Inactive income opportunities are one of the biggest drawbacks of the cryptocurrency ecosystem because it gives investors an easy opportunity to increase their portfolio size regardless of daily prices.
The latest symbol to hit prices after announcing the forthcoming introduction of mortgages is Chainlink (LINK), a distributed oracle network that provides important information outside the chain needed for smart contracts to work properly.
Data from Cointelegraph Markets Pro and TradingView show that since the low of $ 6.67 on June 4, the price of LINK has risen by 35% and reached its daily high of $ 9.00 on June 7.
Here’s a look at the new development of the Chainlink ecosystem that could support today’s price increase.
Staking LINK has been in the making for many years
The ability to bet LINK has been in demand for several years now because Chainlink has consistently been the largest oracle project in the entire cryptocurrency ecosystem.
Staking marks the beginning # Chain links Economics 2.0, a new era for long-term security and sustainability of oracle networks.
In this update, we define the long-term goals, roadmap and first implementation of mortgaging in the Chainlink Network.https: //t.co/WJkoUzPA0i
– Chainlink (@chainlink) June 7, 2022
According to the announcement from Chainlink, the overarching goal of online mortgaging is “to provide ecosystem participants, including node operators and community members, with the ability to increase security and security for e-services by supporting them with LINK tokens. . ”
By investing in LINK, it will be possible to increase the number of jobs and earn money on the Chainlink network, while the ecosystem as a whole will benefit from an “increase in the economic security and security of users.
Staking not only introduces incentives to provide reliable data, but also provides a penal system for poorly performing nodes that do not achieve the goal of consistently creating accurate oracle reports and delivering them to specific destinations on time.
Greater community participation
Another benefit of promoting a mortgage is that it will help encourage a larger portion of the Chainlink community to participate directly in the network by betting LINK to support the performance of oracle networks.
Involving more individuals in community surveillance directly helps to increase the distribution of power in the Chainlink network and enables a “powerful reputation and austerity system”.
It is also expected that the addition of mortgages will increase the introduction of the network over time, as new awards and an increase in the amount of communication fees generated from non-emission sources will attract more participants.
Connected: Chainlink introduces price trends on Solana to provide data to DeFi developers
Proof of reserves
The new roadmap also introduces the Chainlink Proof of Reserves (PoR).
Learn how PoR helps secure cross-chain assets, stablecoins, wrapped tokens and more https://t.co/qZRj7oExsz
– Chainlink (@chainlink) June 6, 2022
PoR makes it easy to review a company’s cryptocurrency holdings through an automated process that leverages blockchain transparency, smart contracts and oracles.
This real-time review of collateral helps ensure that user funds are protected from “unforeseen breaches and other fraudulent activities by off-chain custodians. In doing so, PoR is helping to bring more transparency to the cryptocurrency ecosystem as a whole, and it addresses some of the biggest complaints about how the current financial system works.
The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.
Mail Bonus – #LINK #Marines #rejoice #Chainlink #road #map #stack