Chainlink acquires DECO protocol from Cornell University, LINK/USD bulls regain control

Chainlink has recently acquired DECO, a privacy-preserving oracle protocol from Cornell University. Ari Juels, one of the creators of DECO will be joining Chainlink as the chief scientist. Juels, along with his research partner Markus Jakobsson, coined the term "proof-of-work". 

DECO leverages cutting-edge cryptography and zero-knowledge proofs to provide enhanced privacy to its users. According to a Cointelegraph report, Sergey Nazarov, the co-founder of Chainlink, said that the recent acquisition will increase the security of Chainlink’s infrastructure and potentially create new use cases. 

DECO-enabled Chainlink oracles will have big implications for smart contracts across enterprise, consumer, and even DeFi applications. Basically, any smart contract that was previously limited by private data will soon be able to function on a public blockchain like Ethereum without revealing any confidential information to the blockchain.

Nazarov said that improved privacy will benefit both enterprises and end-customers. He added that the recent integration will potentially open up Chainlink’s oracles to additional data sources. The co-founder further mentioned that the integration can create “endless possibilities” in the decentralized finance (DeFi) space. Processes such as credit scoring and proving loan collateral can now be completed without revealing sensitive data. 

LINK/USD daily chart

LINK/USD bulls regained control of the market following a bearish Monday. Currently, Chainlink is priced at $15.64 and the relative strength index (RSI) is trending around 56. On the upside, the buyers face strong resistance at $16.17 (SMA 20), $16.515 and $19.20. On the downside, we have healthy support at $14.15, $13 and $11.95 (SMA 50).