Solana to Rip? Elon Musk Reportedly Planning a Blockchain Revolution for US Government

Musk has begun to debate utilizing blockchain expertise to streamline the federal government’s IT programs and minimize pointless prices, in keeping with latest reviews.

To wit, Musk is the brand new president’s official advisor on issues pertaining to authorities effectivity. President Donald Trump appointed him to head the DOGE: a White Home workplace named the Division of Authorities Effectivity.

Sources: Musk to Transfer US Authorities Onto Blockchain

Musk and his crew have reportedly mentioned utilizing blockchain to account for federal spending, safe authorities information, facilitate funds, and even handle authorities buildings. That’s in keeping with sources near the conversations. They requested anonymity as a result of there has but to be any public revelation of those talks in any official capability.

Accordingly, officers on the DOGE and White Home didn’t return any requests for remark. Neither did Mr. Musk himself.

However, this improvement could come as no shock to crypto sector watchers. The DOGE acronym is a reference to Musk’s favourite blockchain cryptocurrency.

In the meantime, individuals related to the brand new authorities effectivity workplace have met with key gamers of a number of cryptocurrency blockchains. They imply to evaluate the usefulness of their platforms for the governments’ necessities.

One particular person mentioned Musk already had a military of round 100 volunteers who had helped write code for his authorities effectivity tasks previous to Trump’s inaugural.

Will Trump Favor Solana For Official Use?

Mr. Trump’s personal enterprise associates selected Solana to launch the wildly popular Trump and Melania meme cash. Nevertheless, it’s unclear whether or not the brand new administration would make the most of Solana as an official channel for presidency administration and on-line transactions.

That boon may go to Ethereum, one other blockchain favored by Trump and the main cryptocurrency community by complete market capitalization. Ethereum can be far forward of Solana when it comes to adoption by US monetary establishments. It has had exchange-traded fund (ETF) merchandise accessible on Wall Avenue since final July.

Furthermore, Ethereum is well-favored by Peter Thiel, the legendary Silicon Valley founder and enterprise capitalist who co-founded PayPal with Elon Musk and helped begin it with one in all his Thiel Fellowship grants.

It’s secure to imagine that whether or not it’s Solana, Ethereum, or another community, the underlying asset would explode in worth if it’s certainly utilized by the US authorities.