Do you use Lightning Network for branding? Is it even possible? Voltage, the Bitcoin infrastructure provider, is a great argument for this. True, theirPersonality and brand in the Lightning NetworkThe article itself is a branding effort for the company. However, this does not mean that the information it contains is invalid. In fact, they probably hit the nail on the head with this one.
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The author of the article is the company’s CEO Graham Krizek. “One of the interesting things about the Lightning Network is that you, as a node operator, have a “billboard” (pseudonym) with which you can advertise your node. An alias is a human-readable and mutable value that people interacting with your node can see,” he says, getting straight to the point. Time is another factor here. Companies that start working on branding now will benefit the most in the future.
Let’s let Voltage explain what their thesis is about:
“The Lightning Network is still on the S-curve of adoption from innovator to early adopter. Despite rapid growth, participants still have a unique opportunity to make minimal effort to generate significant potential value growth. Building a node in less than 2 minutes allows businesses and individuals to take ownership of the Lightning Network and use it to build distinctive brands.”
The key words here are “minimal effort” and “less than 2 minutes,” but don’t let the stress fool you. Creating a node can be a simple and inexpensive branding exercise. However, your company will have to maintain this forever in order to earn the trust it seeks.
Branding across time and space
The point is, if bitcoin becomes what it should be, the companies that have supported the network from the start will get a big branding boost.
“As a decentralized network with public accountability, the simple act of broadcasting your pseudonym allows you to exacerbate the impact of time on the value of trust. A strong brand relies on consistent and honest work over time. Launching a node allows you to build that brand and demonstrate an immediate commitment to customer security, customer privacy, bitcoin, and long-term preference.”
All this is beautiful and makes sense, but something is missing. The biggest alpha in the entire article on stress has little to do with branding. It’s a sneaky piece of information that makes all the sense in the world.
“This brand demonstration on the Lightning Network is a passive and effective means of demonstrating support for Bitcoin. As the cryptocurrency space continues to become more confusing and diverse, a public statement in support of any one coin can cause controversy. Running a node on the Lightning Network does not require any words to be spoken or any announcements to be made.”
Some companies can’t afford to deal with bitcoin only, and that’s fine. However, if you want to avoid controversy, actions speak louder than words. Unwind that knot and make a silent statement. People in the know will hear your message loud and clear. This is branding for you.
BTC price chart for 06/22/2022 on Eightcap | Source: BTC/USD on TradingView.com
Early Adopters Build Trust
As we have already told you, the other factor here is time. “Strong brands require the humiliating reality that time spent in the public eye builds trust is the key to success. Early adopters multiply that time value to dominate the market,” Tension says. Spinning a node is the easy part, earning the trust to open channels with other nodes takes time and effort. Like all branding.
“Temporary trust in this network is exacerbated by the availability of capital distribution. The Lightning Network rewards time and builds trust by increasing traffic volume by creating more channels. Network effect rewards have a big impact on the value of time.”
Either way, one thing is certain, now is the time to act. For most companies, the Lightning Network is uncharted territory. However, it could become the main way to send value across the bitcoin network. “The huge growth potential of building a strong brand in this underutilized space comes from low node building costs and timely value,” Tension says.
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It might make sense for your brand to claim territory on the Lightning Network, in case it catches on.
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Credit : www.newsbtc.com