The popular coin Chainlink acquired a privacy preserving oracle protocol DECO from Cornell University, as the latest blockchain news show. One of the creators of this protocol, Ari Juels, will be joining Chainlink as chief scientist.
Previously, Juels was the chief scientist at RSA and has been teaching at the university since 2014, known as one of the premier blockchain hubs in the world. He also focused on his work at Chainlink, and coined the term “proof-of-work” along with his research partner Markus Jakobson.
The fact that Chainlink acquired a new protocol named DECO means that the cryptocurrency will employ advanced cryptography and zero-knowledge proofs in order to provide enhanced privacy to its users. As the co-founder of Chainlink Sergey Nazarov said in an interview with a media outlet covering the Chainlink news, the integration of this protocol will not only increase the security of the project’s infrastructure – it will also potentially create new use cases. He said:
“DECO-enabled Chainlink oracles will have big implications for smart contracts across enterprise, consumer, and even DeFi applications. Basically, any smart contract that was previously limited by private data will soon be able to function on a public blockchain like Ethereum without revealing any confidential information to the blockchain.”
Nazarov also spoke about enhanced privacy and how it will benefit both consumers and enterprises. The latter could prove to each other the state of their data without revealing it. He also talked about the integration and how it would potentially open up Chainlink’s oracles to new data sources, saying:
“This is already leading to the addition of various data sources that were previously much more difficult to place on-chain, due to the fundamental nature of public blockchains being publicly viewable, and the private nature of various sources of high value data.”
Nazarov said that as Chainlink acquired a new protocol, it could create “endless possibilities” in the DeFi space. He talked about it in detail, saying that it can offer anything from credit scoring to proving loan collateral without the need to reveal any sensitive information. The current price of Chainlink (LINK) is $16.59 with a 9.56% increase on the day.