Chainlink Obtains Privacy Oracle Solution From Cornell University
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Chainlink Obtains Privacy Oracle Solution From Cornell University

August 29, 2020      Vandana Malik

Chainlink, a decentralized network has recently acquired DECO, a privacy oracle solution by Cornell University. The acquiring amount has not been disclosed by any of the entities. It is revealed that to date, the acquisition of DECO is the second one by the firm as announced on Saturday.

Ari Juel, the former chief scientist at digital security firm RSA has co-created DECO. Along with this, he will be joining Chainlink under the title of a chief scientist only.

Drafting of second Chainlink white paper started

Along with the news of DECO’s acquisition, it is also revealed that the drafting of the second white paper of Chainlink is started. Sergey Nazarov and Juels, the CEO of the firm have revealed this in a recent interview. 

The oracle solution of the firm simply transfers the data to blockchain smart contracts from the off-chain locations. Chainlink is currently providing data information for many decentralized applications out there. Now with the acquisition of DECO the firm is moving one step further as it is going to be extremely useful for all the users who aim to monetize their own data. This will also ensure whether the data provided by the users is correct or not.

DECO could be used as a foundation for crypto wish-list items

According to Nazarov, DECO can also play the role of laying down the foundation for several crypto wish-list items. This will invoice, permissionless credit, or even decentralized identification. He also said, “DECO is the way a lot of collateral will make its way to DeFi”. Nazarov believes that it is having a potential to allow smart contracts to query the off-chain credit information. This could be seen as a great step taken by Chainlink that will further help the firm to enhance its operations and realize the exact potential of DECO through different operations it conduct.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.