Recently the news of Facebook changing its name to Meta crowded the news and, therefore, the Internet. Many fans despised this move, while for many, it was the beginning of a new era as they shared this fantasy with Facebook itself. Another company known as Square, which is a payment processing firm owned and managed by the former CEO of Twitter, Jack Dorsey, has also announced a name change to be called Block.
This recent name change that many conglomerates are going through might be because of decentralization, and a common theory out there is that these companies want a part of the crypto market and affiliation with decentralization and making it more apparent they are now changing their name to the most commonly used phrases in the crypto world. Facebook, for example, has changed its name to Meta, which is Metaverse, the development of new VR technology that runs and finds its roots in Blockchain technology.
As for Square, it has changed its name to Block, which corresponds to multiple Blocks having the record of crypto transactions performed on a linear Blockchain and linked with each other through a chain-like structure. If both Facebook and Square think that they have done a pretty good job at hiding their affection towards decentralization or if the new names are discrete enough, then this is not the case at all. Another head-scratcher is that Jack Dorsey and Mark Zuckerberg, the respective CEOs of these companies, have never gotten along well before. When Jack saw the name of Facebook getting changed to Meta, he criticized this move, and all two months after, Jack Dorsey was doing the same.
The new name was given to Square, which is ‘Block’ as it signifies a broader range of products that the company is willing to bring to its favored clientele. The tinker name for Square on the New York Stock exchange, which is SQ, would remain unchanged for now, but maybe in the future, this will also get updated.