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Lightning Labs Unveils New Tools to Ease Bitcoin Transactions for AI
July 07, 2023
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Lightning Labs said that the new tools will make Bitcoin transactions faster, cheaper, and more accessible to AI developers.

Lightning Labs, a company involved in developing Lightning Network, a layer-2 solution for Bitcoin, has introduced new tools that facilitate the interaction of artificial intelligence (AI) applications like Open AI’s ChatGPT with the Bitcoin network.

OpenAI introduced ChatGPT in November 2022 and it boosted a new wave of interest in the capacities of AI. The AI is a large language model trained with a large amount of data. The training allows it to generate text to answer questions based on its prompt. The responses are usually similar to how humans would answer the same questions. Within two months of its launch, the chatbot had attracted over 100 million users.

Tools by Lightning Labs Will Solve the Payment Challenges of the Current AI Models

Lightning Labs believes that one major issue with the current Large Language Model is the lack of a built-in method of paying over the Internet.

The announcement published by the company on July 6 says that the new tools will make payments that involve the use of Bitcoin faster, cheaper, and more accessible to AI developers. This way, they can move away from traditional, expensive, and often restrictive payment methods and use Lightning Network’s solution.

Lightning Labs stated that:

“The success of an AI application can actually become a barrier to further success due to the current billing paradigm: … Given these factors, it makes sense the creators of AI agents will ultimately gravitate towards a globally available, permissionless, near-instantly settled internet native monetary system in Bitcoin and Lightning rather than the traditional fiat system which simply cannot support these types of payments or evaluations.”

Lightning Labs also mentioned that there is a rapid increase in groups of AI agents, which it referred to as organisms, that face difficulty accessing traditional payment systems since they are not officially recognized or registered as legal entities in some nations. These agents require access to resources that may require payment before performing these tasks. This won’t be an issue anymore with the new toolkit.

“With the tools we’re releasing today, developers will be able to build more accessible AI infrastructure for both humans and agents alike,” added the company.

The new tools are built on the L402 protocol, an authentication mechanism for Lightning, and Langchain, a library that adds external data and generates more advanced functionality to ease working with AI agents. This way, the company ensures access to open language models through an open payment system connected to different open APIs around the world.

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Trump just posted this about chemtrails 👀

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Coinbase CEO Brian Armstrong on CNBC: Crypto Market Structure Bill is CLOSE to passing 👀
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👉 Coinbase just launched an AI agent for Crypto Trading

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New Human Force
Join this Now! YOU have what it takes!

They are in our solar system, and in our event-stream in this Eternal Now.

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It’s not a question of Mind over Matter as there is only Mind and it cares not for Matter. That’s residue.

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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.

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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."

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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.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
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🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
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