What NIX’s rebrand to MUTE means for cryptocurrency and blockchain technology.
You could easily name a handful of cryptocurrency re-brands over the years. ‘De-branding’…sorry, re-branding. Lol, pun intended. Fact is, a number of cryptocurrency rebranding haven’t really gone so well and ‘de-branding’ wouldn’t be a bad term for these. While rebranding sound straight forward and pretty simple, it goes beyond a ‘change of name’ or logo. More than changing a project’s outlook; re-branding, depending on the extent entails the birth of a ‘new’ project. Yes, new goals, new plans and new expectations. A number of times, a re-branding project fails to meet its community’s expectation(s). Some re-brands fall through before even getting to this stage as the team fail to get it right where it matters most.
A successful rebrand? Getting it right when it comes to rebranding entails painstakingly considering every aspect the old project set to be deprecated and how the new additions fits into the project and community’s values. A number of other cryptocurrency projects have attempted partial or full rebrands; each introducing significant changes to its past structure and provisions. Community acceptance of these rebrands varies however as some are regarded as ‘petty and unthoughtful’. Rebrands affects not only the project and its community; sometimes it is significant for the concerned sector as a whole.
Railblock’s rebrand to Nano remains one of my favourite cryptocurrency rebrands over the years; however, it doesn’t seem to top the list for me anymore. Who’s up in my list?
NIX platform in the first quarter of this year announced its rebrand to MUTE. Tons of plausible changes accompanies the re-brand to Mute. A new name, new technologies and an extended community; however, the dedication and strive to deliver quality products remained intact. Prior to the re-brand, NIX was working towards developing a privacy currency and multi-layered interoperability platform that enables anonymity-focused decentralized applications (dApps) and smart contracts. Its technology provides the option of adding a privacy layer to any blockchain.
Following the re-brand, MUTE is adopting the ethereum blockchain and channeling its efforts towards building de-fi themed products with privacy features. It’s pioneering the concept of ‘Pri-fi’, a term coined to nominalize decentralized financial management protocols with a good focus on enhanced user privacy. Mute is also building its platform on ethereum’s layer-2 and utilizing the Zero knowledge (ZK) Rollup protocol. A great decision in my opinion. Layer-2 holds more potentials than the much congested layer-1.
Just another successful re-brand?
NIX has successfully re-branded to MUTE; token swap process is going smoothly and is expected to be completed soon. Regardless how you look at it, NIX is not just another successfully re-branded cryptocurrency project! NIX’s re-brand to mute emerges from a burning desire to solve very important problems, salvage an exciting concept which is losing its beauty from certain shortcomings. De-fi is exciting, I’m certain you think so too. Ethereum itself is arguably the most important blockchain, but paying ridiculous fees and waiting in a long line to get your De-fi transactions processed is enough to make anyone look away and ignore every good that De-fi and ethereum brings.
The levitation towards cross-chain solutions is due to the fact that everyone prefers cheaper and faster options; ethereum developers weren’t coming forward with that, unfortunately. MUTE is an all-important project for ethereum and De-fi maxis and anyone using these products too. It solves the biggest problems and goes a mile further to add privacy to these virtues, a feature it holds in high-esteem.
Solution meets community!
Ethereum and De-fi enthusiasts have long hungered for a better way to do things. A faster way to swap cryptocurrencies without having to move it to a hot wallet, a way to perform swaps without paying ridiculous fees. This was taking too much time to come. Cross-chains were the only alternatives. But their favorite projects have chosen to stick to ethereum blockchain. Paying fees and staying in a long queue was inevitable. MUTE — the birth-child of NIX’s re-brand serves a starving community. It moves ahead of time to solve an all-important problem. If any single word describes this move perfectly, It’s a Masterpiece. Mute’s governance structure also puts the community in charge of their beloved solution!
Redeeming Blockchain technology
Blockchain technology was proposed to overtake global financial system. The prospects of a universally accepted means of exchange running on a fast and cheap technology impressed earliest cryptocurrency and blockchain enthusiasts. Unfortunately, having to pay $30 for a transaction and waiting for 30 minutes for the transaction to complete doesn’t seem to be ‘cheap’. Banks are cheaper! And fintech applications are faster! This is unarguable. Blockchain was looking ‘unusable’ and like ‘another bondage’ in this case, universality and decentralization was the only difference between the blockchain and traditional financial system.
Mute features a secure personal wallet built on Layer-2. Mute’s layer-2 wallet enables relatively feeless transfer of funds, from Mute Switch to other ethereum addresses; with more developments coming up, this feature is poised to serve even more use! Mute Switch wallet’s enable efficient payments powered by ZK-Rollups and built on a more flexible blockchain layer.
Cheap, fast and secure…just what I was promised when I bought my first cryptocurrency! Mute redeems that promise. A win for ethereum blockchain only? Not all, it’s blockchain technology as a whole! The idea of a perfect solution has never been this real, lol. I’m hyped, no doubt about that!
Utilizing existing solutions.
The proliferation of blockchains and cryptocurrencies with inferior technologies and half-baked solutions is becoming an issue in the crypto space. Bogus promises, flashy marketing and unsustainable economy. Many of these projects turn out to be mere ‘money grab’. But sometimes, this is not the initial intent of the project team. The workload of building from the scratch could be tedious, it takes a whole level of dedication, patience, funding and expertise to build from the scratch. Even in the presence of all these, it is still a hard task, at least harder than leveraging existing raw materials to build new finished products.
With NIX, the MUTE team was building a totally new blockchain with interoperability features. While they were up to this task, Ethereum’s layer-2 and ZK-rollup protocol presents a fertile ground and a good raw material respectively to build just a perfect product. The rebrand and the platform change allows MUTE to harness the power of the sleek Layer-2 and put the ZK-Rollup protocol into good work. The product is set to bring the change!
A breakthrough in technology? No, the rebrand is itself a breakthrough in project management. The technological breakthrough would be Mute’s DEX –Mute Switch. It’s exciting what the future holds as the project nears the initial release of its first product since the rebrand. I’m following this one closely, You should too!