Many things have happened for the crypto world in this new year, some good and some bad. In one of the latest news we have the rebrand of RaiBlocks.
It’s price has gone up from less then 0.25 dollars on December 1 to almost 35 dollars in the beginning of the month of January. But despite this recent growth of the price, name, it’s technology and overall as a brand the team behind this coin has decided to rebrand.
In their official statement that came out on 31 of January, RaiBlocks will be rebranding itself and from now it will be called “Nano“. It seems like it has been a pending decision for it’s team according to their official statement:
The Core Team wanted a name that represented the simplicity and speed of the project, and Nano does just that. The new logo uses several nodes, playing on the block-lattice design of the network, that connect to form an “N”. All social media accounts will be updated to reflect the name and logo changes
They also have a new website called nano.org that has a banner indicating the as they say “latest development” of their coin. There is also a new video posted there that mentions the technology behind the coin which now is presented as simply Nano.
The speed that RaiBlocks now Nano has in executing transactions has attracted many. Even the smallest micropayments happen very quickly unlike what many other coins offer. The original name as they say in their blog post about the “unprecedented growth” that happened in December of last year, it is derived from the so called Rai stones that people have been using as a currency on many Micronesian islands until the beginning of the 20 century.
This change to the new name might workout well for them like it happened for NEO which was previously named Antshares thus bringing the altcoin price to grow in value significantly, although there was no clear indication that the new name had any part in it. In the other hand in this case with RaiBlocks we have completely different story and many potential problems. This new name might cause some confusion among the users. For example, right off the bat we have Ledger Nano S which is one of the most popular hardware wallets for storing cryptocurrencies. All of the new people that constantly come into the crypto world might think that these two are somehow connected and of course that can not be further from the truth.
Some people might think that this name is just too generic because it is a buzz word for many things used in the past and in the moment like for example: Nanoclub and Nanotech, Nanoexchange, Nanotoken and a lot of other failed coins and technologies. This potential confusion with some of the scam coins just might drive off a big number of future investors and overall users of the coin and it’s technology.
Judging from the potential recognition problems that RaiBlocks and it’s brand can face with its new name I can freely say that this is going to be a SEO nightmare for everybody especially for their team.
It is little difficult to understand why exactly now this rebrand happens because RaiBlocks has had a major growth for some period and has increased a lot in value compared to the past. This might put it back in it’s future potential growth since people would again need to be re-informed about any changes if there are any other than the name of the coin and make new analysis based on those changes.
Besides the rebrand all of the funds in the wallets and the transactions between them will continue to operate as before. The addresses will still be starting with XRB at least for the time being. In future when all of the changes will settle with the exchanges and the accompanying technologies, the new nano addresses will be introduced without affecting the old addresses that will remain the same.
There have been a bullish surge from January 30 when the price was around 14 dollars according to CoinMarketCap. And at the same time the next day it has grown to 19 dollars making a huge increase of 41 percent. At the moment of writing the price was settled at 16 dollars. Weather the name influenced this and what will the future bring according to the hopes and wishes of the team behind RaiBlocks now Nano we will see in the next period. But as people get more informed about all of the possible advantages of the DAG (Directed Acyclic Graph) technology that this coin uses, it is probably safe to assume that we will potentially see huge growth in use cases and also in price of all of the altcoins that use it.