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20921400 No.20921400 [Reply] [Original]

can someone please explain what the fuck staking is in non neckbeard language please

>> No.20921427

>>20921400
Your token get roasted on a grill

>> No.20921435

>>20921400
i fuck your mother in her pussy

>> No.20921444

and u end up with da bill

>> No.20921450

>>20921400
Your tokens generate more tokens. Just a stupid scheme to get retards to hold their rapidly depreciating ERC20 tokens

>> No.20921467

Your node sends data into the blockchain. If you give good data, you get paid. If you give bad data, you have to pay. You have to reserve money to the side beforehand, to pay with in case you send bad data. This money is 'staked'.

>> No.20921472

>>20921400
Staking is putting your cryptocurrency at RISK as a declaration of good intentions and an honest commitment towards a consensus network.

If you behave properly, you are rewarded with more cryptocurrency, else your cryptocurrency gets slashed.

>> No.20921485

>>20921467
do you have any control over whether you send 'good' or 'bad' data? Are you the node? or are you staking on to an existing node?

>> No.20921504

>>20921400
tell the truth and you are rewarded, tell a lie and you pay up

>> No.20921506

Proof of Stake is a consensus mechanism that is interested in the generation of new blocks. It is a way to come to a shared agreement on what the blockchain says.

Proof of Work requires a complex hash and much computing power where proof of stake requires large amounts of capital and relatively lower computation promising to also solve scaling.

>> No.20921517

>>20921485
The "sending good data" only applies to Chainlink staking, not the average PoS blockchain validation process. In the case of Chainlink you stake in your own node or some staking pool.

>> No.20921556

>>20921400
bzrx staking end of august sir
buy now and rich next month

>> No.20921577
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20921577

>>20921517
Yeah i have chainlink and plan on staking it. If you stake in a staking pool can you get fucked over by other people's 'bad' data?

If you go as a lone node how do you control the 'good' data you send out? Is it just a matter of constantly 100% being connected to the blockchain (internet) at all times with your CPU/GPU usage being allocated to staking?

What kind of gains in % terms can you expect from staking you LINK for say, 1 year?

>> No.20921800

>>20921577
Checked
>Yeah i have chainlink and plan on staking it. If you stake in a staking pool can you get fucked over by other people's 'bad' data?
Depends on the pool's policy and terms & conditions. I know that LinkPool covers their own node's penalties if they were to happen, but other nodes could just held their stakers as responsible.

>If you go as a lone node how do you control the 'good' data you send out? Is it just a matter of constantly 100% being connected to the blockchain (internet) at all times with your CPU/GPU usage being allocated to staking?
Just make sure that you are providing high quality data from paid APIs that have incentives to keep providing good data. Nevertheless, I think there will be two types of Service Agreement mechanisms regarding penalties, one that check your availability (your node is online and answering properly) and other one that will measure your response's accuracy within a consensus and will stablish an "acceptable deviation threshold", if you deviate too much, you will have to pay the penalty.

>What kind of gains in % terms can you expect from staking you LINK for say, 1 year?
Staking with Chainlink doesn't work like PoS blockchains, where you have a fixed % income of your locked crypto. It's impossible to estimate since it will have a free market approach, supply & demand will dictate the profitability of running a high quality Chainlink oracle. A good oracle could have enough reputation as to access high quality contracts, while an oracle could have bad reputation and regardless of its LINK being staked, it could have 0% income.