Dead coins have been a topic of discussion for a long time in the cryptocurrency space. Nevertheless, no one has taken any kind of action to recycle them or do anything else with them. This might have to do with the fact that blockchain experts and bitcoin enthusiasts cannot agree on a single definition for a dead coin. CoinJanitor, the world’s first, blockchain based, dead coin recycling platform, comes with a revolutionary solution to engage the blockchain community in this recycling process, helping the market deal with the dead coins in the best possible manner while it opens up the discussion about the definition of what a dead coin is.
CoinJanitor is a platform that offers a recycling solution for dead coins, by unlocking the value trapped in them. It also seeks to reduce dilution in the markets through the amalgamation of dead coin communities, and their integration into the CoinJanitor platform.
Over 4,500 cryptocurrencies are in circulation today. A significant majority of them are dead. Those dead coins represent a challenge for cryptocurrency markets, as the market has to deal with value dilution while the owners of the coins have their value trapped in digital currencies that are not accepted in the market. Also, most cryptocurrency wealth is concentrated on coins with a market cap of $1 billion and above, and yet thousands of users are holding on to coins with a market cap of $50,000 or less. The CoinJanitor platform aims to recycle all these coins via CoinJanitor token through the following steps:
- Analyzing and profiling the dead coins by using predesigned parameters
- Use of community outreach to work together with dead coin communities in the CoinJanitor platform
- The dead coins will be bought with CoinJanitor tokens to amalgamate dead coin community members under a single umbrella. The CoinJanitor platform will allow the users to transfer the value that was trapped in their dead coins to the market
- Burning the dead coins bought and decommissioning their blockchains with the consent of the creators and dead coin communities
- Organizing the code and data from the projects that CoinJanitor buys out in open source repositories and developing new tools for the cryptocurrency communities.
Watch here how it works.
Who is Going to Benefit from CoinJanitor?
The project beneficiaries include
- Failed Coin Owners
The users will extract value from their dead coin holdings. They will join a community that is set to grow exponentially with the growth of CoinJanitor and add new communities of other failed coins.
- CoinJanitor Users
The users will enjoy the benefits of an ever-growing network of users. This network effect will grow every time another dead coin is bought, delivering value to CoinJanitor holders.
- The Cryptocurrency Market
The market will benefit from the reduction of the dilution created by dead coins, and the subsequent transfer of trapped value as CoinJanitor decommissions these blockchains. CoinJanitor will also be the only resource in the market capable of unlocking and transferring the value locked within dead coins into the market.
The Dichotomy of CoinJanitor Project, and its Crowdsale
The CoinJanitor ICO will start on May 1st, 2018 and will end on May 31st. During this ICO, 50% of the CoinJanitor tokens will be up for sale. That is a total of 50 million JAN tokens.
Unlike other blockchain projects, CoinJanitor has set out on a unique mission. Its ecosystem presents a dichotomy in terms of tokenomics and operations. While most platforms aim to develop tools that could add value later on, CoinJanitor will start adding value immediately after the ICO is over.
To find out more about the platform and take part in its ICO, you can visit https://www.coinjanitor.io/