Chainlink reveals staking plans for its  Web3 data services

• Chainlink has revealed plans for Web3 services.
• Chainlink wants to be the AWS of Web3.

Chainlink has introduced staking plans for its Web3 service platform. The blockchain data service provider wishes to minimize the cost of listing Oracle data and reports on-chain by dividing costs among the members. Chainlink’s target is to become the Amazon Web Services of Web3.

Polygon has the same goal as per the report issued in February 2022, backing its $450M fundraising.

The chainlink model.

Chainlink operates on centralized oracle networks to give safe access to real-world data for Web3 apps. The firm thinks of introducing its staking rewards by the end of this year. The co-founder of Chainlink, Sergey Nazarov publicized the roadmap for the introduction at SmartConn 2022. Nazarov declared that Avalanche, Metis, Moonbeam, and Moonriver are the early members in his firm’s new scale program.

If we go through the announcement, the firms will get premium Chainlink services such as data feeds comparable with staked tokens. The firm also introduced a side program, BUILD, for initial-stage projects, which will permit the access to top-tier support services instead of their staked native tokens.

Chainlink is about to include secure cross-chain communication services to its envelope of services, which has rice data feeds, weather data, and random number generation for gaming apps.

The firm’s main target is to propose an all-in-one resource for web3 apps, a service similar to AWS.

“We are looking to give all the services that one requires to develop Web3, and grounded on our market share, we so far do that very boomingly,” Nazarov revealed to the media.

The firm has so far built a strong envelope of clients in the DeFi world, adding crypto lending platforms Aave and Synthetix, dYdX– a decentralized exchange platform supported by Polychain and a16z along with, Compound and Nexus Mutual.

The fresh economic model of Chainlink not only permits Web3 apps access to services without affecting their income statements but also provides the data services provides a chance to get benefited from a wide-ranged pool of staked tokens.

“Staking will divide the value the system results to the applicable members – the nodes and the stakers,” said Nazarov, pressurizing that the model is still for test and is in its initial states.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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