Whether you’ve been around for years or only a few months, I’m pretty sure you’ve been on one side of this argument or the other. Some people feel like having a name like Reddcoin makes the coin seem associated with Reddit. Others, like myself, actually never thought of that association until it was pointed out. We all know that in this world where branding has been taken to new heights by social media and the information age, a name means a lot, but will the Reddcoin name and persona help or hurt the currency in the long run? As I’ve stated I never personally associated Reddcoin with Reddit until it was pointed out to me, but I can understand how others worry that the branding could be detrimental. It’s obvious that this discussion is really more of a matter of opinion, but we can look at some other coins for comparison.
Let’s look at the names of the top 10 cryptos according to coinmarketcap as of today:
- Ethereum Classic
Looking at these coins, none of them really point out what they do without doing research or would tell anyone who doesn’t understand crypto much at all in my opinion. Some of the names are clever like Monero: Mono (Money) + Ero (Bit), and IOTA (Internet of things), but I don’t think the names of these coins have helped or hurt them very much if any. In my opinion, it just doesn’t seem like the name of a coin is as important as something like a social network. The Facebook name could imply what the app does without you ever hearing about it, but with cryto currencies as misunderstood as they are to most of the world, I don’t feel like any names are making a difference right now in popularity.
In conclusion, I don’t have an answer to whether or not Reddcoin’s name will help or hurt the currency in the short or long term, but I do know that regardless of the branding the attitude of the core and the community are going to be what draws people to RDD the most. I understand the idea that people will think that the token came from Reddit, but honestly being perceived to be associated with one of the top 5 social networks may not be the worst thing in the world. For now, lets love Reddcoin the way that it is and focus on the strongest points of our currency. Reply and comment with your opinion on this topic. Do you think the name should change? If so, what would you call it, and how would you go about re branding everything that’s out right now?
*Disclaimer: I am not a part of the official Reddcoin core team and these are only MY opinions and not the views of Reddcoin. The great thing about an open source project is that we can all contribute in our own way to this wonderful project. Please project any issues you have with what I write towards me only as they are simply my own opinions - ReddJay