Ever wonder where coins go to die? You probably don't, but According to an interview with Coin Janitors founder Marc Kenigsberg "there are many more crypto-currencies than people realize - at least 4,500. The vast majority of these cannot be traded or sold. In fact, only around 1,400 crypto-currencies are listed on crypto-currency markets. The rest, many of which are no longer being maintained, are effectively failed or "dead" projects.Do dead ICO projects haunt the blockchain like ghosts, endlessly wandering about with un-finished business? Apparently there is an project with a vision to re-discover these lost coins of blockchains past.My review today is on CanJanitor… He's coming, give him time he's a bit old. There he is, CoinJanitor is here to clean up the blockchain! Searching thru the couch cushions of the internet finding loose coins in need of a spit shine.The Mission"To reduce cryptocurrency market dilution and restore lost value to the Crypto Economy, by providing holders, community members and creators of failed coins, a buy-out, a way to join a project that has the network effect that the projects they created or supported failed to achieve, and implementing a subsequent systematic burn of the coins bought out."Yea! Sounds like serious business, and a potentially lucrative project. Symbolized by the (JAN) coin, CoinJanitor will liberate the potential of rediscovered coins through a 5-Step processProfiling the coins that should be considered as failed. These coins will be PoW coins primarily, that were launched more than 2 years ago, are not traded on exchanges and have a market cap smaller than $50,000 USDAfter profiling, CoinJanitor will reach out to the coin’s creators, their users and their wider community to set up a buy-out program and have the creators turn over access to GitHub, other code repositories and all marketing assets. The buyout program will have a deadline. All buy outs will be done using the CoinJanitor token to avoid pump and dump schemes, and to avoid becoming a de-facto exchange service for coins that are otherwise not exchangeable.Once the buy out on a given project ends, CoinJanitor will proceed to burn the coins it bought.When the coins are burnt, CoinJanitor will proceed to disable or decommission the underlying blockchain. To do this, CoinJanitor has access to mining equipment that can be directed towards these blockchains to implement its decommissioning process, if need be.The team will proceed to organize relevant code repositories, turning every piece of code it acquires from these projects, into an open source “blockchain library” that any member of the community will be able to access for future project development, for academic purposes or any other goal they have in mind.In parallel, CoinJanitor will start compiling relevant data about all the coins it buys out, to provide market information that is otherwise missing.Much thought has gone into laying out a process that takes into account possible scammers looking to cash out on CoinJanitors buy-out offer, while being mindful of the community and creators of the coins. Of course I foresee some project owners feeling as if their defunct tech or code is worth more than they are offered, however the fact remains that in all reality a failed project is no longer likely capable of generating positive cash flow. If I had an old man wanting to hand me a bag of cash for my failed project, I'd probably hug him. That fifth step is awesome, and potentially a million, no billion dollar source of future revenues for the CoinJanitor project.UsersThe opportunity to get value back from coins that cannot be sold and to join a community that will grow exponentially, achieving a network effect through the amalgamation of communities that are otherwise cut-off from cryptocurrency markets altogether.Project CreatorsCreating the first project of its kind in cryptocurrency markets, opening the debate about what to do with failed coins and leading a newly created community in the development of more tools that will be useful to cryptocurrency markets altogether.CoinJanitorThe creation of an economy that wouldn’t exist otherwise. This economy will grow with every failed coin that is disabled and with every community that is amalgamated under the CoinJanitor umbrella.The MarketReduction of dilution and the transfer of value that would be otherwise lost, into top ranked cryptocurrencies.Another thing to point out is that the Coinjanitor team makes a claim that it is NOT a Regular ICO."Despite the creation of the CoinJanitor token as the umbrella coin with which CoinJanitor aims to start cleaning up those failed or dead coins, this project is NOT a regular ICO. CoinJanitor is a community funded project that aims to do something that has never been tried before and contribute positively to the larger cryptocurrency community."The goal is not to be Vultures of blockchain technologies, but rather to address a messy problem that will continue to muddy the waters as hundreds if not thousands of new ICO's attempt to succeed in a super competitive space."Marc has been an advocate for cryptocurrency and bitcoin since 2013. He is an internationally recognized speaker and firmly believes in the power of the blockchain." Marc is also one of the Top20 ICO advisors in the industry. He has built multiple companies around the crypto ecosystem, including one of the biggest news websites in the Bitcoin world BitcoinChaser, is a recognized ICO adviser and regular speaker at industry conferences like the London Affiliate Show, Ice Totally Gaming, the World Gaming Summit, SiGMA Malta, Bitcoin Europe, Crypto Friends Hypethon and more."I get the impression, that when this man talks crypto, leaders in the field stop and listen. It would be sad to hear if this project became like the coins it aims to revive, however having such experience leads me to believe that he understands how to deal with coin exchanges, and work with partners to make the JAN coin price moon.I personally think Coinjanitor is one of the most unique projects to come on the scene in recent history. With a great idea that spans the entire Crypto space and possibly the world. I hope this review gave you a level of interest to continue doing your own research. We may be hearing for years to come of projects that were made possible because of what Coinjanitor is doing. So I'll end this review with a look at the multiple ICO ratings the projects has received so far. Coinjanitor is putting up some great numbers, and will for sure be a project that I will be looking out for once it hits the mass market. via /r/ico https://ift.tt/2KoHBIT
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