Names in review: Cryptocurrency
It’s time again for Names In Review. This is where we do a quick dive into brand names that are making their rounds in the marketplace. As naming professionals, what do we think of these names from a brand perspective? Do they work? Are they flops? Either way, why?
Today we are exploring the intriguing world of cryptocurrency brands. Cryptocurrency—also known as digital currency, digital assets, virtual currency, or altcoins—is a digital form of exchange that is cryptographically imprinted to verify security, privacy, and exchange values. The original form of cryptocurrency, Bitcoin, was the brainchild of Satoshi Nakamoto who wanted to create a decentralized, peer to peer cash system. Since the creation of Bitcoin in 2008, more than 3000 cryptocurrencies have been created around the world. Despite the volatile nature of this emerging currency, it’s still transacting well over a billion dollars each day.
And with the creation of cryptocurrency comes all the necessary regulatory and technical components to help support it. This means an increase in business opportunities (and thus, branding opportunities) for anyone who wants to cash in on all things crypto, whether it’s software development, consulting, security, or storage. As an example, the global blockchain market alone—which is the technology that tracks cryptocurrency transactions—is expected to reach $57 million by 2025.
So let’s explore all this hype from a naming perspective. Here are some of the cryptocurrencies, as well as auxiliary companies, that are driving the crypto market through the digital roof.
Aion is the digital currency of The Open Application Network. Aion is a robustly sci-fi name, hinting at a futuristic digital world with non-physical money. Other crypto entities with this type of equally cyber- and physics-inspired name include Eos, Ion, Tierion, Quark, Pluton, IQeon, Iota, and Xaurum.
This widely popular company created a programmable blockchain equipped with its own digital currency, Ether. Ethereum is a metaphoric name that captures the idea of an intangible or ethereal currency. The lockup of a science-y name with an elemental themed -eum/-ium suffix is apparently very popular amongst cryptocurrency companies. Here are other contenders with a similar name style: Crypterium, Electroneum, Einsteinium, Storeum, Unobtanium, Metadium, Rotharium, Vexanium, Radium, Niobium, Typerium, Insureum, Carboneum, Helium, and Trittium.
This cryptocurrency has digitized the value of real gold, with the name referencing the proper Davinci 24k gold coin. Not only does this name break away from the more common cryptocurrency names, but its mission of digitally securing the value of gold is conceptually important. Another noteworthy namesake-inspired currency is NaPoleon.
Built on the Ethereum platform, Ormeous is another popular cryptocurrency. Possibly coined from mineral ore and elemental gold, au, this name sounds super cool (think Morpheus from The Matrix) and can suggest aqueous or liquid gold—all of which speaks to a powerful yet fluid form of money.
Steem is a social blockchain that creates crypto rewards for social media contributors. Smart Media Tokens are Steem’s upcoming native digital assets. Likely coined from steam and esteemed, Steem communicates the power of a steam engine, the steamlike, etheric quality of digital trading, and the high esteem of a trustworthy business.
This is a cryptocurrency that’s targeted to everyday people who want private and alternative ways to spend. Monero is Esperanto for money, and the name feels accessible, casual, hip, and ultra millennial.
Olive is a comprehensive, cryptocurrency infrastructure. This name wins for originality in a crowded crypto space where many brand names sound similar to one another. Olive connotes something little and green, like a tinier, cuter form of money. Unthreatening and lively, this name works really well.
This cryptocurrency has a clear, metaphoric name. Feather feels lightweight and airy, obviously denoting the digital realms. The name feels friendly and safe, avoiding the edgy references that are often associated with cryptocurrency’s reputation.