Ever since the creation of Bitcoin, it has become progressively easier to create new cryptocurrency projects. Unfortunately, not all of these projects are successful, and quite so often investors of a project are left with useless coins, ones which have no utility or can not be transferred even within their network. This is unfortunate, because some of those projects are well intentioned: their founders and communities really believe in the projects and they want them to work. However, they fail for one reason or another. A way in which such value could be unlocked is therefore desirable.
And while the debate is not clear about what precisely is a failed project, that is there are no clear parameters to ascertain that a project has failed, there is need for this issue to be addressed, and this is precisely what CoinJanitor has done through extensive research of material on the subject, speaking with people to create an emerging consensus and defining criteria based on activity.
CoinJanitor is a community funded project that aims to provide a convertible asset for the users of failed or dead coins to unlock the value they left on the blockchains of those coins through the creation of a token (JAN). By receiving CoinJanitor (JAN) tokens, users can trade their previously locked value into bitcoin and other leading cryptocurrencies. Holders of those coins exchange their dead coins for JAN, and those coins are subsequently destroyed. These users will then have an opportunity to add their newly created value to that of more successful cryptocurrency.
The CoinJanitor project seeks to solve an already existing problem, and to the best of my knowledge the only proposed solution thus far, and having gone through the whitepaper and seeing the research that this project has done, this project is one that should be taken very seriously.
