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Chainlink acquires a privacy-preserving oracle protocol from Cornell University

One of the men who coined the term “proof-of-work” to join as chief scientist

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Chainlink (LINK) has acquired a privacy-preserving oracle protocol DECO from Cornell University and one of its creators, Ari Juels, will be joining Chainlink as chief scientist. Previously, Juels served as chief scientist at RSA and has been teaching at Cornell University since 2014, one of the premier blockchain hubs in the world. He is taking a sabbatical to focus on his work at Chainlink. Along with his research partner Markus Jakobsson, he coined the term “proof-of-work”.

DECO employs advanced cryptography and zero-knowledge proofs to provide enhanced privacy to its users. In a Cointelegraph interview, Chainlink’s co-founder Sergey Nazarov said the integration of DECO will not only increase security of the project’s infrastructure but will 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 believes that enhanced privacy will benefit both consumers and enterprises. The latter may be able to prove to each other the state of their data without revealing it, while consumers may be able to prove personal and financial data without providing access to it. He also said that this integration would potentially open up Chainlink’s oracles to new data sources:

This is already leading to the addition of various data sources that were previously much more difficult to place on-chain, due to the fundamental nature of public blockchains being publicly viewable, and the private nature of various sources of high value data.

Answering our question whether Juels will be working full time at Chainlink, Nazarov said:

He has taken a sabbatical from his academic work and is currently focused on working on the Chainlink protocol. He will also be leading our entire research team, effectively stewarding the technical direction of the protocol as a whole.

Nazarov said that it can also create “endless possibilities” in the DeFi space – anything from credit scoring to proving loan collateral without the need to reveal sensitive information.

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CRYPTOCURRENCY

Demand for Bitcoin is growing high amid tightened supply

The amount of illiquid Bitcoin supply in the network has grown more than the circulating supply since 2017.

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Crypto experts argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.

The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of  Grayscale, Paypal, Microstrategy, hedge funds, and so on.

Only 21 million Bitcoins are ever going to be produced in total, and presently, there is about 18.9 million Bitcoin in circulation.

This shows a differential of about 2.1 million Bitcoin that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.

This also means that liquidity is drying up, as demand for the world’s most popular crypto hits record highs

The amount of illiquid Bitcoin supply in the network has grown more than the circulating supply since 2017.

Meanwhile, liquid supply continues to see a steep decrease.

According to Yann & Jan:

“Float in the network is drying up faster than ever.
“Currently, about 78% of issued bitcoin’s are either lost or being hodled, leaving less than 4 million bitcoins to be shared amongst future market entrants (incl. Paypal, Square, SP500 Companies, ETF’s, etc).

It’s also important to understand Institutional investors love transparency, regulation meaning the more regulated Bitcoin mechanisms such as regulating Crypto exchanges handling it, the more value major institutions will place in it, thus making Bitcoin a less volatile asset in the long term.

Glassnode also revealed that a million Bitcoins (BTC) or almost $30 billion in actual prices, disappeared from the liquid supply in 2020. This process even outperformed the inflow of new Bitcoins (BTC) into the network:

“Currently, we are at a stage in which the illiquid supply is growing more than the total circulating supply according to the report. A similar pattern presently played out again during the bullish rally of 2017.”

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Cryptocurrency News

VP Osinbajo disagrees with CBN, calls for crypto regulation

Vice President Yemi Osinbajo had recently called for Crypto regulation knowing fully well the role Crypto play in the global financial ecosystem.

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The Vice President of Nigeria, Prof. Yemi Osinbajo has recently called for Crypto regulation knowing fully well the role Crypto plays in the global financial ecosystem as he opined that such disruption often makes room for progress.

Osinbajo also advised the SEC, and Central Bank of Nigeria in creating a regulatory road map, while fully appreciating the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.

The vice president further stressed the importance Cryptocurrencies would play in the coming years as they will most likely challenge traditional banking, including reserve banking, in ways the world hasn’t yet imagine, stressing the need for Nigeria in being prepared for such a seismic shift.

He also called for scaling up of government-private sector interventions because, “the task of national development requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year.”

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CRYPTOCURRENCY

Coinbase executes over $1 billion Crypto trades for world’s biggest clients

The world’s most valuable crypto exchange revealed it has executed $1 billion-plus crypto trades for some of the biggest institutions in the world.

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In its  recently filed documents with the U.S. Securities and Exchange Commission, the world’s most valuable crypto exchange, Coinbase revealed has executed $1 billion-plus crypto trades for “some of the biggest institutions in the world.”

The leading American Crypto exchange, however, revealed its major objective remains to provide credible crypto services for both institutional and retail clients as crypto continues to expand across financial sectors, according to Coinbase SEC filing.

“Our goal is to become the primary financial account for our retail users and the one-stop-shop for institutions’ crypto-asset investing needs. To achieve these goals, we are developing and launching innovative products and services across our platform to serve each customer’s distinct needs. For example, in 2020 we launched support for post-trade credit to enable institutional customers to instantly invest in crypto assets without pre-funding their trade. For retail users, we have added support for staking, offering our users a simple way to earn rewards on their crypto asset holdings.”

Recall, the fast-rising American crypto exchange financials revealed the crypto startup grew rapidly from 2019 to 2020.

Coinbase was founded was about 9 years ago and allows its customers to buy and sell Crypto Like Bitcoin, Ethereum Polkadot. The fintech company had earlier raised over $540 million in funding as a private company.

In 2019 Coinbase’s net income was- $30.4 million against $533.7 million in revenue. Just last year the crypto juggernaut net income rose to $127.5 million against $1.28 billion in revenue.

The unicorn grew just over 139% in 2020, a massive improvement in its 2019 results.

In an IPO filing, Coinbase says “Address not applicable” in the spot companies usually list their headquarters.

In a footnote, it explains “In May 2020, we became a remote-first company. Accordingly, we do not maintain a headquarters.”

As a risk factor, it cites: “The identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”

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