Disappointment is something we all experience from time to time in different areas of our lives. Friends may fail us, family may forget our birthdays, even your trusted phone might die on you in the middle of a very long boring trip. The crypto world is no different.
According to CoinJanitor, Most coins that exist are practically useless tokens that cannot be traded. Many are abandoned, and will most likely never return to functionality. There are more than 4,500 coins in the market and it is estimated that more than 3,000 of these are already dead with some not too far from breathing their last.
Investor Dilemma
Now imagine you are an investor who bought in on the idea of a very exciting whitepaper only to find out it was all promise and no action. You quickly try to sell but the price has dumped to less than one-tenth of what you bought it for. Naturally you decide to wait till things get better. Turns out that was a second bad decision. The token/coin just kept falling in value till ultimately it was worth 1 satoshi on HitBtc. Effectively the project was dead.
Developer Problem
Let's say you are a pretty decent programmer and blockchain enthusiast buzzing with ideas. You and a few like-minded buddies brainstorm and choose to develop a token and a platform to innovate a particular industry and disrupt the processes by removing the bottlenecks that plague it. You make plans, prepare a roadmap, write up a decent whitepaper and spread awareness. The team decides to go public and launch an ICO. You can't build a great empire without capital right?
Sadly the ICO fell short of its mark. Way way short. So now your team has meager funds to continue and this would-be-amazing innovation just fades into oblivion.
COINJANITOR BRINGS HOPE!
CoinJanitor targets dead coins and aims to "burn" them after absorbing the code database into its own library. CoinJanitor will basically approach the developers of the dead project and offer to buy the project. The buying terms will include taking over the projects GitHub, mining out all the leftover tokens and offering holders of the coin/token the opportunity to swap their dead tokens for CoinJanitors working token (JAN). After the manual swap is completed, the tokens will all be burnt by sending them to an 0x0 address.
As I said in a previous article, CoinJanitor will be focusing on PoW(Proof of Work) coins rather than PoS(Proof of Stake). This is because with Proof of Stake coins the power of opinion lies with the highest holders which sometimes may have a higher stake than the project creators. Also, most PoW coins that are now regarded as deadcoins have already been fully mined or achieved their objective before dying and thus have nothing else to offer. PoW is also less community-centered than Proof of Stake.
To achieve this feat, CoinJanitor has partnered with Dead Coins. Deadcoins is one of the largest libraries that catalogues the list of dead projects and scam tokens. The vision of the CoinJanitor-DeadCoins partnership is to help investors and developers recycle failed coins with market caps of under $50,000.
The CoinJanitor custom token (JAN) will be the incentive offered to communities and developer teams of dead projects.
You can say that CoinJanitor aims to unlock value trapped in dead coins and allow people to transfer that value openly into cryptocurrency markets. It will also help those who hold the failed coins because they will be given the opportunity to join a new community that can achieve the network effect that the coins they hold failed to achieve.
So it's not a total restoration, but it's better than nothing right?
The very competitive CoinJanitor Team Ranked 5th Following The ICO Battle At iCoin Summit!
COINJANITOR REFERRAL CAMPAIGN
CoinJanitor aims to have a fast-acting community to speed up the cleanup of the crypto space. You can even earn CoinJanitor tokens by referring friends and family! The CoinJanitor referral campaign is quite simple to set up and easy to begin. For the privacy-conscious, fret not; there is no KYC required.
All you need enter is your email address and password to create a basic account. Simply Login, select and copy the link within the “My Referral Link” tab. This referral link will be user-specific, so CoinJanitor can easily keep track of who you are bringing in and how much they are investing or referring as well. This will make it easy to adequately compensate referrers for their much appreciated effort to enlarge the CoinJanitor community.
Each referred contributor will earn your 5% of their total contribution; so the more members you get to join in on this innovation, the more you will get paid out!
CONCLUSION
There are a LOT of dead projects lying around with many any and regretful investors languishing in regret. CoinJanitor is offering a chance to salvage investments and I don't think anyone will prefer to hold dust rather than collect a silver coin. CoinJanitor won't just be destroying the coins but will absorb its code. I think this could eventually be leveraged on to make better projects in the future.
To read more about CoinJanitor, you can visit any of the following links
CoinJanitor Website: https://www.coinjanitor.io/
CoinJanitor Products & Services: https://www.coinjanitor.io/#how-it-works
CoinJanitor whitepaper: https://www.coinjanitor.io/wp-content/uploads/2018/03/CoinJanitor-White-Paper-v4.5.pdf
CoinJanitors Next event: https://www.decentralized.com
CoinJanitor Social Media
Related Articles
- https://www.coinjanitor.io/news/coinjanitor-ico-battle-at-icoin-summit/
- https://www.coinjanitor.io/news/coinjanitor-and-deadcoins-com-join-forces-to-clean-up-crypto/
- https://www.bloomberg.com/news/articles/2018-06-28/crypto-coin-graveyard-fills-up-fast-as-icos-meet-their-demise
- https://www.trustnodes.com/2018/04/27/press-release-coinjanitor-project-charge-cleaning-cryptocurrency-markets-dead-coins
DISCLAIMER: The information contained within this post shall not be taken as financial advice. I am not a financial advisor and none of your investments should be carried out based on any information presented here. You can lose all of your money by not investing wisely. The above information is for educational and awareness purposes only. Kindly Endeavor to DO YOUR OWN RESEARCH.