- Initially, Pyth will provide quarterly GDP information stretching back five years and intends to add more comprehensive macroeconomic datasets later.
- The market reacted quickly to the announcement, with PYTH, the native token of the Pyth network, climbing around 50% during the day’s trading.
- Alongside this development, the Commerce Department has also joined forces with Chainlink to release various macroeconomic indicators, including GDP, the PCE Price Index, and Real Final Sales figures.
In a significant move highlighting the growing acceptance of blockchain technology, the US Department of Commerce, under the guidance of Secretary Howard Lutnick, has selected Pyth Network to validate and share official economic information on the blockchain. This decision represents a major advancement for the cryptocurrency sphere, indicating increasing governmental adoption of decentralized technologies.
The initial phase will involve Pyth publishing quarterly GDP figures for the past five years. The plan is to broaden this to include other macroeconomic datasets, thus beginning a new chapter of open, blockchain-based data accessibility.
Why Was Pyth Network Selected by the US Government?
Pyth distinguishes itself as a reliable, decentralized oracle network, currently integrated with over 100 blockchains and supporting over 600 applications. Its capacity to manage cryptographically verifiable data, along with its transparent data structure and security model based on staking further strengthens its position…
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