The naming of crypto projects is always a matter which causes project runners grief. The name a cryptocurrency carries affects how the crypto community perceives it, and how they engage with the particular project on the markets.
Steve Lohja, a technology coordinator at Ethereum Classic Labs, said that if the project removed the word Ethereum from its name, a number of top cryptocurrency projects would be destroyed.
Lohja expressed his sentiments through a tweet in which he said the removal of the tag would affect the market cap of many digital assets which relate to the Ethereum tag.
Opinion: Many #cryptocurrency in the top market cap would be absolutely #Rekt by #EthereumClassic if we removed #Ethereum from the brand. I know we are original Ethereum project, but maybe this can be water cooler chatter at summit eh? 🇨🇦
— Stevan Lohja (@stevanlohja) August 11, 2019
Significance of Ethereum Classic
Although Ethereum Classic may not be the most popular Ethereum project, the crypto company runs on the original Ethereum blockchain. It is, in fact, the Ethereum prototype and it was left behind after a hard fork was implemented in 2016 in response to a scandal involving DAO.
The project added the word Classic to its name after this hard fork in order to differentiate itself from Ether (ETH), its successor.
Possible effects of a name change
If Ethereum Classic opts to change its name and put some distance between itself and its successor, it could have some significant impact in the crypto world. The project itself could experience growth by crawling out of Ether’s shadow.
As is right now, when people are buying cryptocurrencies on the internet, Ether is the only Ethereum project which draws their attention. Any other…