DECO protocol was developed by the renowned Cornell University (US). The media release further points that DECO’s technology enhances the manner in which HTTPS/TLS formats are utilized for data transfer on the web. DECO (Decentralized Oracles) was created by Dr. Ari Juels.
For the past six years, the scientist was a member of the Cornell’s research team and had played a major part in a 1999 synopsis that standardized PoW (Proof of Work) computation.
Additionally, he was also a co-author of the Chainlink whitepaper along with Sergey and Chainlink co-founder Steve Ellis.
With the implementation of DECO protocol, smart contracts can substantiate the genesis and situation of the privacy info transferred via an oracle, without compelling a user to present their personal info.
This is attained by utilizing state-of-the-art cryptography and a zero-knowledge proofs on the system to which it links. In that manner, no portion of the info secured is exposed to the world or to the last system that processes it.
Furthermore, DECO permits earlier inaccessible info sources to be utilized. These data sources can now be utilized in web systems or decentralized finance covenants, smart contracts and other blockchain platforms.
By using a combo of Chainlink node and DECO, users will gain access to “world-class data,” while firms will be able to obtain info without revealing info stored in their in-house systems and users may have input only negligible details (non-private info) in applications and other facilities.
Further to the takeover of DECO, Chainlink announced that Dr.Juels will assume the position of Chief Scientist Officer of Chainlink. The company did not disclose the compensation paid to the scientist, but did affirm that he will head the research program and adoption of DECO and other advanced Web 3.0 technologies. In that context, Sergey Nazarov, Chainlink co-founder, stated as follows:
“DECO’s ability to provide previously unavailable data security when transferring data over the internet, will greatly increase the private and premium data that becomes available for use by all Web 2.0 and Web 3.0 applications.”
Nazarov also disclosed that partnership with Juels is many years old. The takeover of DECO, according to Chainlink co-founder, will permit them to incorporate their data safety abilities while widening the field of action of Chainlink usage scenarios beyond blockchains. Beforehand, DECO is utilized to safeguard over $3 billion worth assets, Nazarov stated, and additionally stated as follows:
“We’re truly thrilled and grateful to be working with a world class inventor like Ari. Knowing that he is directing Chainlink Lab’s research and future architecture, puts Chainlink in a position to succeed as the global standard for both validated data and secure data transmission.”
Following the announcement of DECO buyout, LINK token gained about 9% to trade at $17.12 (at the time of writing this article). The token has appreciated 129.8% in the past 30 days.