Crypto Twitter is not happy with the name and logo of Jamaican CBDC
The Bank of Jamaica revealed the name of its upcoming central bank digital currency (CBDC) after a design competition, only to receive backlash from the local crypto community.
The central bank of Jamaica announced on Twitter that it had chosen the name "Jam-Dex" along with the tagline and logo for its upcoming CBDC, scheduled for late 2022. While the project is promising, its name could be easily confused with a decentralized exchange (DEX), and its logo is "terrible," according to the community response.
The name Jam-Dex is said to be taken from Jamaican Digital Exchange, with the slogan "no cash, no problem." It was picked as the winner by the central bank following a competition. While the winner took J$600,000 ($3,800) home, the community is somewhat left unsatisfied with the result.
. Is it a CBDC or a DEX? And I appreciate the attempt at crowd sourcing the design - fairly Web 3 of you but... this logo cannot work. It should have been put to a broader voting mechanism - the panelists let you down here big time
In the cryptocurrency world, a 'DEX' usually refers to a decentralized exchange. A decentralized exchange refers to an exchange where there is no centralized authority, but rather a network of peer-to-peer nodes. These nodes allow users to trade directly with each other without any intermediaries involved. In this model, the control of your funds lies in your hands and you trade directly with another person.
The local crypto community was eager to see the rejected designs:
Can we see some.of the rejected designs?
Some of the other competitors were not happy with the end result, either:
Can't believe this beat my design lol :Image 2 (mines) pic.twitter.com/9qHdZPIFkF
Another user argued that judges had “outdated”
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