Dec. 4th 2024
In a recent poll originating on the main ICP forum page, there is an interesting question that can open new scenarios.
Here is the proposal as per the source:
“The ICP community knows that there is only one organization with the vision, team, and tech that is working to make the World Computer possible. Let’s also make it clearer to the rest of the world that ICP is the “World Computer” by changing the Internet Computer Protocol to World Computer Protocol w/ ticker symbol (WCOMP) or (WCP).”
I already discussed ICP and the World Computer in a previous blog post and even this recent proposal in my latest video.
The reality is that we cannot proceed with voting on such proposals without conducting a thorough analysis of the potential rebranding costs and gathering insights on community sentiment through multiple surveys. These steps are essential to ensure informed decision-making and alignment with the community’s expectations.
First, let me share the results of a sentiment analysis I conducted based on the comments on my YouTube video. The feedback was mixed, with an estimated 30-35% of comments expressing support for a rebrand, while the majority of my subscribers were against the idea. This highlights the divided opinions within the community.
Let me begin by highlighting the positive comments from those who support the rebrand proposal.
Now, let’s move on to the comments from users who expressed disagreement with the rebrand proposal.
MARKET SENTIMENT AND INVESTORS’ SENTIMENT
Rebranding ICP could carry several market sentiment risks, especially in the context of an established technology or platform. Rebranding is a significant decision, and the impact on market sentiment will depend on how the rebranding is executed, and perceived by the community, and the potential effects on the platform’s reputation, usage, and future growth.
Here are some factors to take into consideration:
- Loss of Brand Equity
Risk: ICP has already built a certain level of brand recognition and trust within the industry, and changing the name could dilute this brand equity.
My Opinion:
As I’ve highlighted in previous articles and videos, the concept of the World Computer originated in 2015 with Dominic Williams’ vision. Therefore, ICP already embodies the World Computer. The remaining challenge is to effectively market this idea, a task the team is actively pursuing on social media.
We, as a community, have the power to amplify this message. For example, I consistently include the phrase “ICP = World Computer” in my posts on X to reinforce the narrative. By uniting as token holders and advocates, we can significantly influence public perception and ensure this vision reaches a broader audience. Together, we have the ability to make a lasting impact.
- Perception of Insecurity or Instability
Risk: A rebrand might signal that the original brand wasn’t strong enough or that the project has failed to meet expectations, leading to a shift in leadership or strategy.
My Opinion:
I believe ICP already has strong branding; what we need is increased publicity and traction. Rather than rebranding, our focus should be on breaking down the ecosystem’s complexities for the “average Joe” to lower entry barriers.
Personally, I am committed to educating investors and the broader audience, consistently explaining why ICP is a revolutionary project. By enhancing awareness and understanding, we can build confidence and attract more users without the need for a rebrand.
- Community Backlash
Risk: The ICP community might have an emotional or nostalgic attachment to the original brand.
- Distraction from Core Value Proposition
Risk: Focusing on a rebrand instead of improving the protocol or addressing existing issues (such as scalability or adoption) could be seen as a distraction.
My Opinion:
Let me start with a key question: “What is the goal of DFINITY?” One of its primary goals has been to attract developers to the ecosystem. Have they succeeded? Yes, they have. According to multiple sources, ICP is the most actively developed project in crypto.
Now, what’s the next step?
- AI that runs fully on-chain.
- Institutional adoption.
- Mass adoption.
I firmly believe that ICP, as the World Computer, has the potential to achieve all of these milestones. However, this is a long-term process and requires time, consistent effort, and community support.
Let’s end with another question: “Has DFINITY and ICP progressed in their vision compared to a year ago?”
The answer is a resounding yes. Key metrics—such as developer growth, cycle burn rate, fees, processed transactions, meaningful wallets, and revenue—are all at all-time highs.
The takeaway here is simple: We are improving, but progress takes time. By focusing on our core value proposition and sustaining momentum, ICP will continue its upward trajectory, making the vision of the World Computer a reality.
- Reputation Risk from Failed Rebrand
Risk: If the rebranding doesn’t resonate or is considered unsuccessful, it could harm the project’s reputation.
COSTS
The cost of rebranding, particularly for a project like ICP can vary greatly depending on several factors, including the scale of the rebrand, the resources required, and the long-term goals of the rebrand. Below are some of the potential costs involved:
- Brand Development and Design
- Marketing and Advertising
- Legal and Trademark Costs
- Platform Transition and Migration Costs
RISKS FOR REBRANDING IN A BULLISH MARKET
As of December 4, 2024, the market sentiment for Internet Computer Protocol appears bullish. The Fear & Greed Index indicates a high score, reflecting a positive investor outlook and rebranding may not be the best move in a bullish market.
- Market Stability and Momentum
In a bullish market, businesses and projects that are already doing well often benefit from market momentum. Rebranding at such a time may risk disrupting this momentum.
- Disruption of Trust and Consistency
ICP has a loyal following. Rebranding can disrupt this relationship and may cause to question why the change was necessary, particularly if they are satisfied with the current offering. If users feel like the rebrand alienates them or doesn’t align with their expectations, they may disengage.
- Costs vs. Market Conditions
Rebranding, as I discussed earlier, can be costly.
In a bullish market, ICP might be generating more revenue, but the rebrand’s expenses might outweigh the benefits if the market conditions are already favourable. Rather than investing in rebranding, funds could be better spent on growth initiatives, expanding the product, or enhancing user experience, which might deliver more value in the long term. In a bullish market, there’s an opportunity to leverage the existing brand strength and market dynamics.
CONCLUSION
I’ll keep this simple: On-chain = The New Online.
What we need now are stronger marketing efforts to amplify this message and attract more users. For everything else, let’s stay focused on developing, building, and growing together as a community.