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. Evidently, everyone that missed the "Bitcoin party" is in a search of the next Bitcoin. This is why we are noticing the number of cryptocurrencies in the crypto-sphere increasing, with over 4,500 different cryptocurrencies and still counting. However, not all cryptocurrencies are doing well and this is demonstrated from the number of cryptocurrencies traded on the exchanges, for example, only about 1,400 coins are being exchanged. These numbers indicate that tons of coins have been cast aside by holders and creators, which is really unpleasant to the crypto-economy. Be that as it may, there is a 2018 project named "CoinJanitor” that has powered through the crypto-sphere to offer a recycling solution to the crypto coins. Let us explore the fundamentals of CoinJanitor.
What is CoinJanitor?
The word janitor means "a cleaner" and in a nutshell, the CoinJanitor project is a crypto cleaner that unlocks the trapped value that is locked in the failed projects to establish a clean, functional and prosperous crypto-market for everyone. This project was conceived by Marc Kenigsberg with a mission of reducing cryptocurrency market dilution and rejuvenating lost value to the crypto-economy by providing holders, crypto communities and project creators of the failed projects a buyout. To understand this pretty well let us take an example: If I start up an incredible crypto project and I name my crypto coin "Blessed coin." However, only four of my friends buy my coin and the rest is kept, then this means the value is trapped and my friends cannot transact or trade the Blessed coins they have. So, to help us unlock the value CoinJanitor buys out the Blessed coins with CoinJanitor tokens that can be traded on crypto-exchanges for other tokens.
How does it work?
The way CoinJanitor works is really impressive and very user-friendly. The whole process is split into five different steps. Let's look into it.
Profiling of dead coins.
CoinJanitor gathers important information from Deadcoins.com, the most comprehensive data source on dead coins. It intends to only work with Proof of Work (PoW) coins, that were ushered in two years ago and not traded on any cryptocurrency exchange or the coins with a market cap smaller than $50,000 USD.Contacting the coin's creators and it's hodlers.
After profiling, CoinJanitor gets in touch with the dead coin community, and they arrange a buyout program. The creators are obligated to hand over access to GitHub, other code repositories, and all marketing assets. It is of prime importance to note that all buyouts are done using the CoinJanitor token (JANS), simply because the project does not want to become an exchange for coins that are not particularly exchangeable, and also for those pump and dump projects.Burning of the acquired tokens.
At the conclusion of the buyout program, CoinJanitor burns all the coins it bought from the community and the dead coins that are hodled by the creators, where this is done by transferring all tokens to 0x0 address.Decommissioning the underlying blockchain.
When CoinJanitor gets access to the coin's Github, it attains full control of the consensus mechanism where it has the ability to be the only one to mine. At the same time, it also deactivates the basic blockchain with the granted access.Putting together the appropriate information.
All the Github's and meaningful code repositories that are acquired from the failed projects are turned into an open-source blockchain library, so they can be used for future project developments and research work. In addition, CoinJanitor uses this information to demonstrate its effectiveness to the crypto-economy.
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. Conclusion
CoinJanitor has come into play when the time is ripe since over 50% of cryptocurrency projects have failed. Failed projects have an effect on the mass adoption of cryptocurrency. The most impressive thing about CoinJanitor is that, after freeing the failed projects, it backs the existing projects which is really cool. I think this project is going to triumph, simply because it has a leading team with immaculate backgrounds in bitcoin and crypto marketing, and the CEO has an excellent track record in ICO guiding and blockchain businesses. This project is first of its kind in the cryptocurrency market, and it is dealing with the disappointment that creators, as well as holders, go through when a project fails, and this is enough for it to sail through the crypto-space.
To have more knowledge about this project kindly follow these links.
Disclaimer:
The information contained within this post shall not be taken as financial advice. I am not a financial advisor and none of your investment decisions should be carried out based on any information presented here. You can lose all of your money by investing. The information presented in this article reflects my understanding of the project.
Thank you!