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Expanding What It Means To Be A Great Chainlink Node

On last week’s episode of The Crypto Conversation hosted by Andy Pickering, Chainlink co-founder Sergey Nazarov detailed growing opportunities for various Chainlink community members to participate in the network’s forthcoming cryptoeconomic security enhancements, including staking and an improved node reputation system.

The Chainlink Network currently secures tens of billions of dollars in web2 systems that use any of Chainlink’s 900+ bespoke oracle networks and decentralized services. As people lose trust in centralized systems, Nazarov said he foresees an influx of web3 developers creating new use cases for Chainlink as a source of cryptographic truth. 

“I think we’ve only started to scratch the surface when it comes to data,” Nazarov said.

He explained that each new use case requires a reliable oracle network comprising a committee of top performing nodes that validate a specific dataset or computation. 

“This is what the Chainlink Network has really pioneered and what we will continue to grow and win on – the ability to generate the highest quality validator set for your non-blockchain decentralized computation,” Nazarov said.

The improved Chainlink node reputation system will score a variety of key performance metrics, such as uptime, responsiveness, and accuracy.

As more dapps collectively pay fees into the entire Chainlink Network, Nazarov said Chainlink’s goal is to provide a cryptoeconomically secure standard for aggregating those fees into the best performing oracle networks.

This model provides nodes with the right incentives to continue operating during any and all adversarial conditions.

Essentially, Nazarov explained, expanding Chainlink’s node reputation system will expand what it already means to be a great node.

“One of the things that the Chainlink reputation system has done in its current form is it has created the right incentives for node operators to stay up through the most extreme periods of congestion, through the most extreme events in the blockchain industry that often lead other systems to fail and stop operating, while Chainlink nodes are known to continue operating as expected.”

Watch Sergey Nazarov’s entire conversation with Andy Pickering on Episode 265 of The Crypto Conversation.

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