Home » Chainlink acquires a privacy-preserving oracle protocol from Cornell University
Technology News

Chainlink acquires a privacy-preserving oracle protocol from Cornell University

Chainlink acquires a privacy-preserving oracle protocol from Cornell University

Chainlink (LINK) has acquired a privacy-preserving oracle protocol DECO from Cornell College and considered one of its creators, Ari Juels, shall be becoming a member of Chainlink as chief scientist. Beforehand, Juels served as chief scientist at RSA and has been educating at Cornell College since 2014, one of many premier blockchain hubs on the planet. He’s taking a sabbatical to deal with his work at Chainlink. Alongside along with his analysis accomplice Markus Jakobsson, he coined the time period “proof-of-work”.

DECO employs superior cryptography and zero-knowledge proofs to supply enhanced privateness to its customers. In a Cointelegraph interview, Chainlink’s co-founder Sergey Nazarov mentioned the mixing of DECO won’t solely enhance safety of the venture’s infrastructure however will probably create new use instances:

DECO-enabled Chainlink oracles may have huge implications for good contracts throughout enterprise, client, and even DeFi functions. Principally, any good contract that was beforehand restricted by personal information will quickly be capable of operate on a public blockchain like Ethereum with out revealing any confidential info to the blockchain.

Nazarov believes that enhanced privateness will profit each customers and enterprises. The latter might be able to show to one another the state of their information with out revealing it, whereas customers might be able to show private and monetary information with out offering entry to it. He additionally mentioned that this integration would probably open up Chainlink’s oracles to new information sources:

That is already resulting in the addition of assorted information sources that have been beforehand far more tough to put on-chain, as a result of basic nature of public blockchains being publicly viewable, and the personal nature of assorted sources of excessive worth information.

Answering our query whether or not Juels shall be working full time at Chainlink, Nazarov mentioned:

He has taken a sabbatical from his tutorial work and is at the moment centered on engaged on the Chainlink protocol. He can even be main our whole analysis workforce, successfully stewarding the technical path of the protocol as a complete.

Nazarov mentioned that it may additionally create “countless prospects” within the DeFi area – something from credit score scoring to proving mortgage collateral with out the necessity to reveal delicate info.

Credit score: Source link

Spread the love

Related posts

Compound Gets Ready to Deploy Decentralized Oracle


Baseline Developers Propose DTL-Based Coronavirus Contact Tracing


Cointelegraph moderates CV Labs’ first ‘Blockchain in Art’ online panel


Leave a Comment