A New Era in the Decentralization Debate in Crypto Money: Logo!

Decentralization is a very important issue for the cryptocurrency industry. For many, the biggest innovation that blockchain-based networks like Bitcoin and Ethereum make possible is the absence of a central authority, the elimination of these authorities.

Bitcoin, which does not officially have a company, foundation or even founder, is by far the foremost when it comes to decentralization. The absence and evolution of a truly known leader makes it unique in the cryptocurrency industry. Some argue that no existing or future cryptocurrency project will be able to reach Bitcoin’s position, referring to them.

Uniqueness in the Birth of Bitcoin

Satoshi Nakamoto, anonymous creator of Bitcoin, launched Bitcoin in 2009. Nakamoto has answered many questions about Bitcoin in all respects on the white paper of the biggest cryptocurrency. On the other hand, when looking at the white paper of Bitcoin, it can be seen that there is no marketing plan like a brand, a name for the smaller units of the currency.

The elegance of the system created by Nakamoto actually contributed greatly to the project. Most of the first Bitcoin users contributed not only to the code of the new currency, but also to the socialization of Bitcoin.

Nuno Correia, founder of crypto payments processing company UTrust, drew attention to a striking detail that shows that Bitcoin is truly decentralized.

What Correia stands out is the recommendation made by a Bitcointalk user in 2010. The user suggests that the “฿”, which is the symbol of Thai Baht and be used as the symbol of Bitcoin, be used as a symbol of the cryptocurrency and its abbreviation should be BTC.

Curiosity: In 05/2010 the Thai Baht ?? symbol ฿ was proposed to become the official bitcoin currency symbol and “BTC” as the 3 letter currency code. Then, with collective contribution, the the #Bitco symbol was shaped to become how we know it nowadays. https://t.co/ixez83nnrh pic.twitter.com/cybwa00trj

– Nuno Correia (@nunocor_) March 4, 2020

Looking at the suggestion that Correia draws attention and the responses of the suggestion to the message, it seems that there are many different users who want to contribute to the development and adoption of Bitcoin impressively. As a matter of fact, after these discussions, Bitcoin’s symbol was accepted as “฿” and its abbreviation as BTC.

Ethereum’s Story Is A Little Different

Bitcoin emerged when the world has not yet seen a successful digital currency. The fact that it really works and the fact that many captured those in imagination valued him. Nakamoto and the others did not build Bitcoin to mimic the success of another asset, although they imply that each day Bitcoin could be very valuable.

But since then, this has not been the case for almost every cryptocurrency project. Pointing out to this, Bitcoin analyst Udi Wertheimer claims that the people behind Ethereum, the most popular smart contract platform to date, set out with a clear profit expectation.

Looking at the social aspects of Bitcoin and Ethereum, Wertheimer stated that the Ethereum Foundation’s project is actually the center of the project due to the existence of a logo, brand and an open organization:

Do you know? Bitcoin’s logo was designed after Bitcoin software. Ethereum’s logo was designed before Ethereum software.

Did you know?

Bitcoin’s logo was designed after the bitcoin software

Ethereum’s logo was designed before the Ethereum software

– Udi Wertheimer 〔?½?〕 (@udiWertheimer) March 9, 2020

With this output, Wertheimer has opened a new era for crypto projects that are questioned about decentralization, as well as projects that are truly central. Who knows, one day in the future, we can witness that concepts such as logo and symbol are taken into consideration when questioning the decentralization of any cryptocurrency project.