pupupupuisland | The Symbol Stories of Cryptocurrencies: BTC/ETH/BNB/SOL
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Satoshi Nakamoto's design proposal has been repeatedly criticized? Ethereum's logo is an empty wallet? The stories behind the symbols of several cryptocurrencies.
In the world of Web3, we check Twitter for the latest information, keep an eye on the price fluctuations on exchanges, or browse NFTs on Opensea every day. These symbols of various cryptocurrencies can be seen everywhere on websites, and have gradually become familiar symbols in many people's lives.
But have you ever wondered where these symbols come from? Who designed and established them? What stories or meanings lie behind these symbols?
Table of Contents
Background: Where Does the Widely Known "$" Symbol Come From?
Before delving into cryptocurrencies, it's essential to understand the origin of the "$" symbol used in physical currencies. The symbol has various origins, with the most widely accepted theory tracing it back to the Spanish currency unit "peso," which was introduced to the New World by the conquistadors.
The "$" symbol first appeared in commercial correspondence in 1770 in regions like Britain, the United States, Canada, and New Spain. Manuscript studies from that time suggest that the original medieval Latin variant "pˢ" gradually evolved into the "$" symbol as the letter "s" overlapped with the letter "p." The "P" was simplified into a downward stroke, giving rise to the "$" symbol.
Additionally, the double vertical lines in the dollar symbol have been suggested to originate from the Pillars of Hercules emblem on the Spanish coat of arms. This "S"-shaped band with entwined ribbons was often cast on silver coins or used in architectural sculptures in 16th-century Spain.
The Bitcoin symbol was designed by Satoshi Nakamoto in early 2009 and appeared on his first client's interface two months after the whitepaper release. The initial version featured a coin with the letters BC, symbolizing the "metallism" concept, where a currency's value is derived from physical commodities like gold and silver.
Subsequently, community members began proposing various ideas and suggestions. In February 2010, Satoshi Nakamoto updated the design, incorporating elements from the double vertical lines in the dollar symbol. The revised design featured a metal relief-style "B" with two vertical lines, distinct from the dollar symbol as both lines connected from top to bottom without passing through the middle.
While this new design garnered approval from most Bitcoin users at the time, some felt it was merely "usable." Satoshi Nakamoto, feeling out of his element, expressed on the forum that if someone could improve upon it, they were welcome to do so.
In November 2010, an anonymous user named "bitboy" surfaced on the forum with a design. He humbly shared his work, stating, "Hey, folks, just wanted to say hi and share some images I've been working on. Feel free to download them and use them if you like." This design replaced the coin with an iconic orange circle and tilted the "₿" symbol clockwise by 14%. The new design quickly gained favor among the majority of the community members.
bitboy later mentioned that the design was a modification of the original, following Satoshi Nakamoto's wish to make all designs open-source for the community. When a user pointed out its resemblance to the Mastercard logo, he replied, "That's the inspiration. Ironically, I hate Mastercard and Visa," which are the companies Bitcoin aims to replace.
The original Ethereum logo was designed shortly before Ethereum's launch by one of its co-founders using simple computer software, without much thought or preparation. The initial version featured a combination of two rotated sigma (∑) symbols, resembling a diamond when overlapped.
They later held a design contest within the community and selected a variation of the original design, the present recognizable rhombus or octahedron shape. This geometric pattern, composed of six triangles (two at the bottom, four at the top) in varying opacities (45%, 60%, 80%) of black, creates a three-dimensional effect.
Due to various usage contexts, the symbol has evolved into multiple versions, including an all-black silhouette, a three-dimensional multicolored version, a pink version for WETH (Wrapped ETH), and an extended version for ENS (Ethereum Name Service).
Some Ethereum enthusiasts have proposed deep interpretations of the symbol's design, such as symbolizing precious natural crystal diamonds, perfect mathematical forms, indestructible structures, or other imaginative theories. However, George Hallam of Ethereum stated in an email, "There's actually no hidden meaning behind this logo; it's apparently just an octahedron."
3. Solana: Futuristic Purple and Green Color SchemeIn contrast, symbols of emerging cryptocurrencies tend to resemble brand logos designed and standardized by specific centralized enterprises.
Solana's logo draws inspiration from 1980s tech aesthetics, featuring three identical parallelograms that combine speed and architectural concepts. Through this design, font, and color scheme, Solana aims to convey a sense of technological innovation and futurism.
Like typical corporate logos, Solana has established a comprehensive set of usage guidelines, including standard colors, gradients, proportions, application examples, and clear space specifications.
Interestingly, many DeFi, gaming, and NFT projects within the Solana ecosystem prominently feature the distinctive "purple and green" color scheme in their logo and UI designs. This high distinctive color scheme has become a characteristic that easily distinguishes and connects users within the Solana community.
The logo of Binance, a cubical intersection shape viewed from above, resembles interconnected "blocks." Their official promotional materials often feature a dark background with their yellow logo overlaid. The use of yellow distinguishes Binance from other blockchain ecosystems, preventing confusion with commonly used red and green colors in trading.
Almost identical to the current version, the initial logo underwent a minor adjustment one year after its first design reveal. The spacing between the rectangles was altered from a 1:1 ratio to a width of 7 compared to a spacing of 5, concentrating the logo's visual impact. The Binance logo has several versions, including a top view rectangle, an isometric top view, and a 3D cube.
Given the evolution of these various symbols, do you think cryptocurrency logos should be designed and standardized by a centralized official entity, akin to corporate branding, with uniform guidelines? Or should they evolve organically like everyday symbols such as arrows or hearts, gradually becoming customary, flexible, and diverse?
From the original spirit of blockchain, perhaps cryptocurrencies shouldn't have an "official" symbol that dictates what's right or wrong. However, from a functional perspective, would the emergence of similar, confusing symbols lead to usability issues?
In a contradictory twist, people have sometimes used the "$" symbol to replace "S" in words to mock greed or signify excessive wealth, as seen in terms like "Micro$oft" or "Di$ney." However, in Ethereum user culture, the letter "E" is often replaced with "Ξ" to demonstrate loyalty and faith in cryptocurrencies. Is this a display of anti-capitalism or simply a shift in wealth obsession to a different currency?