What is CoinJanitor?
With more than 4,500 cryptocurrencies in circulation, there are bound to be many
that are functionally dead. This presents many challenges for cryptocurrency
markets, as well as for the users of those currencies. Those users have their money
locked in a network that doesn’t allow them to transact, or a currency that is not
tradeable. Cryptocurrency markets on the other hand, suffer from dilution of
resources and reputational issues due to the sheer number of unusable coins.
CoinJanitor aims to solve these problems by unlocking trapped value in these
projects and at the same time create the much-needed public discussion of how best
to recycle value from failed projects in the future.
CoinJanitor will achieve this by taking over failed projects. To do this we will exchange CoinJanitor tokens (JAN) for the delisted coins that users hold. We will then proceed to burn those tokens and coins that we acquire. Through this mechanism, value will be restored to individual users who can sell or trade their CoinJanitor tokens, and to the community at large by the recycling of codebases and project assets back into the community. By reducing resource dilution in the market CoinJanitor will contribute to the network effect of functional coins, more effectively leverage fragmented communities and implement a mechanism for the recycling of spent resources back into future projects. As a result, CoinJanitor will also benefit from network effect and create a highly engaged, loyal community of coin holders working towards the improvement of utility and value in the crypto economy.
- Very solid, experienced, endorsed and qualified team with a sufficient size for the task
- Project materials are well performed and indicate bot opportunism and realism considering the risks
- The business model is unique and risky, but also has a lot of potential. In case the team is able to find “dead” projects with good base technology and active community, revitalizing the projects may be a great opportunity to apply old solutions into new use cases
- Pretty good visibility and outreach on the industry sites
- The token price could not be found, making the total valuation or any other financial indicators impossible to calculate for the project. So there is not even a vague idea can the unknown project valuation reach its ICO valuation in the markets
- Roadmap available only up to 2018, making it difficult to understand the long term goals of the project
- A couple of interesting partnerships listed with no indication about the nature of the relationships