CoinJanitor is a South African blockchain startup proposing to take on failed or failing cryptocurrency projects and returning their value to the global crypto market.
The tech firm will look for specific coins considered to no longer have practical use by the community or are functionally inactive. After making contact with their creators and communities, CoinJanitor will buy out the coins with its own native tokens and manually decommission the blockchains after destroying the inactive coins. This is how the value can be transferred back to the crypto markets.
CoinJanitor will play similar role as his namesake, the janitor, but in cryptocommunity. The janitor is often unseen and unheard, diligently cleaning up offices and buildings. He maintains tidiness, keeping working spaces clean and conducive to work, with most building inhabitants rarely needing to interact with him.
Just like every building needs someone to fix leaking pipes, broken windows and spills, CoinJanitor believes that the blockchain industry and cryptocurrency markets could benefit from improved efficiency of an entity that cleans up the scene behind the scenes.
Its first priority will be to address the growing list of coins and tokens forgotten by the successes of others. It will reach out to the communities and founders of these coins and follow up with purchasing and decommissioning them. This can return their values and make coins active again in the crypto market.
Cryptocurrency enthusiasts who do not hold any of these inactive coins might question the need to be concerned with them, but CoinJanitor believes that there are sound economic principles underlying this.
The fact that these inactive coins are no longer part of the crypto ecosystem, means that their values are locked up, removing values that, collectively, could become a significant source of growth and further help top-ranking coins achieve more.
By swapping these inactive coins into active tokens, CoinJanitor hopes to create a community of users, able to sell, buy and trade CoinJanitor tokens on exchanges for other top-ranked digital assets. This is likely to create new positive external influences for performing coin holders, even those completely uninvolved with CoinJanitor or inactive coins.
Those contributing to CoinJanitor will have the opportunity to play a role in a fast-expanding community that reclaims users of inactive coins, bringing them back into the market economy and growing from a powerful network effect.
Its staff members will also focus on organizing the swathes of data that is expected to be produced from its work, providing new insight into cryptocurrency arena that remains largely unknown and under-researched.
The benefits of this community are already beginning to show from lively discussions as crypto enthusiasts debate over the definition of failed projects, the selection process and the fundamental economic principles guiding the CoinJanitor project.
The main ICO will start on May 1 and will last until May 31, 2018, with 100,000,000 total token supply. The hard cap is set on 7,500,000 USD.