Leveraging the Lightning Network for branding? Is that even possible? Voltage, a bitcoin facilities service provider, makes a fantastic case for it. Approved, their “Identity and brand on the Lightning Network” short article remains in itself a branding effort by the business. That does not suggest the info it consists of is void, though. In truth, they most likely struck the nail on the head with this one.
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The business’s CEO, Graham Krizek, is the piece’s author. “One of the interesting things about the Lightning Network is that you as a node operator have a “billboard” (an alias) with which to market your node. The alias is a human-readable, and adjustable worth that individuals connecting with your node can see,” he states going directly to the point. The other element here is time. Business that begin their branding efforts now will gain the most advantages in the future.
Let’s let Voltage discuss what their thesis has to do with:
“The Lightning Network is still in the Innovator to Early Adopter phase of the Adoption S-Curve. Despite rapid growth, participants continue to have a unique opportunity to use minimal effort to capture a large potential upside in value. The creation of a node in under 2 minutes allows companies and individuals to have a stake in the Lightning Network and leverage this to build differentiating brands.”
The keywords here are “minimal effort” and “under 2 minutes,” however do not let Voltage deceive you. Spinning up a node may be a simple and low-priced branding undertaking. Your business will need to keep it up permanently to make the trust it’s trying to find, though.
Branding With Time And Area
The truth of the matter is this: if bitcoin becomes what it’s expected to be, the business that supported the network from the start will get a huge branding increase.
“As a decentralized network with public accountability, the simple act of broadcasting your alias allows for a compounding effect of time on the value of trust. A strong brand relies on consistent and honest performance over time. Running a node permits you to build that brand and immediately illustrate dedication to customer security, customer privacy, Bitcoin, and a long time preference.”
All of this is great and makes good sense, however there’s something missing out on. The greatest alpha in the entire Voltage short article is just somewhat associated to branding. It’s a tricky piece of info that makes all the sense worldwide.
“This brand display on the Lightning Network is a passive and effective means of showing support for Bitcoin. As the cryptocurrency space continues to grow more muddled and diverse, having a public statement in support of any one coin can become divisive. Running a node on the Lightning Network does not require any words to be spoken or any announcement to be made.”
Some business can’t pay for to be bitcoin-only, which’s ok. Nevertheless, if you wish to prevent divisiveness, actions speak louder than words. Spin up that node and make a quiet declaration. Individuals in the understand will hear your message loud and clear. That’s branding for you.
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Early Adopters Structure Trust
As we informed you, the other element here is time. “Strong brands require the humbling reality that time in the public eye building trust is the key to success. Early adopters compound this value of time to dominate a market,” Voltage states. Spinning up a node is the simple part, to make the trust to open channels with other nodes takes some time and effort. As all branding does.
“Time-building trust within this network compounds through the availability of capital allocation. The Lightning Network rewards time and the building of trust by increasing the amount of traffic through the establishment of more channels. Rewards that leverage the network effect weigh the value of time heavily.”
In any case, something’s for sure: the time to act is now. For the majority of business, the Lightning Network is uncharted area. It might end up being the main method to send out worth over the bitcoin network, however. “The tremendous upside potential of building a strong brand in this uncongested space comes at the low expense of creating a node and capitalizing on time,” Voltage states.
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It may make good sense for your brand name to claim surface in the Lightning Network, in case it captures on.
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