Chainlink

FAQ's

What is Chainlink?

Founded in 2017, Chainlink is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network.

Who are the founders of Chainlink?

Sergey Nazarov is a co-founder and CEO at Chainlink Labs. He graduated with a degree in business administration from New York University, with a focus on philosophy and administration. His professional career began as a teaching fellow at NYU Stern School of Business. In 2009, Nazarov co-founded ExistLocal, a peer-to-peer marketplace for authentic local experiences.

In 2014, he also co-founded CryptaMail, a completely decentralized, blockchain-based email service. In 2014, Nazarov teamed up with Steve Ellis and launched SmartContract, a platform that brings smart contracts to life by connecting them to external data and widely accepted bank payments. SmartContract was one of the entrepreneurial ventures that led Sergey Nazarov to the founding of Chainlink.

Steve Ellis graduated with a degree in computer science from New York University in 2010. Right after graduating, he became a software engineer at Pivotal Labs. In 2014, he co-founded the Secure Asset Exchange, a company facilitating easy web access to a decentralized asset exchange.

 

What is Chainlink Staking?

Validators in Chainlink are acting as blockchain oracles, that perform a greater range of tasks than the nodes of many other decentralized platforms. Oracles interact with smart contracts and transmit data from external sources to them. Validators are incentivized by receiving LINK tokens for performing these tasks.

It is planned to add collateral for Validators. These measures will improve the quality of the data provided. If the node does not meet any requirements of the smart contract or is idle, disrupting the normal operation of the decentralized application, the Deposit will be written off as a fine for violating the terms (Slashing).

Currently, Chainlink operators can perform work and supply data to smart contracts, receiving their own remuneration, but staking will be available in a later version of the mainnet when oracles will be able to make an advance payment to accept the task.

How to stake Chainlink (LINK)?

Staking is not yet enabled in the Chainlink Network. Currently, only blockchain node operators, called Validators are able to earn LINK tokens by performing tasks in the network.

You will be able to stake your LINK once the new staking feature is added.

For now, you can lend your LINK to earn passive income on platforms like Yearn or Aave as seen here.

When can I stake my LINK?

The Chainlink team has not published or communicated any kind of roadmap, timeline, or estimate for the launch of the LINK staking feature.

However, we believe the staking feature will likely be added within 2022.