XRP, HBAR, ADA or Base, Which Altcoin Project May the US Adopt

Was Charles Hoskinson referring to Elon Musk wanting to put all US spending on a blockchain in this video? Now, Brian Armstrong, CEO of Coinbase, joins this call. This should lead to all government spending happening transparently on the blockchain. 

All budgets will turn into an open ledger. As a result, every tax dollar is trackable. All deals are visible, and corruption has no place to go. It can’t hide anymore. This is a great idea. However, which altcoin project could Musk and DOGE choose? Let’s take a closer look at the top 4 altcoin project options. Let us know in comments if you think there is any other.

Why Is This Such a Big Deal?

If this plan becomes reality, $6.9 trillion of US spending per year will become visible on a public ledger. This has various far-reaching and interesting consequences. Let’s take a look.

It becomes more secure. A blockchain stores data in blocks. These blocks are part of an immutable chain. In other words, you can’t change the data, once it’s part of the chain. It can be set up in such a way as to flag any fraudulent spending. That’s almost instantaneous. 

Source: X

You can also have permissioned chains. This way you can restrict viewership. Another advantage is that it’s extremely difficult to hack a blockchain. However, you can also allow public accessibility. This increases transparency. It seems that this is the idea behind all this talk. 

The current spending database of the US government is not transparent. They are ‘append-only’, which means that you only can search for whole or parts of records. However, you can’t search for specific words.

The US Pentagon Deficits

For example, the US Pentagon has $3.8 trillion in assets. However, it can’t account for 63% of these assets. For its 2018 financial year, the Pentagon spent $1 billion for an audit, however, it failed the audit. It’s not until 2028 that the Pentagon aims to pass an audit. See the video below.

With blockchain transparency, the US government can save this money. The same goes for other government agencies. Furthermore, a blockchain can reduce fraud. Ghost Beneficiaries will have a much harder time to claim funds. It becomes a lot easier to only service eligible individuals or programs.

But, you can almost bet your house on it that this plan will meet incredible resistance. The bureaucracy will oppose this and throw any legal barrier it can think of in its way. For example, federal judges already have restricted access to payment systems. This leaves Musk and DOGE, for the time being, empty-handed. 

So, you can see that this is not something that will sort itself out overnight. It’s an interesting story to follow, though. Now, let’s take a look at which blockchains Musk could be looking at.

XRP Ledger ($XRP)

The first altcoin project is the XRP Ledger ($XRP). Ripple CEO, Brad Garlinghouse, is moving heaven and earth to work together with the Trump administration. 

For example, he tried hard to get $XRP in a favorable position to be part of a Strategic Crypto Reserve. However, for the time being, it looks like there will be a Strategic Bitcoin Reserve instead. That even backfired to a degree. See my previous video on this.

However, Garlinghouse is keeping close ties to President Trump. It’s a ‘Made in USA’ chain and has a serious shot at this.

Cardano ($ADA)

With Charles Hoskinson, we have another contender who’s close to President Trump. Hoskinson is Cardano’s CEO, and in the running for an advisory role under Trump. He should bring guidance on crypto policies. So, Cardano is the second altcoin project today.

Recently, Cardano also became the most decentralized chain by adding governance. Cardano is also ‘Made in USA’. So, this alone gives it an edge for Musk to consider it. 

It is secure and offers great scalability. Above all, it offers transparency. All features that Musk is looking for. All this positions Cardano as a good altcoin project option for Musk.

Base

Base is the layer 2 chain by Coinbase. Its CEO, Brian Armstrong, supports Elon Musk’s idea of transferring US spending to a blockchain. And, of course, as happens to be, Coinbase has its own Base chain. So, no surprise there that Armstrong supports this idea. 

The chain doesn’t have a token yet. However, like Coinbase, the chain is US made. That gives it good cards to be in the running. Armstrong met with Trump back in November last year.

Hedera ($HBAR)

Hedera ($HBAR) is another US made blockchain. It’s also in the top 20 of projects, measured by market cap. Hedera works slightly differently compared to a blockchain. It is a hashgraph. But don’t worry, it’s still a distributed ledger, like a blockchain. 

Only a few days ago, Hedera emphasized its chain as an option to DOGE. It mentions that it uses fees pegged to the USD. This keeps things simple. So, which chain do you think can be Musk’s choice? Join our discussions in our Discord and X channels.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.

Copyright Altcoin Buzz Pte Ltd.