Ever wonder where coins go to die? You probably don't, but According to an interview with Coin Janitors founder Marc Kenigsberg "there are many more crypto-currencies than people realize - at least 4,500. The vast majority of these cannot be traded or sold. In fact, only around 1,400 crypto-currencies are listed on crypto-currency markets. The rest, many of which are no longer being maintained, are effectively failed or "dead" projects.
Interview with Coinjanitor CEO https://www.itweb.co.za/content/Olx4zMkgbzrM56km
Do dead ICO projects haunt the blockchain like ghosts, endlessly wandering about with un-finished business? Apparently there is an project with a vision to re-discover these lost coins of blockchains past.
My review today is on CanJanitor… He's coming, give him time he's a bit old. There he is, CoinJanitor is here to clean up the blockchain! Searching thru the couch cushions of the internet finding loose coins in need of a spit shine.
His Mission
"To reduce cryptocurrency market dilution and restore lost value to the Crypto Economy, by providing holders, community members and creators of failed coins, a buy-out, a way to join a project that has the network effect that the projects they created or supported failed to achieve, and implementing a subsequent systematic burn of the coins bought out."
Yea! Sounds like serious business, and a potentially lucrative project. Symbolized by the (JAN) coin, CoinJanitor will liberate the potential of rediscovered coins through a 5-Step process
Profiling the coins that should be considered as failed. These coins will be PoW coins primarily, that were launched more than 2 years ago, are not traded on exchanges and have a market cap smaller than $50,000 USD
After profiling, CoinJanitor will reach out to the coin’s creators, their users and their wider community to set up a buy-out program and have the creators turn over access to GitHub, other code repositories and all marketing assets. The buyout program will have a deadline. All buy outs will be done using the CoinJanitor token to avoid pump and dump schemes, and to avoid becoming a de-facto exchange service for coins that are otherwise not exchangeable.
Once the buy out on a given project ends, CoinJanitor will proceed to burn the coins it bought.
When the coins are burnt, CoinJanitor will proceed to disable or decommission the underlying blockchain. To do this, CoinJanitor has access to mining equipment that can be directed towards these blockchains to implement its decommissioning process, if need be.
The team will proceed to organize relevant code repositories, turning every piece of code it acquires from these projects, into an open source “blockchain library” that any member of the community will be able to access for future project development, for academic purposes or any other goal they have in mind.
In parallel, CoinJanitor will start compiling relevant data about all the coins it buys out, to provide market information that is otherwise missing.
Much thought has gone into laying out a process that takes into account possible scammers looking to cash out on CoinJanitors buy-out offer, while being mindful of the community and creators of the coins. Of course I foresee some project owners feeling as if their defunct tech or code is worth more than they are offered, however the fact remains that in all reality a failed project is no longer likely capable of generating positive cash flow. If I had an old man wanting to hand me a bag of cash for my failed project, I'd probably hug him. That fifth step is awesome, and potentially a million, no billion dollar source of future revenues for the CoinJanitor project. I'm not programmer or computer engineer, but for a community to have access to a library of source code that can be picked thru and implemented into new projects. That’s gonna be some weird science and unique projects.
Let us take a moment to re-visit a handful of failed coins, that may have been something special.
-Aerocoin-
"is an electronic payment service designed to improve the efficiency, value, and profitability of retail purchasing on board a commercial aircraft. Our mission is to bring passenger purchasing into the 21st century by providing a number of technology solutions around a leaner service. We aim to create a shared value for both passengers and airlines through a fully integrated payment system, allowing airlines to better understand the needs of their passengers, and allowing passengers to avail of a more streamlined payment system."
Maybe ahead of its time? Maybe the team had a novel idea and code that can be reclaimed for use on all sorts of transportation systems.
-BountyCoin-
"The modern SHA256 coin. We all know that currently there are a lot of Scrypt coins, whether Scrypt-salsa, or Scrypt-jane. It almost seems no one is paying attention to the "foundation" SHA256 coin anymore. (Of course, except Bitcoin itself)
People may say that's because the raising of ASICs, any new SHA256 coin, which doesn't not have enough networking hashrate, can be easily 51%ed. Thanks to the invention of Proof of Stake, that it not true anymore. Bountycoin brings popular cryptocoin techinques to the SHA256 world."
Reads as if there may be clever source code for mining techniques that can empower the little people to compete with the whale miners? Who knows…
-Electriccoin- (VOLT)
"Electric is a modern currency, for an electronic age."
I live in the Electric age! I want modern currency… We may never know what wonders the VOLT coin could have bestowed upon us.
-H2OCoin-
"Is focused on donating to www.thewaterproject.org, the only organization that I've found, which accepts crypto-currencies as a donation method. " Why You are fundraising? "Because we care."
