There has been over four thousand and five hundred cryptocurrency projects in the cryptocurrency ecosystem and it has been ever increasing as each daylight knows a bunch of new projects. Many of these cryptocurrency projects have legal and genuine vision or plan behind them whilst others are scam. It is because the genuine projects have visions, plans or innovations that made many investors to invest in them. Bitcoin being the father of them all started out like a joke, but it has come to stay today holding the highest percentage of the cryptocurrency market capitalisation. Many other projects started out this way but somehow on the way, the projects were hit hard by circumstances of failure which drew them into darkness or obscurity. Many of these failed projects or deadcoins became dead for so many reasons that spanned from errors, to ineffective market strategy, the developer abandoning the project, inability to update the project, etc. The funds pumped by investors in to these failed or deadcoins are lost as these tokens remain redundant in the wallet of the investors. These funds could have been pushed into top tier projects to profit investors.
Coinjanitor – The deadcoin recycler
Coinjanitor comes with a strategy and vision to smartly clean up the cryptocurrency ecosystem while profitting or returning lost value of the deadcoins to the investors or token holders.
Help us make cryptocurrency more useful. CoinJanitor is a community funded project that sweeps up inactive coins and pays users to trade them in. We need YOUR help to clean more!
Coinjanitor seeks to estimate the value of the deadcoins and swap them with coinjanitor tokens which can be sold by the investors. Coinjanitor has made a deep market research to understand or categorize what criteria would be used to determine a dead coin, these are: inception date, exchange listing status, trade volume, hash rate, distribution of wallet address, social activities, forum activities and others. By using these criteria, coinjanitor was able to categorize coins. Since there are no actual measure to know what a deadcoin is, coinjanitor sets a list of criteria which if any coin fulfills can be categorized as a deadcoin eligible for transformation and re-valuing. These criteria are: The market capitalisation of the coin should be below fifty thousand United States Dorlar ($50,000), the coin should be a Proof of Work (PoW) coin, the coin must not be listed on any exchange, the age of the coin should be above two years, the owners of the coin must be contactable and willing to cooperate with coinjanitor.
In my mind while reading the details of this project on the whitepaper, i am excited and named it the coincleaner. This project will help investors to regain their lost funds which are invested in failed or deadcoins and allow them to invest it in a better or top tier project.
How does coinjanitor achieve the deadcoin recycling?
Once a project has been identified as an eligible coin to be recycled, coinjanitor will contact the creators of the failed project and agree on a take over (which of course include legal bindings), coinjanitor will then take over the access to Github, code repositories and market assets. Members of the deadcoin community will be contacted and subsequently the tokens will be swapped for conjanitor tokens and then, the old tokens or deadcoins will be burnt.
This will ensure the cleaning of the ecosystem of the cryptocurrency and make lost funds available to investors.
Token and Ico
The funds or proceeds from the ICO, will be pushed into buying back of failed or dead tokens, isn’t that cool?