Elon Musk’s Transforms X Into A Trading And Investing Platform, With DOGE Serving As The Platform's Currency
Elon Musk is continuing his transformation of X into a multifunctional super app, modeled on Chinese like WeChat.
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While Doge Is Preparing To Put All Government Spendings On Blockchain To Force Greater Accountability, Warren Claims DOGE Is A Corrupted Organisation Driven By Rich Businessmans
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Elon Musk, who is currently spearheading the newly established Department of Government efficiency (DOGE), is hoping to use blockchain to enhance transparency in government spending, secure data, and streamline payments.
Musk has previously claimed that DOGE would be aiming to cut down $2 trillion from the federal government via a combination of budget cuts and layoffs. But the number was later cut down to $1 trillion as a more realistic goal.
Blockchain to improve government transparency
According to Bloomberg, The DOGE is exploring how they could use blockchain to secure data, make payments, adn manage buildings as part of the DOGE's efficiency plan.
While no specific chains are mentioned in the report, Bloomberg reports that DOGE is keen on using a blockchain-an immutable, public ledger-to monitor government spending and handle payments, handle data, and perhaps even "manage building" under the US government's purview.
It was also rumoured that Mush has been meeting with multiple representatives from public permissionless blockchain networks to consult about potential use by the US government.
DOGE's actions thus fast have largely been behind-the-scenes. According to Wall Street Journal report, DOGE's staff have been using the messaging app Signal, to help the organisation keep its operation largely in secret.
But Musk's push for blockchain technology to force government transparency is nothing new in US politics.
Back in April 2024, former Presidential candidate Robert F.Kennedy Jr, said he wanted to put the entire federal budget onchain so that the government would be forced to be accountable for their actions. In his rally in Michigan on April 21, Kennedy said
"Every American will be able to look at the budget item anytime they want, 24 hours a day. We're gonna have 300 million eyeballs on our budget, and if somebody is spending $16,000 for a toilet seat, everybody's gonna know about it."
Kennedy's plan for a blockchain system was applauded by many crypto advocates on social media, where many claimed it would be revolutionary and end corruption. One user on X expressed how this could one of the best uses of blockchain tech besides supply chain. This would hold all the branches of the government accountable, and that the current US government spending was out of control.
DOGE is a venue for corruption
Democratic Senator Elizabeth Warren is going hard after Musk and DOGE, claiming that the new body "appears to be a venue for corruption."
In a private letter that she wrote to Musk, she expressed her serious concerns about both the DOGE process and the policies that you have publicly discussed to date.
She also discussed how the committee is made up of rich billionaires which could abuse their power to put into place government policies that enrich them while hurting ordinary Americans.
Warren also shared 30 ideas on how DOGE could save a huge amount of money by exploring other means of cutting wasteful spending.
Some of her ideas revolves around improving contract defense negotiations, cracking down on pharmacy benefits managers, clawing back tax expenditures, and closing loopholes for the wealthy and more.
Indeed, Musk's DOGE has yet to reveal a great deal about how it will save money aside from trimming budgets and curring staff.
But the official government website for DOGE announced on X it is also thinking about the possibility of stopping the production of pennies, citing JM Bullion figures that it cost taxpayers over $179 million in production cost in 2023 alone.
Department of Government Efficiency first call to order
The first thing the agency did when it came into power was to launch its own website,officially adopting the same DOGE logo, using the first memecoin Dogecoin. Following the launch of the website, the price of Dogecoin shot up by approximately 11% to $0.38.
Another interesting thing that occurred during the launch of the agency was the departure of Vivek Ramaswamy, who was originally selected by Donald Trump to co-lead the agency with Elon Musk.
Ramaswamy's made the announcement on his social media just hours after the inauguration of Trump. While there are some rumours that he has left the agency to run for the position as the governor of Ohio, others have speculated that Ramaswamy was actually fired by Elon Musk due to the growing tension between the two men.
Regardless of the reason behind his departure, Ramaswamy still expresses his well wishes and confidence in Musk to lead the agency to achieve its desired objective. In his X, Ramaswamy wrote
"I'm confident that Elon and his team will succeed in streamlining government."
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