Can marketing affect cryptocurrencies and their organic growth in any way? To learn more about this topic, Elian Huesca, Latam Ops Lead at Decred.org, shared his thoughts with Cointelegraph en Español. Analysis of brands in the crypto world.
“”Brands are social constructions that live in the collective imagination, adapt to the historical features of the moment, feed on the ideas and desires of those who interact with them. The decentralization of cryptocurrencies makes this even greater and takes on new meanings in the way we do marketing and create narratives, ”explained Huesca.
He also said that With the birth of Bitcoin, a new concept in terms of marketing and communication was discovered: “a brand without a face”.
“Satoshi Nakamoto was careful not to reveal his identity, thereby preventing his personality from becoming the center of Bitcoin narration and development. Over time, we’ve seen Satoshi disappear and lead others to take the lead on the project. With his disappearance, Satoshi helped decentralize Bitcoin and grow it organically, ”added Huesca.
According to him, the absence of a leader has allowed the community to create narratives, art, and memes around the protocol without a marketing director or communications department dictating the direction to follow. In this way, It is the users who create the narratives that strengthen the fundamentals of the protocol, its perception, and its network effects.
“Over time, we’ve seen the narrative change. It began as digital money that was transferred from person to person on a cheap payment network, anonymous money from the darknet, as ‘safe paradise’, as a form of reservation of cryptocurrencies and now as censorship-resistant digital gold and store of value. The narratives have changed according to the historical reality that has occurred in the eleven years of its existence, as well as its own characteristics and circumstances of scalability and usability, ”explained Huesca.
On the other hand, he emphasized that Decred and Monero were founded by a pseudonymous developer named Tacotime who eventually disappeared from the scene to let ideas grow organically.. “That’s why we followed a similar path without a marketing department having to make a decision. Only members of a decentralized community around the world want to come up with ideas to repeat the project narrative. In that sense, Decred is a no-leader brand that evolves according to the historic moment, drawing on the talent and desires of its community of developers, entrepreneurs and fans, ”he noted.
For Elián Huesca, the development of a decentralized open source protocol requires narratives that arise organically from the community of users who use the development and help develop it. “We can see that the idea of a no-name brand is becoming even more important in the context of DAOs. Autonomous decentralized organizations that do not have a traditional hierarchy or a leader, but are fed and guided by the collective intelligence of their community, ”he said.
“”This way of creating narratives and communicating the essence of a public blockchain through the community has advantages and challenges that need to be considered. On the one hand, there are no limits to the imagination and the contributions you can make as a community towards a common goal. On the other hand, because of the variety of ideas that contribute to the storytelling task, it is a challenge to coordinate and execute, ”he added.
He also quoted Ana Chavez, BizDev at Decred in Latam, who said, “Organic growth doesn’t come without a bit of chaos.”
Finally, Huesca explained that faceless brands like Bitcoin, Decred or Monero represent a new model of value construction thanks to the advent of user networks with the ability to develop and distribute narratives openly and without permission.. “In a world of faceless brands, pseudonymity becomes a notable trait, not the personality but the ideas behind it. Ultimately, it doesn’t matter who Satoshi Nakamoto or Tacotime are, their ideas have penetrated the collective unconscious and exceeded time to create narratives, movements and visions of the future. “
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