The US Department of Commerce has selected Pyth Network to verify and distribute government economic data on the blockchain. This historic move, announced by Howard Lutnick and Donald Trump, signifies a pivotal moment for decentralization.
The official announcement from Commerce Secretary Howard Lutnick and Donald Trump confirms the selection of Pyth Network as a strategic partner for verifying and distributing government economic data on the blockchain.
This government selection represents a historic validation of decentralized oracle technology. Pyth Network joins Chainlink in this innovative partnership, forming a dual ecosystem of government oracles.
The choice of Pyth Network is based on its expertise in high-frequency financial data and its ability to provide economic information in real time with institutional precision. This collaboration marks a key milestone for the adoption of government decentralization, fully legitimizing blockchain oracles for critical institutional applications.
“Today’s announcement by Howard Lutnick and Donald Trump marks a decisive step for the adoption of decentralization and validates Pyth’s role as a trusted data source.”
Pyth Network will begin by verifying Gross Domestic Product (GDP) data for the United States, marking the first time a major economy has published its official statistics via blockchain. The cryptographic verification process ensures the authenticity and integrity of government economic data, eliminating risks of manipulation or errors in the distribution chain.
This decentralized infrastructure allows DeFi applications and financial institutions to access official economic statistics directly without intermediaries, revolutionizing access to macroeconomic data. Blockchain developers can now create sophisticated financial applications that automatically adjust to real economic conditions, based on verified government data.
Revolutionary Benefits
This government validation accelerates institutional adoption of decentralized oracles. Central banks and global financial institutions are closely monitoring this pioneering initiative. International regulators officially recognize the utility and reliability of oracle technologies for critical government applications.
This selection transforms Pyth Network into critical infrastructure for the American digital economy, generating sustainable demand for its services. The ripple effect could encourage adoption by other federal agencies and international governments, multiplying growth opportunities. DeFi developers benefit from privileged access to official economic data, enabling the creation of more sophisticated decentralized financial products.
This institutional legitimization strengthens Pyth Network’s position in the oracle ecosystem, complementing Chainlink, to create a comprehensive infrastructure. The initiative will progressively extend to other major economic indicators including inflation, employment, and international trade. This positions blockchain as the standard infrastructure for government transparency, revolutionizing access to critical public information.
The current price of Pyth Network (PYTH) is approximately $0.20 USD, with a 71% increase over the last 24 hours. Take advantage of this unique opportunity following this historic agreement.
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