The digital asset RaiBlocks (XRB) has confirmed on Wednesday that it will be rebranding to Nano.
On a blog-post posted today, the XRB team said that the decision to change the name to Nano would represent “the simplicity and speed of the project”. The new logo uses nodes connected together to form the letter ‘N’.
Raiblocks admitted the original name had had a mixed reception from consumers, with some confusion on how it was supposed to be pronounced. They decided to find a name which would “better resonate” with the public and mainstream audience.
XRB has specialised in ensuring that very small transactions or ‘micropayments’ happen quickly. Unlike other cryptos, XRB cannot be mined and there is no hard cap, tokens being issued centrally. The original name was a playful reference to the giant, unwieldy Rai stones that were used as currency on various Micronesian islands until the beginning of the twentieth century.
The new name and logo design will be updated onto the digital asset’s social media accounts and the website name will be changed to ‘nano.org’; addresses will continue to start with ‘xrb_’ for the time being. All XRB funds, wallets and transaction will continue to operate as usual.
The RaiBlocks, now Nano team, said that they had met up in November to discuss the future of the company and had decided to rebrand at the meeting.
Although the blog post talks about “unprecedented growth” in December, January has not been the best month for XRB, which has been trading at half of the peak values, at around $16.85. XRB prices had fallen following the news of a compromised web wallet and issues withdrawing funds from the Mercatox exchange.
The digital asset currently relies on niche exchanges but has been pushing to gain a listing on Binance, a cryptocurrency exchange platform, to increase usage.
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