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Chainlink acquired the protocol from an oracle protecting Cornell University’s privacy

August 29, 2020

Chainlink (LINK) has acquired a privacy oracle protocol called DECO from Cornell University, and one of its developers, Ari Juels, will join Chainlink as chief scientist. Previously, Juels was Chief Scientist at RSA and taught at Cornell University one of the most important centers of blockchain technology worldwide since 2014. He will take a year off to focus on his work at Chainlink. Together with his research partner Markus Jakobsson, he invented the term “proof of work”.

DECO uses advanced cryptography and knowledge-free evidence to provide more privacy to its users. In an interview with Cointelegraph, the co-founder of Chainlink, Sergey Nazarov said that DECO integration will not only increase the security of the project infrastructure, but also potentially create new use cases:

The integration of DECO with Chainlink’s Oracle will have a major impact on smart contracts in corporate, consumer and even DeFi applications. Basically, any smart contract that was previously restricted by private data can soon work on a public blockchain like Ethereum without revealing confidential information.

Nazarov believes improving privacy benefits both consumers and businesses. The latter can prove the status of their data to one another without disclosing it, while consumers can prove their personal and financial data without granting access to it. He also said that this integration would potentially open the Chainlink Oracle to new data sources:

This already results in the addition of various data sources that were previously much more difficult to include in the chain, as the basic nature of public blockchains can be seen publicly and the private nature of various data sources of high value.

Chainlink acquired the protocol from an oracle protecting Cornell University’s privacyChainlink acquired the protocol from an oracle protecting Cornell University’s privacy

Answering our question about whether Juels will work full time at Chainlink, Nazarov said:

He has taken a year off from his academic work and is currently focused on working on the Chainlink protocol. He will also lead our entire research team and effectively steer the technical direction of the entire protocol.

Nazarov said you can create too “Endless possibilities” in the DeFi ecosystem, from credit scoring to loan guarantee testing without the need to divulge confidential information.

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