Chainlink (LINK) acquired the DECO oracle project developed within Cornell University. DECO; Although it is the second project Chainlink has invested so far, it is not known how much money Chainlink paid to purchase DECO.
Chainlink (LINK), one of the most popular platforms in recent weeks, announced that it has invested in a project called DECO. The DECO project, which was developed under the leadership of Ari Juel, was carrying out its activities under Cornell University.
According to CoinDesk’s report, DECO will now work within Chainlink. Ari Juel, the founder of DECO, will join the Chainlink team and continue to work on DECO.
New Steps in Data Transfer
Thanks to the technology it uses, Chainlink can transfer data not included in any blockchain platform to blockchain-based smart contracts. Chainlink, which has become one of the biggest names in the DeFi industry, thus transfers data.
The Chainlink team, under the leadership of Sergey Nazarov, takes various steps to improve this transfer process and to carry out this process as flawlessly as possible. Investment in DECO can actually be shown as one of these steps. Because DECO ensures that data used in web-based applications are stored in a more secure environment and that these data are kept more confidential. To give an example regarding the usage area of this project; DECO users can share data without giving any information about their personal information, and they can securely earn money on these shared data.
What Will the Partnership Do?
Chainlink CEO Sergey Nazarov thinks DECO’s usage area is not limited to this. According to his views, thanks to the technology that DECO uses, permissionless credit can be given, as well as decentralized authentication procedures can be developed. At this point, Nazarov gives a concrete example; He said that thanks to DECO, it could be checked whether someone is over the age of 18, regardless of the date of birth. In this way, the identity of that person is not disclosed, and the required data is obtained.
If we proceed with this concrete example, we can comment that DECO can be used in many different areas. Nazarov also emphasizes the importance of this and says DECO can increase the use of DeFi.
Chainlink (LINK), which went from $ 7 to $ 20 in a few weeks, entered a correction process after this rise. But even now, LINK, which is traded at $ 15.60, is the 5th most valuable crypto money in the market with a market value of $ 5.4 billion. It is a question of whether LINK, which has gained more than 5% value in the last 24 hours, will continue this rise.