Chainlink acquires oracle verification protocol DECO from Cornell University. The company has also hired one of the creators, Ari Juels, as the chief scientist of the acquired project.
Users’ Security is Priority
DECO is designed using advanced cryptography and employed zero-knowledge proofs to offer next-level security to users. DECO is made possible as a result of the project “Initiative for Cryptocurrencies and Contracts”. With DECO, users are not bound to provide personal information.
Sergey Nazarov, the co-founder of Chainlink said while talking to the news media outlet:
“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.”
The privacy promised by Cornell’s DECO is beneficial for both enterprises and consumers. Enterprise cannot access the personal as well as financial information of the consumers. Nazarov said:
“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.”
The Hiring of Chief Scientist
While talking about Ari Juels, who is teaching at Cornell University, Nazarov stated:
“He has taken a sabbatical from his academic work and is currently focused on working on the Chainlink protocol. He will also be leading our entire research team, effectively stewarding the technical direction of the protocol as a whole.”
Juels also worked as Chief Scientist for cybersecurity and digital risk management company RSA security.
Nazarov believes that DECO will push DeFi (decentralized finance). “There’s lots of private data associated with real-world collateral, like the state of an invoice, or ownership of real estate, or some other insured asset. DECO-enabled Chainlink oracles will be able to prove to a smart contract that the state of the asset is solvent, without disclosing private or personal ownership information onto a public blockchain,” he added.
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