[PR] CoinJanitor looks to help the Cryptocurrency market clean up it’s act
A new blockchain based startup named CoinJanitor is looking to fill an interesting role in the cryptocurrency market. It wants to clean up dead coins. While this is not something that many people in the cryptocurrency space think is needed, the fact is that there are too many dead coins to ignore. What happens to coins that fail despite the best intentions or community projects that don’t achieve any kind of network effect? They turn into a dead coin.
What is a dead coin? It is a project that has been abandoned by the developers, delisted, has a blockchain that is not performing according to specifications, did not fulfill its intended purpose and cannot be used to transfer value properly anymore. It is extremely rare for one of these projects to come back through sheer community effort. Most of these projects have been delisted from exchanges, so it doesn’t matter how much effort the community put into bringing them back, these coins can’t be used to transfer value into cryptocurrency markets. Instead, these coins or tokens just sit in wallets, taking up space. CoinJanitor’s proposed solution is to purchase these failed coins, integrate their communities under the CoinJanitor umbrella to achieve network effect, use their assets – code, data, and marketing assets – to build new tools and burn the coins purchased to decommission them.
After these coins have been acquired by CoinJanitor, holders will receive a swap in the form of the project’s native currency, the JAN token. This will act as a pass-through that allows for currencies that no longer have much, or perhaps any value to be traded in. CoinJanitor believes that it can unlock value trapped in these dead coins through the use of the JAN token, allowing dead coin holders to restore some of that value to the market, while the CoinJanitor team dissects all the code and data from those dead coins to create useful market tools. While the value proposition of this exercise might seem odd, considering the sheer amount of dead coins in the market it becomes clear that integrating the thousands of people stuck with dead coins under a single umbrella can be extremely valuable. Going through the code, data and transaction metadata that belong to hundreds if not thousands of projects is also bound to yield assets worth recycling.
“Right now there are 4,500 coins in the market, only 1,500 of them have enough trading volume to be labeled active. This is a lot of trapped value that we can and will release with CoinJanitor to create a clean, functional and prosperous crypto market for everyone,” said CoinJanitor CEO, Marc Kenigsberg.
The CoinJanitor Solution
- Purchase dead coins that comply with the following 4 basic features: not listed on an exchange, PoW, have total market caps below $50,000 USD and are 2 years old or older.
- Exchange these dead coins for CoinJanitor tokens, amalgamating thousands of users under a single coin to achieve network effect.
- The return value that is locked in defunct coins back to live crypto markets through a transferable token and by producing new tools with dead coin code and data.
Benefits of the CoinJanitor platform
- Value is restored to the market through a tradeable coin.
- A network effect is created through the integration of thousands of users under a single coin. That coin, in turn, is a scarce resource, and the only resource in the market that is designed to cater to the needs of the thousands of dead coin holders, which means there will be demand for it.
- Organizes code and data in repositories that can be used by the community, and that he CoinJanitor team will use as the raw materials for the production of new, useful tools for cryptocurrency enthusiasts.
The CoinJanitor token sale will launch on May 1st, 2018, and they will be collecting funding for their project until May 31st. The price of the token during the crowd sale will be $0.16 USD per token. Those interested in participating in the ICO can do so by registering at the official CoinJanitor site. The project will accept funds in USD, Ethereum, Bitcoin and over 40+ other cryptocurrencies.
Check out the website for more information.
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You can also join CoinJanitor Telegram group and ask the team members about the project directly.
Contact them directly at firstname.lastname@example.org
Disclaimer: We’ve not verified the claims in this article. This is not an investment advice, please do your own research before investing.