It often does not take much to generate momentum and an upwards price movement in cryptocurrencies. A shill or an announcement on social media can be enough. A facelift or rebrand is also a good way to get traders looking at the project again. RaiBlocks has done just that with an announcement on a new name to resonate with investors.
In a Medium post yesterday the Nano core team announced that as the new brand for RaiBlocks. All altcoins have suffered heavy losses this week as the crypto market shed 20% falling from just under $600 billion to $480 billion before reviving a little to just over $500 billion. Drowning in a sea of mainstream media FUD crypto currencies are in need of a boost and a rebrand can do just that.
New Nano Rising
RaiBlocks works on a ‘block lattice’ or grid configuration called Directed Acyclic Graph instead of a traditional blockchain. This has the effect of producing multiple chains which reduces the transaction times and costs substantially. The team wanted the functionality of their platform to be reflected in its name;
“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.”
The post went on to explain;
“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. The new website is nano.org.”
The team continued to reassure XRB holders that their assets would not be affected;
“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.”
Analysis website Coinmarketcap has already changed the XRB page from RaiBlocks to Nano. A positive impact on price has already been noticed and it is up 20% over the past 24 hours. With other altcoins, apart from Lisk, making only small gains XRB is already standing out. It traded this time last week just under $14 and is currently trading at $18.65, an increase of over 33% on the week. The majority of trade volume is in South Korea on the Kucoin exchange which has 40% of the total. At the time of writing $54 million has been traded in the past 24 hours.