Staking: Difference between revisions
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{{:Box-round|title=Quick Take - Staking| | {{:Box-round|title=Quick Take - Staking| | ||
<big>Staking: | <big>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.</big> | ||
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__TOC__ | __TOC__ | ||
Revision as of 03:06, 8 June 2022
Quick Take - Staking
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
- 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
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.
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 |