3 Approaches to Naming a Cryptocurrency Business

The cryptocurrency industry has captured the attention of investors, entrepreneurs, and consumers alike. As with all emerging technologies, it generates both opportunities and fears. Some hail it as the future of money, while others dismiss it as a tool for the “dark web.”

Investors and industry experts are particularly interested in Blockchain, the technology behind Bitcoin. In brief, Blockchains are ledgers that can only be changed when there is a consensus from the group. This not only adds a layer of security, but it allows bitcoin and other altcoins to operate without a centralized bank or system overseeing transactions.

The allure of Blockchain is that it could save Wall Street an estimated $54 billion in back office costs, according to research by Autonomous reported in Business Insider. Moreover, its use cases extend beyond banking. Analysts predict Blockchain has implications for voting, advertising, insurance, healthcare, supply chain management, the Internet of Things (IoT) and much more.

Given all this it is not surprising that entrepreneurs are eager to stake their claim with a new cryptocurrency company. As in any industry, particularly competitive ones, a good name matters. Have a look here for some topline insights on naming a business.

But beyond the standard principles of good business naming, you will need a name that walks the fine line between trust and disruption. As a form of digital money that uses cryptography — a type of communication that is secure from third parties — cryptocurrencies are immune from government inference and tampering, at least in theory. Because of this, cryptocurrencies have often been employed in less than savory ways, making headlines for their role in illegal acts like money laundering and tax evasion.

To get a better sense of how various companies are walking the fine line between being disruptive and trustworthy, let’s take a brief walk through the cryptocurrency naming landscape.

Names with coin

Bitcoin has been making headlines since it came on the scene in 2009. Its name falls somewhere between a descriptive and suggestive mark. It uses literal language, “coin,” to convey its function (similar to Google Maps, a web mapping service) but joined to “bit”, the name become a tad more playful and innovative, as it alludes to smallness and to byte, a unit of digital information.

Many subsequent cryptocurrencies opted for similar names, built around the word “coin.” For examples:

· NameCoin

· Litecoin

· PeerCoin, or PPCoin

· PrimeCoin

· Freicoin

· Auroracoin

· Dogecoin (which actually started as joke and is named for the dog Meme, “doge”)

There are advantages to linking yourself to a well-known company, not to mention to the rising popularity of the term “altcoin.” It suggests you are part of something larger and helps your audience quickly understand what you do. Unfortunately, it also makes it easy to get lost in a crowded space of like-sounding, uncreative names.

Names without coin

One of the companies that moved away from its earlier use of a “coin” based name is OpenCoin that subsequently changed to Ripple. This name not only alludes to the ripples the company is making in the industry, but it suggests a “frictionless experience” for sending money globally. It also nods to disruption, a popular claim for tech start-ups.

The name is further supported through the graphics on its homepage that visualize transactions being made between parties. These transactions look like ripples, or waves, traveling quickly from one point to another. The company further plays with the image of moving water with two of its offerings — xCurrent and xRapid.

Mastercoin — now Omni — a software platform built on top of Bitcoin, also thought it prudent to rebrand. Omni decidedly stands apart from all the “coin” names in the space, though from a SEO and brand recognition viewpoint it has to compete with the well-known Omni Hotels & Resorts.

DarkCoin ditched its original moniker in favor of Dash. Given the issues of trust, DarkCoin was an ill-conceived choice as the word “dark” conjures up sinister happenings. Dash is better as it speaks to quickness and creatively points to “digital” and “cash.” Dash is also a much happier-sounding moniker than DarkCoin. Dash would be a good name except for one thing — it sounds too close to Daesh, the pejorative Arabic term for ISIS created from an Arabic verb that mean to crush underfoot or tread on. Traditionally, Daesh was used in the Middle East, but it is increasingly popular with world leaders when referencing the terror group.

An inspired name that disbands with the word “coin” is Ethereum, a Blockchain platform powered by its cryptocurrency, Ether. Ether is the currency that fuels Ethereum. It is also a solvent and suggests the clear sky — the air beyond the clouds. In this way, the name conveys promise and possibility. It also sounds smart, trustworthy, and just a little bit magical.

Ethereum has attracted attention from major brands, including JP Morgan Chase, Microsoft, and IBM. It describes itself as “Bitcoin 2.0.” It has use cases beyond the original altcoin, including its well-known smart contract feature, which is probably part of the reason its creators didn’t put “coin” in the name.

There is also Monero, a private digital currency that started out as BitMonero. Monero means money in Esperanto, a constructed international auxiliary language. The name has meaning across many languages as “money” words often starts with “mon” or “mo.”

Acronyms

It’s worth noting that acronyms are also popular in this and related spaces — for example, PIVX (Private Instant Verified Transactions). Acronyms can successfully sound like tech companies and stock market tickers, although PIVX is challenging to pronounce and wouldn’t have obvious meaning to people outside the space.

But whatever approach or naming construction you choose, strive to communicate the appropriate tonality and product benefits without sounding like everyone else. And always take your long-term strategy into consideration. For example, you don’t want to limit yourself with a name like “YCoin” if you have visions beyond currency.

In conclusion

Finally, as innovative and irreverent as the cryptocurrency space might be, it still has to toe the line when it comes to company naming practices. Besides being easy to say and spell, possessing storytelling power, and conveying key benefits, you will want to be sure your name has been properly vetted by a qualified intellectual property attorney. You may have the greatest name of all time, but a name that infringes on the rights of an existing trademark holder isn’t a great name at all. Rather, it is a recipe for disaster — inviting a possible “cease and desist” letter that in turn could result in a costly and time-consuming re-brand.