Have you ever wondered where the names of cryptocurrencies came from? Their names are so well-known, but in fact, it is often impossible to properly read what they are taken from or how they originated. So let’s take a look at how the names of the cryptocurrencies Bitcoin, Ethereum, Cardano and PlatonCoin came about.
Let’s start with the most well-known, the cryptocurrency Bitcoin. For those of you who are computer savvy, the word “bit”, which refers to computer information, the smallest unit of data, has not escaped your attention. When you add the word “coin” to that, you get a compound that can be loosely interpreted as electronic or informational money. There is also speculation that the name is meant to pay homage to bitgold, a decentralized digital currency designed by Nick Szabo in 1996 and considered a direct ancestor of Bitcoin. The name Bitcoin first saw the light of day in 2008, launched in January 2009, so it has been with us for 12 years.
We have known Ethereum since 2015. That’s when it arrived and very quickly climbed to second place in the world of cryptocurrencies. The story behind the name is basically simple. It was named based on science fiction elements that Vitalik Buterin, its founder, found on Wikipedia. Ether is a term for a hypothetical medium that allowed light waves to move through space, and Buterin conceived of it as Ethereum being the medium on which applications could be created and run. And also because it sounded nice.
Cardano is a project founded by Charles Hoskinson also in 2015. It was named after the Italian polymath Gerolamo Cardano (1501 – 1576). A polymath is a person whose knowledge spans a significant number of disciplines and who can draw on complex knowledge to solve specific problems. Gerolamo Cardano was also interested in chemistry, physics, mathematics and medicine, and is credited with the systematic use of negative numbers and the invention of the combination lock.
However, the abbreviation ADA pays homage to the English mathematician Ada Lovelace. She became famous for her work on Charles Babbage’s analytical engine. This also included the creation of the first ever computer algorithm. Interestingly, Cardano also names the various stages of its development after famous figures such as Byron, Voltaire and Goguen.
PlatonCoin takes its name from the Platon Life ecosystem. It is named after the tree under which the Buttonwood Agreement was signed on May 17, 1792 between 24 stockbrokers. It is the founding document of today’s New York Stock Exchange and one of the most important financial documents in US history, and was signed in front of Building 68 on Wall Street. Legend has it that the agreement was signed under a buttonwood tree (Platanus occidentalis).