“This data is being able to be delivered directly to people on chain in a very low latency manner, as low as one millisecond.” – 04:08
Mike Cahill, Initial Contributor at Pyth Network, joins Remy Blaire at the New York Stock Exchange to discuss a transformative collaboration between the U.S. Department of Commerce and Pyth Network.
Remy opens the conversation by highlighting the significance of this initiative, which allows for permissionless access to GDP statistics. Mike explains that the collaboration has been in the works for several months, emphasizing the Department of Commerce’s commitment to embracing blockchain technology. He notes that this shift represents a major milestone in making economic data more programmable and transparent.
As the discussion progresses, Remy inquires about the verification processes involved in getting the data on-chain. Mike elaborates on how Pyth Network utilizes cryptographic signatures to ensure the integrity of the data. He compares Pyth’s on-chain distribution model to traditional off-chain data services like Bloomberg, illustrating how this new approach can enhance the speed and reliability of economic data collection.
The conversation then shifts to the current economic climate, particularly focusing on the recent nonfarm payroll figures. Remy and Mike discuss the concerns surrounding the accuracy and collection processes of economic data, with Mike emphasizing the importance of transparency. He highlights how Pyth Network’s methodology can alleviate some of the scrutiny faced by traditional data sources, allowing for a more open and trustworthy data collection process.