After community contribution and rounds of voting, the XRP community decided on a logo for the XRP cryptocurrency. This marks the end of an almost month-long campaign for the XRP Logo.
Ripple Labs Inc., the company, only utilizes the XRP Ledger and XRP cryptocurrency. Owning XRP does not mean that one has a claim over profits of the Ripple company, or that they have a claim of resources, which would lead one to believe that it is not a security. However, as multiple lawsuits can attest, the masses find it difficult to make this distinction.
Moreover, using Ripple’s name does not capture the depth of the XRP ecosystem completely as Ripple’s products are just one of the many applications. This also means that their for-profit logo was not open to the community, as the XRP Ledger itself is community-based.
This led to the beginning of the grassroots movement of sorts within the community, which in turn led to the community submission and voting processes. The site where the voting took place, xrpsymbol.com, had this to say about the symbol:
“XRP, unlike other cryptocurrencies, does not have a symbol that represents units of the asset. In order to distinguish XRP and better define it, a symbol will be created to use it when writing the amount of XRP, this symbol will also be used to represent the asset in place of Ripple’s trademark, mainly the 3 connecting circles triskelion.”
The community voted for their choice for the symbol that best represented the XRP ecosystem and characteristics of the currency. The voting started on June 1st, with the first round ending on June 8th. The 3 final logos chosen were:
The 3 logos again underwent a final round of voting to determine the one to be chosen. The final round was on June 12th, with the winner being chosen as the first symbol, beating out the other two by a comfortable margin of nearly 2000 votes.
The symbol was quickly adopted, first as a flair on the Ripple subreddit, and then as a display on the ‘XRP’ part of Ripple’s website. It was quickly updated on CoinMarketCap with the 3rd largest cryptocurrency showing the new logo instead of the old Ripple logo.
Exchange platform Uphold also said:
“Interesting new design!! We’ll share with the team — hopefully @Ripple team will list Uphold as a wallet/exchange soon!”
Twitter user Leo said:
“Ripple please update the exchanges and rename to XRP as apposed to Ripple not They I don’t like Ripple I’m a big fan but let’s make the definition clear ripple the company XRP the utility”
User Edwin said:
“Well arranged, and with the amount of votes a better success than I actually first expected.”
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