Dang, how could we have let this coin die!? Good intent, maybe needed more promotion and a larger support base. By the way The Water project is still around, and is proud to be among the very first charities to accept cryptocurrency. Check them out, people need water dammit! https://thewaterproject.org/donate-bitcoin
I think it's clear, that of the hundreds and hundreds of failed ICO's some type of unrealized code, or technique, or just compassionate idea's may be found in order to create a better version of a coins past self. It's like a box of Lego's, with a little imagination you can snap together a fantastic object.
The Team (which I highlight below) behind Coin Janitor are from my estimation the type of people that can reverse-engineer, recode, or reimagine new ways to breathe new life into many of these failed projects.
But first Let's look at the benefits CanJanitor plans to offer
Users
The opportunity to get value back from coins that cannot be sold and to join a community that will grow exponentially, achieving a network effect through the amalgamation of communities that are otherwise cut-
off from cryptocurrency markets altogether.
Project Creators
Creating the first project of its kind in cryptocurrency markets, opening the debate about what to do with
failed coins and leading a newly created community in the development of more tools that will be useful to
cryptocurrency markets altogether.
CoinJanitor
The creation of an economy that wouldn’t exist otherwise. This economy will grow with every failed coin that is
disabled and with every community that is amalgamated under the CoinJanitor umbrella.
The Market
Reduction of dilution and the transfer of value that would be otherwise lost, into top ranked cryptocurrencies.
Another thing to point out is that the Coinjanitor team makes a claim that it is NOT a Regular ICO.
"Despite the creation of the CoinJanitor token as the umbrella coin with which CoinJanitor aims to start cleaning up those failed or dead coins, this project is NOT a regular ICO. CoinJanitor is a community funded project that aims to do something that has never been tried before and contribute positively to the larger cryptocurrency community."
The goal is not to be Vultures of blockchain technologies, but rather to address a messy problem that will continue to muddy the waters as hundreds if not thousands of new ICO's attempt to succeed in a super competitive space.
Here is the team that will be taking on this problem. I provided a link for each member, for more detail.
"Marc has been an advocate for cryptocurrency and bitcoin since 2013. He is an internationally recognized speaker and firmly believes in the power of the blockchain." Marc is also one of the Top20 ICO advisors in the industry. He has built multiple companies around the crypto ecosystem, including one of the biggest news websites in the Bitcoin world BitcoinChaser, is a recognized ICO adviser and regular speaker at industry conferences like the London Affiliate Show, Ice Totally Gaming, the World Gaming Summit, SiGMA Malta, Bitcoin Europe, Crypto Friends Hypethon and more."
I get the impression, that when this man talks crypto, leaders in the field stop and listen. It would be sad to hear if this project became like the coins it aims to revive, however having such experience leads me to believe that he understands how to deal with coin exchanges, and work with partners to make the JAN coin price moon.
Here's a video of Marc detailing the basic idea of Coinjanitor
https://www.coinjanitor.io/news/meet-the-team-asaf-yosifov-founder-cto-coinjanitor/
https://www.coinjanitor.io/news/meet-the-team-tzahi-kanza/
https://www.coinjanitor.io/news/meet-the-team-tzvi-shishler/
https://www.coinjanitor.io/news/meet-the-team-theo-morgan-somers/
https://www.coinjanitor.io/news/meet-the-team-steven-gleiser/
Special Mention: Ariel Rattner is the first of 14 Supporters of the Coinjanitor project. Not only was he forward thinking enough to see a project with the potential to make an impact in the Crypto world, but he is also a member of what I think is the best Crypto related Discord Channel in existence "SkrillaKing Community". Ariel is a source of expert knowledge on the channel and I have learned a lot of what I know because of his helpful nature. I implore anyone that reads this article to join the discord, and step your Crypto game up.
Join Here: https://discord.gg/BJkhg4Y
I personally think Coinjanitor is one of the most unique projects to come on the scene in recent history. With a great idea that spans the entire Crypto space and possibly the world. I hope this review gave you a level of interest to continue doing your own research. We may be hearing for years to come of projects that were made possible because of what Coinjanitor is doing. So I'll end this review with a look at the multiple ICO ratings the projects has received so far. Coinjanitor is putting up some great numbers, and will for sure be a project that I will be looking out for once it hits the mass market.
Resources:
Website
https://www.coinjanitor.io/
Telegram group
https://t.me/CoinJanitor
Twitter
https://twitter.com/CoinJanitor
Facebook
https://www.facebook.com/Coin-Janitor-118743528936834/
Bitcoin Talk thread
https://bitcointalk.org/index.php?topic=3033541.0
Condensed Whitepaper
https://coinjanitor.io/wp-content/uploads/2018/03/edited_CoinJanitor-Two-Pager-Landscape-Light-v4.pdf
Full Whitepaper
https://coinjanitor.io/wp-content/uploads/2018/03/CoinJanitor-White-Paper-v5.1.pdf