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- Chainlink’s, the largest oracle provider for smart contracts has officially received a privacy oracle solution DECO from the reputed Cornell University.
- For Chainlink this is their second acquisition, the first being Town Crier from Cornell University back in 2018.
Chainlink’s, the largest oracle provider for smart contracts has officially received a privacy oracle solution DECO from the reputed Cornell University. For Chainlink this is their second acquisition, the first being Town Crier from Cornell University back in 2018. The first acquisition was supposedly the world’s leading and most trusted hardware-based oracle system. Further, Town Crier was the very first system to implement trusted execution environments (TEEs) in their system. But DECO will enhance the use of HTTPS/TLS for better transmission of the network. With the new DECO’s new technology, Chainlink aims at revolutionizing blockchain technology for better privacy security.
Developed by the Former Chief Scientist of RSA
DECO is developed by Dr. Ari Juels who is the former Chief Scientist of the digital security firm RSA. Juel has a history of working on Proof of Work mechanism which is now used by many cryptocurrency giants. He is expecting to join the Chainlink Labs as the part of the acquisition. Moreover, it has been reported that Juels and the CEO of Chainlink, Sergey Nazarov have been working together on a second Chainlink white paper.
According to DECO’s official website, it can be useful for users who want to monetize their own data and prove that they are providing 100% legitimate data. However in the process no other data will be let out except the data that they are willing to sell.
DECO Will Open a New Door of Use Cases
Nazarov believes that Chainlink’s integration with DECO will open a door of entirely new test cases. He says that the Chainlink oracles that are powered by DECO are expected to have huge implications over enterprises, consumers and even to the DeFi applications. In other words, the smart contracts which could only function with private data will have a larger access to data. They can now function on public blockchains like Ethereum without letting out any confidential information to the blockchain.
DECO Will Revolutionize Blockchain Adoption in Mainstream Industries
Nazarov believes that DECO with its ability to provide security on enterprise levels will create a new era for blockchain adoption. The new acquisition may be able to create applications in mainstream industries other than the realm of cryptocurrencies and DeFi. furthermore, DECO facilitates permissionless credit or decentralized identification. This means that DECO can prove that a user is above 18 without revealing their true age. Moreover, Nazarov believes that DECO is the path for collaterals to pave their way into the DeFi industry.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
