How the CoinJanitor works? How to resurrect the dead or failed coin? Let’s have a look at the working plan CoinJanitor made.
During the CoinJanitor documents reading, I had an impression that one of the most difficult things in their scheme is picking up the correct failed coin for incorporating. To ease this step they invented a pretty complex scheme to judge the coin with following criteria:
• Inception date
• Exchange listing status
• Trade volume
• Hashrate
• Distribution of wallet addresses
• Social activity
• Forum activity
• Development commits
• And something what was called “others”.
I guess that this scheme will go through some modification, but for today it already shows how complex data CoinJanitor will analyze. That is why their full reports on the market situation will be released just at the end of this year. Nevertheless, according to their Whitepaper, just in next 2 months after the ICO, they want to resurrect two coins. I really hope they will make it because for the project it means a great kick or a ticket to the moon.
But if we know the criteria for picking up the coin, let’s check another part of the CoinJanitor scheme, unlocking the value trapped in failed coins.
It will happen in a broad 5-step process:
- Profiling 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 USD. 1 After 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 buy out the program will have a deadline. Attention (!) all buyouts 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. The detailed description of this process you can find in the Whitepaper: https://coinjanitor.io/wp-content/uploads/2018/03/CoinJanitor-White-Paper-v5.1.pdf
- 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.
Just a small reminding, CoinJanitor is able to work with almost all dead or failed coins which make a number of more than 50% of crypto tokens (abandoned and not listed coins).
What about some example of failed tokens CoinJanitor could use?
Useless Ethereum Token – UET – which was created to mock certain ICOs and/or ICO buyers. UET has fulfilled its educational purpose (if it ever had one) and it is trapping value, making it an excellent exceptional target for CoinJanitor.
Read another article about the CoinJanitor:
Token policy, project PROs and CONs
https://steemit.com/ico/@annahare/coinjanitor-token-policy-pros-and-cons
Team and Roadmap
https://steemit.com/ico/@annahare/coinjanitor-team-and-roadmap
Project description
https://steemit.com/ico/@annahare/coinjanicor-earning-on-dumped-coins-description
Check this links to read more about CoinJanitor project:
Website:
https://www.coinjanitor.io/
Whitepaper:
https://coinjanitor.io/wp-content/uploads/2018/03/CoinJanitor-White-Paper-v5.1.pdf
One-pager:
https://coinjanitor.io/wp-content/uploads/2018/03/edited_CoinJanitor-Two-Pager-Landscape-Light-v4.pdf
Telegram:
https://t.me/CoinJanitor
Anna Hare
You can find me here:
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Twitter: @44_crypto
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Valuer: RuthNews: http://ruth.news/ru/team
Check my Steemit/RuthNews profile regularly to find more information about the CoinJanitor project.
Next topic: “CoinJanitor- the team and the roadmap?”.