ChainLink Labs Chief Scientist Dr. Ari Jules on How DECO will Help Chainlink OraclesSeptember 6, 2020
Chainlink Labs Chief Scientist Dr. Ari Jules, recently gave a SmartCoin Keynote. In the note, he has explained how DECO will help Chainlink oracles, thus liberating more web data for smart contracts.
Reportedly, the Data will include identity records, financial data, accredited investor confirmation, supply chain logistics, and lot more.
By using DECO it will be possible to make the data available on-chain permitting blockchains to improve the many enterprise use cases without breaching data confidentiality.
He stated that a three-party handshake will split the shared TLS session key between the provers and the verifiers and that the prover will be using a zero-knowledge proof to verify data without revealing its type or contents.
Thus, the prover will not be able to forge data. The verifier will not be able to access additional data. The data validation will happens on the public blockchain without having to reveal the data to anyone, thus maintaining sensitive information confidential. This process does not require any kind of web server modifications. Therefore, the DECO and Chainlink oracles will be able to scale without reconstructing the web infrastructure.
It is worth watching the concerned You Tube Video as it covers several details like, “What is the problem DECO is trying to solve, Establishing secure channels via TLS, The Problem with TLS, What is DECO, How to use DECO in an oracle network, Application #1: Private Enterprise Data, Application #2: Decentralized Identity, and Application #3: Confidential DeFi.”
Sydney Ifergan, the crypto expert opined: “ChainLink with their decentralized oracle network are already doing a great job. The DECO presentation promises more about LINK.”
Further, a lot happening about the idea of definitive truth.
Sergey Nazarov at the SmartCon spoke about how blockchains, smart contracts and oracles can work together to create entirely new levels of definitive truth. Enabling the creation of a parallel technologically enforced system of contracts, changing how we agree.
ChainLink (LINK) Integrations
Blockchain card game EtherLegends will use ChainlinkVRF to power their random distribution of NFT-backed end-of-season rewards. These rare items will be awarded to top players at the end of the ongoing season with verifiable proof of fair distribution.
Opium Network are using Chainlink’s USDT/USD Price Reference Data live on mainnet to launch the first credit default swap on a centralized stablecoin USDT. This is another example of how Chainlink oracles are powering innovative DeFi products.
Social reputation score provider DecentrNet is integrating #Chainlink to allow users to share their data in #DeFi dApps to obtain better interest & collateralization rates. Chainlink also helps Decentr make this key data available across any blockchain.