Chainlink continues its infrastructure build-out by acquiring new technology for utilizing HTTPS/TLS developed at Cornell University.
In Chainlink news, the decentralized oracle provider has acquired DECO from Cornell University. DECO optimizes HTTPS/TLS for data transmission across the internet. The technology was developed by Dr. Ari Juels, the former Chief Scientist of RSA. Juels is best known for his work formalizing Proof of Work which is used to secure crypto assets such as Bitcoin and Ethereum. The LINK token has been one of 2020’s outstanding performers – with the Chainkink price up 964% from January 1st to an all time high of $18.96 on August the 17th.
What is Chainlink?
Chainlink is a decentralized oracle network that helps resolve connectivity issues with smart contracts, enabling users to build blockchain-based smart contracts that securely access off-chain data feeds, web APIs, and traditional bank payments. By doing so, Chainlink transforms the role that smart contracts can play in a vast number of sectors, including financial services, insurance, and supply chain.
Dr. Ari Juels who co-authored the Chainlink whitepaper has also joined Chainlink as its new Chief Scientist. The role will see him directing the Chainlink research program and the implementation of DECO.
Sergey Nazarov, Co-founder of Chainlink, says that DECO’s ability to provide previously unavailable data security when transferring data over the internet will increase the private and premium data that becomes available for use by Web 2.0 and Web 3.0 applications.
“We have long collaborated with Ari Juels,” added Nazarov. “This acquisition enables us to fully integrate DECO’s unique data security capabilities within Chainlink, which already secures more than $3 billion in value, while also expanding the scope of what Chainlink/DECO validated data can now be used for, well beyond blockchains.”
By extending the data security capabilities of HTTPS and TLS, (the most widely used formats for transmitting all internet data) DECO is able to guarantee that data remains private and untampered with during its delivery from private and premium data sources.
This is achieved through the use of cryptography and zero-knowledge proofs from any server using HTTPS/TLS, without revealing that data to the outside world. DECO creates a new method of providing private and premium data across the internet, while maintaining its confidentiality and security at previously unachievable levels.
Dr. Ari Juels said that he is pleased to accept the new role as Chief Scientist of Chainlink Labs. “With its strong focus on cutting-edge research for high-trust systems such as blockchains and prominence as a provider of oracle technologies, I think Chainlink is ideally positioned to bring DECO to production,” said Prof. Juels.
This weekend Chainlink is hosting the 1st annual Smart Contract Summit. The virtual summit is one of the largest DeFi conferences of 2020 with over 30 keynotes and panels scheduled covering an array of topics. Speakers include entrepreneur and NBA star Spencer Dinwiddie, Yorke Rhodes (Co-founder Microsoft Blockchain), John Wolpert (Co-founder IBM Blockchain), Fernando Ribiero (Oracle), Steve Cerveny (Kaleido CEO), Aaron Wright (OpenLaw CEO), Ed Felten (Co-founder Off-Chain Labs), Kain Warwick (Synthetix CEO), Stani Kulechov (Aave CEO) and many more.