RaiBlocks rebrands to Nano
Cryptocurrency RaiBlocks rebrands to “Nano”. The official announcement regarding this change was made earlier this Wednesday and has now been implemented. RaiBlocks is officially, “Nano” now.
RaiBlocks to Nano
A brand name is the identity of any setup and when it comes to rebranding, there’s a bunch of pros and cons that need to be considered smartly. Rebranding is a big decision that can create chaos and confusions amongst the customers and also open doors for newer challenges for the venture. So was the dilemma regarding rebranding RaiBlocks as Nano.
“The decision to rebrand was not one we took lightly. Our team, like many in the community, have grown attached to RaiBlocks. The pro’s and con’s of a name change were discussed at length and only when the name Nano was suggested did we decide to move forward.” – The team behind Nano.
The journey from RaiBlocks to Nano has really been interesting. The team believed that the problem with “RaiBlocks” was that it lacked simplicity and could not convey the essence of the project. They believed “Nano” resonates with the mainstream audience and conveys the “core values” of the project.
“Beyond having a name which is easy to pronounce and globally understood, it was important to have a name that reflected the core values of the product. When you think of the word nano, you envision a very short amount of time. This reference fits, as transactions are virtually instant and with no fees attached, we are ideally suited for microtransactions. In this respect, the name makes perfect sense.” – The Team explained.
However, the company also stated that there were certain objections from the community regarding the same. Some argued that “Nano” is too generic but this is exactly what the team wanted “Nano” to be; generic enough to be used by people in day-to-day transactions. Therefore, they moved forward with the new name.
Impact of rebranding
Soona after “Nano” was introduced on 30 January, XRB’s price rose by 41 percent. It was $14.02 the previous day and post-announcement, it went to $19.81 marking a remarkable increment. However, whether or not rebranding will have the desired effect, is yet to be revealed by time and vulnerabilities of cryptocurrency world.
Introduced in 2015, Nano, formerly RaiBlocks is now world’s 20th biggest cryptocurrency according to CoinMarketCap. The idea that makes RaiBlocks stand out in the crypto world is the variations in its blockchain technology. The block lattice technology behind RaiBlocks has answers to the crypto traders’ complaints regarding painfully slow transaction process as they deal in Bitcoin.
The technology makes trading in Nano unbelievably quick, less power consuming and highly scalable. The best part is, it charges zero fees on any and every purchase. Undoubtedly, Nano has come a long way in a short span of time and seems to be promising when it comes to technology.