Sirlibz
Chainlink, a decentralized Oracle Network has announced the acquisition of DECO, an Oracle security protocol created by Cornell University faculty and students even having Ari Juels, one of the creators, join Chainlink as chief scientist.
DECO, short for the Decentralized Oracle claims to leverage how HTTPS/TLS information is transmitted for more secure web practices, according to a release from the firm.
DECO will help make Chainlink’s Oracle more private and it can also help prove the authentication of a person’s age without revealing private details like the date of birth of the individual.
Nazarov, Co-Founder of Chainlink said DECO could be used as a foundation for a few Crypto wish list items, which includes permissionless credit or the decentralized identification. He also claims that with an Oracle like DECO, we could one day see smart contracts allow query off-chain credit information such as banking records without over reaching into personal data.
“DECO is the way a lot of collateral will make its way to DeFi,” Nazarov said.
With DECO, one can easily get to know if you own any amount of Link tokens in any wallet and pushing into the traditional setting, DECO would be used by financial institutions to prove the balance of on account without actually making any personal details of the owner public.
“DECO enables a large expansion in the quality and breadth of data that can now be made available to public blockchain systems,” Chainlink co-founder Sergey Nazarov told Decrypt.
