Looking for the Meaning, or Dogecoin Longs for Rebranding (Op-Ed)
After Darkcoin’s rebranding into Dash, which was primarily justified by a necessity of expansion and finding new markets, cryptocurrency community might as well join the rebranding trend like domino.
In April 2015 Litecoin developers announced rebranding to attract new users and augment awareness. Charie Lee, Litecoin creator and lead developer, told that no technical tricks could help a cryptocurrency succeed.
Lee’s views may seem quite weird and make one think that Litecoin developers have chosen a path of least effort by solving marketing issues instead of developing the technical part.
However, any technology, including block chain, consists in two components, namely back-end and front-end. As is clear from the names, back-end refers to technology, be it cryptocurrency exchange operation, payment processing, or any other cryptocurrency service functionality. Fine technologies never miss attention. But, it should be clear, that unless they present a new product right, id est conveniently and in an easy-to-understand way, that person would hardly want to get to the heart of the matter, or, which is more important, use the product in everyday life.
It’s a common knowledge that all capabilities of block chain are beyond revealing. ForkLog editorial board likes to fantasize about implementing blockchain in daily routine. But now it’s time to consider other important aspects of cryptocurrency.
Dogecoin, initially a mem and a joke, is quite an interesting item for rebranding. The currency managed to establish a great community and still occupies 2nd position in Coingecko rating. The community had quite a few interesting campaigns: sponsoring Nascar racers and launching a Dogecoin vehicle at the race, for instance. There were several charity campaigns launched by the community which brought back significant donations. At some time the cryptocurrency got abandoned by its creators and managed to cope only by efforts of enthusiasts.
Recently the cryptocurrency creator Jackson Palmer once again claimed he leaves the industry for good citing his disappointment and lack of progress. And now Dogecoin community has to do something to save and improve their beloved currency.
Thus, one of Redditers initiated a discussion on Dogecoin rebradning and actual need for establishing a marketing strategy for cryptocurrency. This might sound strange or weird to some, and some might even think that approach contradicts the very idea of cryptocurrency. But that’s not true.
Nowadays cryprocurrencies ceased being something unusual, and people resigned their minds to their existence, and those who could get interested or become enthusiasts already did so. This is evident in English-speaking community where Bitcoin technologies have reached another level at which major financial entities gained massive interest in the technology.
What should they do with Dogecoin?
In the great scheme of things, there are two most likely scenarios for Dogecoin. Each of them is most probably known to every participant of the community.
Firstly, it is gradual decrease of interest to the joke of Doge and inevitable depreciation of the cryptocurrency. Expecting that kind of fate is very wide-spread.
Secondly, it is a development way. This means technological alterations, brand forming, and search for the meaning of life. The meaning of Dogecoin’s life might be in charity and content monetization via online tipping services. Dogecoin is way more suitable for tipping, as compared to Bitcoin, primarily due to amount of the coins and low cost of the cryptocurrency.
As for now, in terms of technology, Dogecoin is null. As opposed to Bitcoin, Dogecoin is based on inflation model (5 million coins a year). And Dogecoin will hardly do without cardinal changes aimed at rebranding and technological improvement.
This article is also available in Russian.
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