Coin Bureau - PYTH & LINK: The Cryptos Behind America’s On-Chain Future 🧐

"Recently, the US Government made a historic announcement. That’s because, for the first time ever, the Commerce Department is adding key economic data to a number of public blockchains. What’s more is that other departments will also be adding their own data sets in the future.

Put differently, the US government is slowly moving onchain, and this should have been insanely bullish for crypto. So far though, there’s been next to no movement in the charts. This is bizarre, because this initiative sets the stage for rapidly increased adoption of the crypto industry.

That’s why today, we’re diving deep into the recent moves, telling you what was announced, what comes next, and even what could happen if it all goes wrong. This is a video you do not want to miss."

~ Coin Bureau

The U.S. government announced an initiative to put key economic data on-chain through a series of partnerships with crypto projects. This move, led by Commerce Secretary Howard Lutnik, is aimed at showcasing the utility of blockchain, promoting data transparency and immutability, and establishing the U.S. as a leader in the blockchain space. The Commerce Department has already distributed data sets for Gross Domestic Product (GDP), Personal Consumption Expenditures (PCE), and Real Final Sales to Private Domestic Purchases.

To accomplish this, the government has partnered with 17 different blockchains, including Bitcoin, Ethereum, Solana, and Tron. They also collaborated with the oracle networks Chainlink and Pyth to bring the data on-chain and verify its authenticity. This initiative could create new possibilities for DeFi, such as powering flat coins and prediction markets. However, the video notes potential risks, including the fact that immutability does not guarantee accuracy, the potential for national security risks, and the possibility of systemic risks from technical failures.

TIMESTAMPS

0:00 Intro
1:05 Commerce Department’s Recent Announcement
5:17 Which Cryptos Have Been Selected?
8:37 Demand Driver, or Nothing Burger?
12:04 Next Steps
14:47 What Could Go Wrong

Source - Coin Bureau YouTube: https://www.youtube.com/watch?v=oINshuT8SX8

Disclaimer: This video is provided for informational purposes only, and not offered or intended to be used as legal, tax, investment, financial, or any other advice.