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HIGHLIGHTS
- Cryptographers feel that they have the right over the word ‘crypto’ as the term was coined well before the Bitcoin was introduced to the world as a form of cryptocurrency.
- Various dictionaries have different take on the term with majority of them relating the term crypto to cryptocurrencies.
The recent renaming of the Los Angeles’ Staples Centre as Crypto.com Arena seems to have sparked a new debate amongst a new group of experts who are obsessed with the word ‘crypto’. Questions have been raised regarding the use of the prefix – Crypto – and in which way can it be used.
Crypto, cryptography, Cryptocurrency: What’s in a name?
Cryptographers feel that they have the right over the word ‘crypto’ as the term was coined well before the Bitcoin was introduced to the world as a form of cryptocurrency. Cryptography is known as a science of writing codes and ciphers to secure communication and was first invented in Circa in 60 BC.
Also read: Crypto.com Arena deal: Can cryptos be ignored anymore?
Cryptic messages and cryptography were often used during World War I and World War II, but the modern from of cryptography was used in 1970s when IBM formed a 'crypto group,' which was primarily used encryption to protect its customers' data that was a secret till 1997.
The word Crypto
A look at various dictionaries would give a varied definitions for the word Crypto. While OxfordDictionaries.com, the online language resource owned by the Oxford University Press had added a few cryptocurrency terms such as blockchain, miner in 2015.
Also read: Binance crypto ad: Appeasing regulators or advocating future?
But a look at the prefix crypto, it would show that it describes crypto as ‘short for cryptocurrency’ and ‘short for cryptography’ as two separate meanings.
Cambridge dictionary on the other hand, describes the word as ‘COMPUTING’, giving various examples such as ‘Which are the best performing cryptos?’
Merriam Webster’s dictionary refers the word to cryptography, which is defined as ‘the computerized encoding and decoding of information’.
Choice of words
Many academicians have suggested the use of the world crypto for cryptocurrency is a poor choice of words. Interestingly when Crypto.com was registered as an ICO in 2018, it was done by a cryptologist and its then owner Matt Blaze.
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Blaze was often approached by many prospective buyers who want to cash in on the name crypto. But Blaze turned them back stating that the domain was not for sale.
Since then, people have debated the usage of the word and one of the pioneers Parker Higgins of the Freedom of the Press Foundation advocated that the rights to use the words remain with the cryptographers.
Higgins was of the view that while many are unsure about what cryptocurrency is, majority of the old school people relate the word cryptography or crypto to privacy and security. Cryptocurrencies or the crypto is more relatable with the younger generation who have been into active investments on digital medium.
Conclusion
Crypto for cryptocurrency or cryptos for cryptography, the question has indeed raised an interesting debate -- “Who’s crypto is it”? And who has the right over the word? Many would believe that it’s up to perception and how one views it.
Having said that, it’s a debate that is firing imaginations with no clear winner.
