2021 was a remarkable year for the Chainlink community. Many new features were added to the Chainlink Oracle network. It added Keepers and random number generation. Keepers is a smart contract that automates very complex orders .
Furthermore, over 2.5 million randomization requests have already been sent to Oracle’s VRF. Chainlink was one of the projects whose services were highly sought after in 2021. Many projects benefited from Chainlink’s extraordinary features.
Chainlink’s role as an oracle network enables off-blockchain data, such as price feeds, to work in the DeFi space. This is especially useful for both centralized and decentralized exchanges. This feature is crucial for the DeFi sector to function efficiently. Chainlink is a key component in keeping the crypto market together. DeFi currently accounts for a large portion of all investors who are looking to invest in the space.
Chainlink has come a long way since its launch in October 2018, securely transitioning real-world data into the world of smart contracts. Since its inception, the project has expanded beyond supplying cryptocurrency price data to DeFi projects. It has also expanded to include other functions. Chainlink has 1,000 project integrations and access to over one billion data points. Furthermore, it boasts 700 oracle networks. This shows that the Chainlink network has covered over $75 billion in value, a 10x increase from 2020.
The Big News
Sergey Nazarov spoke out about what the platform has in the future for crypto. Chainlink will include staking to its network among the many actions lines. This would enable LINK holders to protect the network by locking up a part of their LINK and receiving incentives.
Furthermore, the launch of this staking feature comes after an intense demand from the project’s users, who are sometimes known as “LINK marines.” Speaking on the difficulty associated with the process, Nazarov stated that forming a new consensus is difficult. Nazarov said that it is more difficult than simply replicating and deploying another’s stake. Chainlink’s cofounder said that the hardest part of creating a new type of agreement is to come up with it.
Nazarov further stressed that oracle networks are different from blockchains. They are a different type of decentralized computing, he said. Nazarov claims they can reach consensus through hundreds of oracle network on weather data, market data, and computations. This complicates the process.
Chainlink’s staking function has been in development for many years. Nazarov says that the team is satisfied with the security of the consensus mechanism they have created. Nazarov also stated that the staking process would start this year. He refuses to give a date.
What’s Next for Chainlink?
Aside from the disclosed staking option, Chainlink has big intentions to scale its ne