Chainlink has acquired DECO – Cornell University’s privacy oracle solution for an anonymous price. This is often Chainlink’s second acquisition so far, consistent with a recent official announcement by the firm.
DECO was co-created by Ari Juels, the former chief scientist at digital security firm RSA. He will also be joining Chainlink Labs beneath the same title.
Moreover, Chainlink co-founder Sergey Nazarov & Juels have begun drafting a 2nd Chainlink technical paper, consistent with a phone interview with the pair. The duo authored the first Chainlink white-paper with CTO Steve Ellis earlier in 2017.
Chainlink’s oracle solution ports data from off-chain locations into blockchain smart contracts. For instance, Chainlink offers data information to several DeFi apps, like dYdX’s cryptocurrency derivative products.
DECO claims to leverage how HTTPS/TLS information is transmitted for safer web practices, consistent with a release from the firm.
“DECO is additionally useful for users who want to monetize their own data and therefore offer that they’re indeed offering genuine data without giving away anything but the info that they’re selling,” DECO’s website adds.
Nazarov said DECO is often used as a foundation for a couple of crypto-list items, like permissionless credit or decentralized identification.
For example, he said DECO can prove that an individual is over 18 by pulling data from a DMV while hiding the individual’s actual birth date information.
This could be further applied to the golden apple of decentralized finance, permissionless credit systems. Nazarov added that an oracle like DECO could at some point permit a smart contract to query off-chain credit data like banking records without overreaching into personal information.
“DECO is the way a lot of collaterals can make their way to DeFi,” Nazarov added.
Juel added that this privacy is feasible via DECO’s incorporation of zero-knowledge proofs, popularized in cryptocurrency circles by the privacy coin Zcash [ZEC].