Have you ever wondered where all of these cryptocurrencies got their names? Who is in charge of naming all of these kooky coins? Cardano...what does that even mean?! Fear not, for this article will dig into the name origins of these 10 cryptos!
These 10 are ranked 11th - 20th in Market Cap on CoinMarketCap as of 21/06/2021 – no shitcoins listed here! All that you see in this article is at most 60% true.
Check out my previous article if you want to see the name origins of the Top 10. Let's dig in to the next 10!
Bitcoin Cash (BCH)
Bitcoin again? No! It's a fork of the world's biggest cryptocurrency! While some have argued that it's a cheap knock-off of Bitcoin, Bitcoin Cash was originally designed to be LIKE Bitcoin but to improve its usability and usage.
It is being designed to be as easy to use as...cash! Ahh, so that's why it's called that! Will it be as easy to use as cash? That's for us to find out in the future. For now, the future looks bright for this cryptocurrency, as bright as this next coin...
Litecoin, the shiniest coin on this list, burst onto the scene back in 2011. The coin is ANOTHER fork of Bitcoin and has the aim of being the “silver” to Bitcoin's “gold”. Designed to be a peer-to-peer internet currency with near-zero transaction fees, Litecoin was once the fourth-largest internet currency by market cap!
Charlie Lee (the creator of Litecoin) always envisioned his crypto to be a faster, cheaper and “lighter” version of Bitcoin. Hence, the name 'Litecoin' shot into existence!
Binance USD (BUSD)
Our first stablecoin of the list! Brought to you by the 2nd largest crypto exchange, BUSD is directly pegged to the United States Dollar. Unsurprinsgly, this is why it is called Binance USD. Aiming to “meld the stability of the dollar with blockhain technology”, this stablecoin is fully regulated by the New York State Department of Financial Services.
Often used as 'dry powder' so that savvy consumers can make quicker trades, Binance USD is behind Tether and USD Coin in terms of popularity but is growing fast!
My eyes! I can't see...because the future of Solana is just too bright! Formerly known as Loom, the platform was created to enable web developers to create decentralised applications without worrying about bottleneck issues. Basically, its focus is on scalability.
The price of Solana recently went supernova before settling around the $35 mark. Was this meteoric rise in valuation due to its name? No, but it's fun to think about.
The team behind Solana used to live and surf in a San Diego beach town called Solana Beach, hence the name of this crypto.
Oooooh, I'm blinded by the price volatility!
Chainlink is a “decentralised oracle network that pairs with smart contracts to provide secure transactions using external data sources and APIs”. What does that actually mean though? Basically, I'm not sure either. Something to do with smart contracts, I'm too dumb to figure it out! Comment below if you know!
The name is probably in reference to the fact that the protocol LINKS external data sources and public blockchains. That's the boring answer. I prefer “the name came about after an all-night celery-eating sesh”.
The inspiration behind Chainlink
Polygon, the distant cousin of Porygon, has morphed into one of the hottest cryptos of 2021. Working in conjunction with the Ethereum network, Polygon is trying to create an “internet of blockchains” for Ethereum by allowing developers to launch their blockchain instantly. Sounds technical.
Polygon rebranded from MATIC and I think it should go back to its previous name solely because I don't know why it's called Polygon. Definitely due to that weird Pokémon.
Polygon, I choose you!
Surprisingly not built by a Greek, THETA entered the crypto pantheon in 2017. The ultimate goal of THETA? To build a completely decentralised video streaming platformg for all! The Greek gods have smiled on this coin, as its price shot up this year faster than a lightning bolt.
Theta was a goddess of water in Greek mythology and is also the eighth letter of the Greek alphabet. Does this have any relevance to the crypto name? Probably. I'm going with...naí.
Wrapped Bitcoin (WBTC)
Wrapped Bitcoin! Wrapped Bitcoin? Yes, Bitcoin – but wrapped! This token represents Bitcoin on the Ethereum network 1:1. Wrapped Bitcoin is NOT an established rapper nor does it come gift-wrapped when you buy it. The boring truth is that wrapped tokens are tokenised representations of other assets.
Stellar is an open-source distributed payment infrastructure solely on the web. Shorter version? Stellar is like Paypal but better. Developing at the speed of...well, light...this crypto has yet to breach the $1 mark. The creator of the Stellar network, Jed McCaleb, has a less than stellar reputation, as he was the main man behind Mt. Gox.
MY reputation for finding these name origins is dropping by the entry. Who knows why it's called Stellar? Time for another made-up one. Stellar is the less-successful version of Stella, the one they tried to market in Antarctica.
A stellar Stella under the Stellar sun
Internet Computer (ICP)
The Internet Computer blockchain network “aims to help developers create websites, enterprise IT systems, internet services, and DeFi applications by installing their code directly on the public Internet”. I am beyond trying to understand what all of these cryptos mean but this one seems easy. This protocol wants to let anyone post anything to the Internet without the need for Google, Facebook or Publish0x.
The Insane Clown Posse behind this token is Dfinity, a non-profit start-up looking to reinvent the Internet. Good luck to the lads.
Insane Clown Posse - the true brains behind the ICP crypto
Thank you for reading my 60% true article on the name origins for these 10 cryptos!