Cryptocurrency supporters hailed on Thursday the U.S. government’s move to post GDP numbers on several blockchain platforms.
Senior Lawmaker Calls Move Historic
Sen. Cynthia Lummis (R-Wyo.) deemed the Commerce Department’s move as “historic” that will ensure America’s leadership in “digital innovation and transparency.”
Coinbase CEO Brian Armstrong also praised the decision to bring America on-chain and thanked Commerce Secretary Howard Lutnick for his leadership.
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Tyler Winklevoss, CEO of cryptocurrency exchange Gemini, said the move brings “innovation, vision and execution to the government and helps realize President Donald Trump’s vision of making the U.S. the world’s “cryptocurrency capital.”
Notably, both Coinbase and Gemini helped the government in publishing the data on-chain, according to the Commerce Department.
Official US Economic Data On These Blockchains
The Commerce Department announced that it published the second-quarter GDP results on nine blockchains, including Bitcoin BTC/USD, Ethereum ETH/USD and Solana SOL/USD, marking the first time a federal agency put official macroeconomic data on blockchain rails.
The data was also disseminated through coordination with Chainlink LINK/USD and Pyth Network PYTH/USD, the oracle networks that help bring real-world, off-chain data to smart contracts.
Over time, the government is expected to post data such as the Personal Consumption Expenditures Price Index and Real Final Sales to Private Domestic Purchasers on-chain, Chainlink said.
The Debate Around Immutability
“We are making America’s economic truth immutable and globally accessible like never before,” Lutnick said.
While blockchain data is designed to be immutable, i.e, cannot be edited or deleted, some networks have reversed transactions to recover hacked funds. The most notable incident that comes to mind is Ethereum’s Decentralized Autonomous Organization hack in 2016.
Price Action: At the time of writing, the PYTH token was exchanging hands at $0.2218, up 90% in the last 24 hours, according to data from Benzinga Pro. LINK token traded up 1.5% to $24.20 at last check.
Photo Courtesy: janews on Shutterstock.com
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