RaiBlocks rebrands to Nano, rises 20% in 24 hours
RaiBlocks shall henceforce be known as Nano, its developers declared. Nano prices subsequently rejoiced by 20%.
RaiBlocks (XRB) is gone, replaced by Nano (NANO). Nothing has changed except the name, the developers confirm, but there will be some adjustments in the future.
"All funds, wallets, and transactions will still operate as they have been. Addresses will continue to start with xrb_ for the moment. In the future, we will introduce nano_ addresses with the rest of the current addresses being consistent."
2018 will also see the introduction of
RaiBlocks Nano wallets and signups are now open for beta testing of the desktop wallet and iOS mobile wallet.
Nano prices bounced up 20% to around US$20 in the wake of the news, according to CoinMarketCap. It remains shy of the about $35 all-time-high the coin reached in early January but has been one of the larger price movers in the last 24 hours.
It might be because it sounds small, portable and nimble. Nano is defined by its blockchain-per-account architecture with enables very fast zero fee transfers, so Nano might be an appropriate name.
But if you ask the developers formerly known as RaiBlocks, it was mostly down to pronunciation.
"In November, the team gathered to discuss the future of Raiblocks and develop plans to further the project's growth. One topic discussed was the name itself ("Is it ray or rye?", "Ditch the Blocks!", "Just call it Rai!"). Feedback from the community suggested that improvements could be made to better resonate with the public and a mainstream audience. Because of this, our team made the decision to rebrand."
What are the downsides? The main one might be that Nano is a fairly common word, especially in the tech space. Plus, the Ledger Nano S hardware wallet might find itself clarifying that it's not strictly affiliated with Nano.
On the upside, Nano well knows it's hit the mainstream when Google shows the coin as the top result for Nano.