(💥Dinarian Note: I included the full article from "The Economist" Get Ready for the Phoenix Source: Economist; 01/9/88, Vol. 306, pp 9-1 for your reading pleasure 💥)
In 1988, the cover of The Economist was titled “Get ready for a world currency”. The magazine cover showed a phoenix rising from the ashes of burning US currency.
“Thirty Years from now, Americans, Japanese, Europeans and people in many other rich countries …will be paying for their shopping with the same currency”
The author continues to suggest a single unified currency that would ease the challenges and difficulties of international financial transactions.
The author also mentions a world connected like never before. Instead of the Yuan, Dollar, or Euro, this new form of currency, a “phoenix coin” would dominate. This new coin would replace the existing financial system and there would be no need for expensive international currencies or cumbersome money wires. Everyone would be using the same coin/currency.
Now just over 30 years later, this ‘prediction’ is now becoming a reality.
It’s important to realize this article was written during the early days of the internet and well before the world had ever heard of Bitcoin or cryptocurrency — Bitcoin only came into existence during the 2008 financial crisis.
Of notable mentioned is Stellar (XML), whose logo is eerily similar to the logo on the coin of the Pheonix (see below):
While I won’t get into the implications of what this means, such as this new financial system planned at least 33 years in advance, what is of more importance to the investor, is the investment opportunities this new financial system will bring.
What is Stellar (XLM)?
In case you haven’t heard of Steller, it is one of the few IS0 20022 compliant cryptocurrencies which will be part of this new financial system. Stellar is a peer-to-peer (P2P) decentralized network with the purpose of connecting the world’s financial systems and ensuring a fast and transparent protocol for payment providers and financial institutions.
Here is a List of the ISO 20022 compliant cryptocurrencies.
The ISO 20022 standard are the rules and language for cross-border and international payments. It’s the mechanism to connect financial institutions and central banks. However, for this new financial system to be implemented, central banks must also move towards a new ‘digital currency’ (with the help of the blockchain).
CBDCs in Development — Worldwide.
The last piece of this puzzle are Central Bank Digital Currencies (CBDCs). A CBDC is a new type of central bank currency that harnesses the power of the blockchain to create a digital currency.
With the standard for international payments (ISO 20022) being implemented in November, Central banks will now have the standards in place for cross-border international payments for their digital currency.
The move to CBDCs is expected to be a step toward replacing the current fiat-based currency and most all countries which have a central bank are already underway towards developing their own CBDC.
China is leading the pack and already has a pilot program in place!
New Global Reserve Currency
The creation of CBDCs will also allow alliances like BRICS (Brazil, Russia, India and South Africa) to create their own ‘alliance currency’, with Russia recently reporting with the help of BRICS, will be creating their own New Global Reserve Currency.
While the ushering in of a new digital currency won’t happen overnight, November marks the beginning of the implementation of the ISO 20022 Standard — notice the year 2022 embedded in the name of the standard.
Even the recently appointed new prime minister of the UK, Rishi Sunak is already publically supporting this new initiative.
A New Financial System is Already Here
Blockchain technology is allowing for the heralding of an entirely new financial system. New cross border payment protocols like ISO 20022 and the creation of Central Bank Digital Currencies is bringing an entirely new financial system to the world.
Whether the 1988 edition of The Economist was prophetic or planned we may never know, but what is certain in we are now living in a new digital financial age.
👉 Coinbase just launched an AI agent for Crypto Trading
Custom AI assistants that print money in your sleep? 🔜
The future of Crypto x AI is about to go crazy.
👉 Here’s what you need to know:
💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit
👉 What this means for the future of Crypto:
1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025
🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.
👉 Coinbase just launched an AI agent for Crypto Trading
👉 Coinbase just launched an AI agent for Crypto Trading
We’re pleased to announce that Emory University, through its Melody Lab led by Assistant Professor Wei Jin, has joined Theta's academic partner network by adopting Theta EdgeCloud Hybrid:
The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network
For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.
The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.
Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.
This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.
The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.
This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.
Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.
This is not merely a fleeting trend; it's a crowning moment in global adoption.The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."
🙏 Donations Accepted 🙏
If you find value in my content, consider showing your support via:
US Dept of Commerce to publish GDP data on blockchain
On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.
Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”
The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.
While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.
Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.
Tips
Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
Info on individual fields can be found towards the end of the page.
Any field that shows partial support (eg: open-source field) does not score the point for that field.
Brief info on fields above
Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
Voting: Ability to participate in Catalyst voting process
Hardware Wallet: Integration with atleast Ledger Nano device
Native Assets: Ability to view native assets that belong to wallet
dApp Integration: Ability to interact with dApps
Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
Mobile App: Availability on atleast one of the popular mobile platforms
Desktop (app,extension,web): Ways to open wallet app on desktop PCs
Open Source: Whether the complete wallet (all components) are open source and can be run independently.
Sign Up for free to see more from this community or subscribe to TheDinarian for $5/month to support TheDinarian for more interaction and exclusive content.
Welcome to the Dinarian on Locals, where we discuss everything blockchain and digital asset related. We are here to learn from one another as this is a new and ever evolving space. Please post and share what you like, but be respectful to others as they are here to learn as well.
Knowledge is power, using that knowledge can be extremely powerful,
The Dinarian
