Federal authorities tap Pyth and Chainlink as preferred blockchains to handle economic data digitally on their platforms
In a pioneering move, the U.S. Department of Commerce has collaborated with Chainlink and Pyth Network to publish official U.S. macroeconomic data on blockchain technology. This initiative seeks to boost the transparency and accessibility of economic data by harnessing decentralized networks.
Six key indicators, including Gross Domestic Product (GDP), inflation, and domestic demand, are now reportedly live on-chain through Chainlink Data Feeds. The data are updated monthly or quarterly in line with Bureau of Economic Analysis (BEA) releases, ensuring their accuracy and relevance.
Chainlink was chosen to provide data feeds from the BEA, while Pyth was selected to be a publisher of GDP data. This collaboration is part of a broader effort to bring crucial information around key U.S. economic data on-chain, including Real GDP, PCE Price Index, and Real Final Sales to Private Domestic Purchasers.
Meanwhile, in the world of cryptocurrency, XRP and Dogecoin ETFs are set to launch this week. The integration will initially target ten blockchain networks, including Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync.
Elsewhere, Santander's Openbank has rolled out Bitcoin, Ether, and more for European users, while Pi Network begins its final Testnet1 upgrade ahead of the mainnet transition.
However, not all news in the crypto space is positive. Nvidia's stock has crashed by 3% as China accuses it of breaching anti-monopoly law. Meanwhile, a user lost $1M USDC to a MEV bot after a mistaken transaction, and the Monero double-spending threat has grown after a block reorganization.
In other news, Howard Lutnick, the U.S. Secretary of Commerce, is not represented by any individual as he is the individual holding the office. There is no record of him being represented by a specific person before his government role.
In the UAE, a major M2 crypto exchange has dropped its business model, and BYD stock has lost $45 billion in value amid rising doubts over China's EV dominance. On a more positive note, Pantera has backed Solana with a $1.1B bet, eyes set on a potential $750K Bitcoin price.
As the world of finance continues to evolve, the integration of blockchain technology into official data dissemination is a significant step towards increased transparency and accessibility. Stay tuned for more updates on this developing story.
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