2020-8-29 12:37 |
Cryptocurrency project Chainlink (LINK) has recently acquired its second acquisition to date. The company has acquired a privacy oracle solution developed by Cornell University, called DECO. Neither of the two revealed the amount it was paid for the acquisition.
The solution, DECO, was originally created by Ari Juel, the former chief scientist at RSA, a digital security company. From what is known, Juel will also join Chainlink as part of the deal, and is already working on the creation of Chainlink’s new whitepaper with the company’s CEO, Sergey Nazarov.
Nazarov also added that DECO will be used as a foundation for crypto wish list items, such as decentralized identification, permissionless credit, and more.
How does DECO work and what can it do?Chainlink’s new oracle solution works by porting data from off-chain locations to the blockchain itself. To do so, it uses smart contracts, and it leverages how information is transmitted, in order to ensure safe web practices.
DECO’s own website says that the product can be useful for users who wish to monetize data, but not wish to give away anything except for the data offered for sale.
As mentioned, DECO can be used for the purpose of identification, and as such, it can prove that a person is over 18 years old without actually revealing their birth date. While this is a simple example of what the oracle can allow, it does have large implications.
For example, the same principle can be added to DeFi for enabling permissionless credit systems. According to Nazarov, DECO could even allow smart contracts to request and receive off-chain credit information, such as banking records. However, in doing so, it will not have to collect any of the individual’s personal data, and thus violate their privacy in any way.
Nazarov concluded by saying that DECO could be the way for collateral to make its way to DeFi. As such, it holds a lot of promise for the future of the sector.
The post Chainlink announces the acquisition of Cornell University’s DECO appeared first on Invezz.
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