Trump/Musk Establishes DOGE in the White House: What That Means for Dogechain
Last year, in an unprecedented move that caught the attention of the political and crypto worlds, SpaceX CEO Elon Musk and US President-elect Donald Trump announced that, after taking power, they would team up with Vivek Ramaswamy to create “the Department of Government Efficiency” (DOGE) within the White House.
They did.
This new initiative, launched on January 21, is set to decentralize US government systems with digital technology and bring the world-famous memecoin, Dogecoin, to the heart of U.S. politics, for symbolic and practical support for the currency.
But beyond the political spectacle, this partnership holds significant implications for projects built on or around the popularity of the Dogecoin network, particularly Dogechain. This blockchain expands the use of $DOGE beyond its original needs-more-working design.
What is Dogechain?
Dogechain was built as an L2 blockchain layer of the DOGEcoin network to bring new functionality to $DOGE, such as enabling smart contracts, non-fungible tokens, and decentralized applications.
$DOGE, originally created as a memecoin in 2013, had a simple use case: peer-to-peer (P2P) transactions. However, Dogechain aims to take Dogecoin to the next level by working on widening its capabilities in the decentralized finance (DeFi) space and beyond.
So, Dogechain uses Dogecoin’s well-established network and growing community to support these advanced applications.
How the DOGE Initiative Could Aid Dogechain
With Trump and Musk’s high-profile backing of Dogecoin through the Department of Government Efficiency, Dogechain stands to gain so much from the newfound visibility and legitimacy of Dogecoin.
Here are two main reasons why:
1. Increased Visibility for Dogecoin Projects
One of the most immediate effects of Trump and Musk’s DOGE initiative will be a dramatic increase in visibility for Dogecoin-related projects, including Dogechain.
When the federal government begins to utilize $DOGE as a potential tool for improving public systems/operations, more developers might want to start building on the Dogecoin network through Dogechain’s blockchain, knowing that the project has political and public backing.
2. Legitimization of Crypto in Government
The very existence of a government-backed initiative using DOGE is a statement about the growing legitimacy of cryptocurrency within formal institutions in the United States.
Trump nominated Paul Atkins, a well-known crypto proponent, to chair the Securities and Exchange Commission (SEC). His administration will end the regulation-by-enforcement legacy that featured the Biden administration’s stance on cryptocurrencies, industry experts believe.
He also appointed PayPal’s founding COO, David Sacks, as the “AI and crypto czar” of the White House. Although an unofficial position, he will serve as an advisor of some sort, negotiating crypto deals in the highest house of value in the United States.
Conclusion
In case you are wondering why (apart from the fact that it is what the headline of this article is saying) I have been focused on the US, America is known to be a super world power. Truth be told, whatever goes on there turns to chitchats around the globe.
Now, especially in the close-knit crypto world, an endorsement by the USian government means a big-time investment hotspot for crypto sharks.
The creation of the Department of Government Efficiency will lead to the embrace of Dogecoin within the White House. It is hence a landmark moment for cryptocurrency and blockchain technology.
As crypto moves away from its “hidden” etymology toward a more mainstream role in government and society, blockchains like Dogechain will play a crucial role in defining the next phase of blockchain tech.
Stay tuned.
Follow my blog and Dogechain for more updates.
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