This project is aimed at unlocking the value of failed or dead coins and transferring the same to functional cryptocurrency networks in a user-friendly way. It will also eliminate the coins that trapped the value. It will create a token that will provide a convertible asset for the users of the dead or failed coins allowing them to unlock the value left on the blockchain of the coins
With more than 4,500 cryptocurrencies in circulation, there are bound to be many that are functionally dead. This presents many challenges for cryptocurrency markets, as well as for the users of those currencies. Those users have their money locked in a network that doesn’t allow them to transact, or a currency that is not tradeable. Cryptocurrency markets on the other hand, suffer from dilution of resources and reputational issues due to the sheer number of unusable coins. CoinJanitor aims to solve these problems by unlocking trapped value in these projects and at the same time create the much-needed public discussion of how best to recycle value from failed projects in the future. CoinJanitor will achieve this by taking over failed projects. To do this we will exchange CoinJanitor tokens (JAN) for the delisted coins that users hold. We will then proceed to burn those tokens and coins that we acquire. Through this mechanism, value will be restored to individual users who can sell or trade their CoinJanitor tokens, and to the community at large by the recycling of codebases and project assets back into the community. By reducing resource dilution in the market CoinJanitor will contribute to the network effect of functional coins, more effectively leverage fragmented communities and implement a mechanism for the recycling of spent resources back into future projects. As a result, CoinJanitor will also benefit from network effect and create a highly engaged, loyal community of coin holders working towards the improvement of utility and value in the crypto economy.
Failed coins are profiled and a buy-out program is set up so that the coins creators turn over access to GitHub, other code repositories and all marketing assets. CoinJanitor burns the coins it bought and underlying blockchains are disabled. Relevant code repositories are organized and turned into an open-source blockchain library available to any community member for future developments and academic purposes. CoinJanitor compiles relevant data that is otherwise missing.
- CoinJanitor community members will benefit from being part of a growing economy that amalgamates communities to achieve the network effect they couldn’t achieve on their own
- Cryptocurrency markets will benefit from a reduction in market dilution and the possibility of having previously trapped value moving back in
- Users of failed coins will have a way to transfer the value they had locked in a failed project and will join a project that will integrate them.
- CoinJanitor creators will benefit from creating an unprecedented project in the cryptocurrency space that will create value through amalgamating the communities of failed coins under a single umbrella.
Token symbol: JAN
ERC20 Token: No
KYC Requirement: Yes
Category: Platform, Investment, Cryptocurrency, Big Data, Business services.
Accepted currencies: BTC, ETH, LTC, XMR, BTG, BCH, fiat (USD)
The project will accept funds in USD, Ethereum, Bitcoin and over 40+ other cryptocurrencies.