03 Oct 22 Article Chainlink Check Your Early Access Eligibility for Chainlink Staking v0.1
07 Jun 22 Article Chainlink Chainlink Staking: Exploring the Long-Term Goals, Roadmap, and Initial Implementation
19 May 22 Article Chainlink Understanding the Security Impact Curve and Future Fee Opportunity in Chainlink Oracle Networks
23 Feb 22 Article Chainlink What Is Staking? Blockchains, Oracles, and DeFi
27 Jul 21 Article Chainlink Chainlink Staking: An Overview

‎

  1. ↑ 1.0 1.1 1.2 https://cobie.substack.com/p/apecoin-and-the-death-of-staking?s=r
  2. ↑ https://blog.chain.link/blockchains-oracles-similarities-differences-synergies/
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