Leveraging Lightning Network for Branding? Is this even possible? Bitcoin infrastructure provider Voltage makes a good case for this. Of course, their “Identity and Branding on the Lightning Network“The article itself is a branding effort for the company. But that doesn’t mean the information it contains is invalid. In fact, they may have hit the nail on the head with this.
Related reading | Lightning Speed: What is the Lightning Development Program?
The company’s CEO, Graham Krizek, is the author of this article. “One of the interesting things about the Lightning Network is that, as a node operator, you have a “billboard” (alias) that you can use to advertise your nodes. Aliases are human-readable and mutable values that are associated with your node The people interacting can see,” he said bluntly. Another factor here is time. Companies that start branding now will get the most bang for their buck in the future.
Let’s let Voltage explain what their paper is about:
“The Lightning Network is still in the S-curve innovator to early adopter stage. Despite the rapid growth, participants still have a unique opportunity to capture significant potential value upside with minimal effort. Create one in 2 minutes Nodes allow companies and individuals to have a stake in the Lightning Network and use it to build differentiated brands.”
The key words here are “minimal effort” and “less than 2 minutes”, but don’t let the voltage fool you. Launching a node can be an easy and low-cost branding exercise. However, your company will have to stay on forever to earn the trust it is looking for.
A brand that spans time and space
Here’s the thing: If Bitcoin becomes what it should be, companies that have supported the network from the start will get a huge brand boost.
“As a decentralized network with public accountability, the simple act of broadcasting your alias allows time to have a compounding effect on trust value. A strong brand depends on consistent and honest performance over time. Running a node allows you to build that brand , and immediately demonstrate dedication to customer security, customer privacy, bitcoin and long-term preferences.”
All of this is good and makes sense, but something is missing. The largest alpha in the entire voltage article is only slightly related to the brand. It’s a sneaky message that makes a lot of sense in the world.
“This branding on the Lightning Network is a passive and effective way to show support for Bitcoin. As the cryptocurrency space continues to become more chaotic and diverse, making a public statement in support of either coin may Dividing. Running a node on the Lightning Network doesn’t require any words or announcements.”
Some companies can’t just do Bitcoin and that’s okay. However, if you want to avoid division, actions speak louder than words. Start the node and make a silent statement. Those in the know will hear your message loud and clear. This is your brand.
BTC price chart for 06/22/2022 on Eightcap | Source: BTC/USD on TradingView.com
Early adopters build trust
Another factor here, as we told you, is time. “Strong brands require a humble reality that building trust in the eyes of the public is the key to success. Early adopters add up this time value to dominate the market,” Voltage said. Starting a node is the easy part, gaining the trust of opening channels with other nodes takes time and effort. like all brands.
“Building trust over time in this network is made more complex by the availability of capital allocation. Lightning Network rewards time and builds trust by building more channels to increase traffic. Rewards leveraging network effects largely measure time value.”
Regardless, one thing is for sure, now is the time to act. The Lightning Network is uncharted territory for most companies. However, it could become the primary way of sending value through the Bitcoin network. “The huge upside potential for building a strong brand in this uncrowded space comes from the low cost of creating nodes and leveraging time,” Voltage said.
If it catches on, it might make sense for your brand to claim your terrain on the Lightning Network.
Featured Image by Keila Hötzel on Unsplash | Charts by TradingView