Hello friends, In my previous article I did a review of CoinJanitor platform and talked about the steps by that CoinJanitor will uncover the hidden potential with these inactive coins. Initially, we only talked about 2 steps out of 5, today we shall be talking about the rest of the procedures that will aid the rediscovery of these coins.
More than 4,500 cryptos are in existence, more than half of these are not trade-able, all because they can’t meet up with the competition for investor’s attention in a crypto market. This situation of having coins that are functionally dead has continually created challenges in the cryptocurrency market, and also for the holders of these coins. it is quite unfortunate that assets and money are comfortably trapped in a system that doesn't allow users to trade or transact of these tokens.
Meanwhile, Crypto market on the other hand will experience a huge decrease in the market cap, otherwise known as DILUTION of various cryptocurrencies as a result of a large number of unusable coins that have flooded the market space. CoinJanitor aims at solving these problems by unravelling the potential hidden in these unused coins and create a mechanism to help recycle the value left of these unrealized projects in the nearest future. CoinJanitor will accomplish this by taking control of these projects, and to do this, the CoinJanitor token (JAN) will be utilized in place of the dead coin by their holders. At this point the unused coins will be burnt to restore value to the market, the users that can trade their acquired JAN tokens and the community at large through this process of recycling value back into the community.
We've talked about 2 steps by which CoinJanitor uses to restore the market's lost value which are; profiling the coins, not all coins qualifies to go through the recycling process with CoinJanitor, these coins must have a market cap that is below $50,000 and most have been launched for more than 2 years, secondly, the buy-out program organized by the CoinJanitor platform where these platforms are offered the opportunity to be merged with a bigger and more successful platforms. This program will be of benefit not only to the company and the coin creator, but it will also be of great help to the community at large. you can refer back to my previous post for a better understanding. After the buy-out program we have:
THE BURNING COIN
As soon as the buyout program is concluded, CoinJanitor will proceed to burn out the affected coins, putting an end to the circulation of these coins. This burning process ensures that these tokens are put out of existence.
COIN DECOMMISSIONING
Burning the coins out of the crypto market doesn't do it all, this is why CoinJanitor will start disabling their blockchain system. In other for CoinJanitor to achieve this, the blockchain cleaner (CoinJanitor) will be given access to their mining tech, and start the process of decommissioning, to make sure that these inactive tokens vanish from the surface of the blockchain ecosystem, since they cannot be used for any purpose on the blockchain.
OPEN SOURCE PROJECT
Lastly, the CoinJanitor team will go ahead to set up a code repository in order to transform the projects into an open source. This will allow every member of the community to access their codes for subsequent academic purposes, project developments and other blockchain-related goals. While every code will be made an open source library, CoinJanitor will start the compilation the data of all the cryptos they have successfully taken out of the market.
Note that an open source software development is important if any project wants to build safety and trust in the blockchain system. This software is collaboratively shared freely, produced, published transparently and developed to become a community good other than been owned by a single company.
The CoinJanitor has put in place some tight measures in other to put out possible scammers that will want to take advantage of the platform by cashing out on the buy-out program. It is normal for some project owners to feel as though their coins are worth more than what is offered through CoinJanitor platform, the fact remains that these projects have failed and are currently unable to generate positive cash, this is an opportunity that shouldn't be overlooked or taken for granted. I really think the fifth step is amazing, imagine a community granted access to a whole library of open source codes that can be used in creating new projects.
CoinJanitor will contribute immensely to resolving a network of fragmented communities, the platform will contribute to the effectiveness of crypto-oriented projects in the blockchain. An increase of functioning platforms in the blockchain space will create a high liquidity in the markets. As a result of the recycling mechanism put in place by CoinJanitor, the platform will benefit from an effective, loyal community of JAN coin holders that are interested in the goal of the platform and are working towards improving the value and utility in the cryptocurrency market.
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