According to an official announcement made by the company on Saturday, August 29, 2020, Chainlink has acquired the blockchain privacy oracle solution known as “DECO” from Cornell University. DECO is a project that focuses on the authentication of data. The amount that Chainlink has paid for this privacy tech solution, however, has not been revealed so far.
The Acquisition of DECO by Chainlink
DECO, the blockchain privacy oracle tech solution of Cornell University has been purchased by the decentralized network Chainlink. The ex-Chief Scientist at the digital asset company RSA and Professor at Cornell University, Ari Juels is one of the founding members of this privacy tech solution. According to the announcement, Ari Juels has also been hired by Chainlink and will serve as the Chief Scientist at the Chainlink Labs as per the agreement.
This privacy oracle solution will ensure privacy by increasing security as well as it will bring new use cases as well according to the co-founder of Chainlink Sergey Nazarov; He said, “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.”
DECO-powered Chainlink oracles may take DeFi growth to the next level
Adding more to it, Sergey Nazarov said that Chainlink oracles powered by the DECO oracle solution may help the decentralized finance (DeFi) market to reach to the next stage of the growth while becoming mature.
Nazarov said:
“This expansion of data availability will continue to drive the creation of new universally connected smart contracts, such as DeFi, decentralized insurance, global trade and various enterprise use cases that are now compatible with public blockchains and semi-private consortium chains. Essentially, DECO-enabled Chainlink oracles will enable DeFi to mature and reach its next growth stage.”
Apart from serving as the Chief Scientist at the Chainlink Labs, Dr. Ari Juels is also helping Chainlink CEO Sergey Nazarov in drafting a second whitepaper for Chainlink. Ari Juels also made a contribution to the first Chainlink whitepaper as well.