CoinJanitor - What Happens After A Blockchain Project Fails

CoinJanitor is a community funded project that sweeps up inactive coins and pays users to trade them in.

While going through blogs and streaming live videos on YouTube, a thought occurred to me - where do all these coins or projects go when they failed to accomplish their intended aim or objective. I'll bet 80% of my readers probably don't know this. According to an interview with the founder of CoinJanitor, Marc Kenigsberg, he added that:

There are many more crypto-currencies than people realize - at least 4,500.

Out of this enormous figure, only 1000+ can be traded or exchanged, leaving roughly 3,000 coins worthless on the blockchain. Take for example when you plant a seed, it doesn't just end with you digging a hole to bury the seed - it goes beyond that. The outcome of that seed is absolutely the sower's responsibility. Failure to water the seed, expose it to sunlight, proper temperature, and other chemicals will ultimately lead to an untimely death of that seed. The same is applicable to these dead projects, if their founders fail to fuel their projects with the basic requirements, that project will die even before they realize.

The question is,where do these projects lands after their originator fails to deliver the optimal requirements. The answer is - the blockchain of course. Since they are 'blockchain projects' they won't land on something outside the blockchain. And this will ultimately mess up the standards or reputation of the blockchain in general.

This where CoinJanitor steps in, for a better understanding, take CoinJanitor as the 'cryptocurrency cleaner'. The same way you clean your house when its dirty, CoinJanitor will clean up all the dirt (dead coins) in the crypto economy. CoinJanitor will resolve these issues by implementing their native currency (JAN). JAN is the only token that has the potency to buy-out all dead coins in the crypto space as well as restoring the trapped value hidden in them.

Ineffective projects and dead coins

When we talk about dead coins, were not only referring to their 'worthlessness' on the blockchain, in fact, any coin that has tumbled below one cent should be tagged as a dead coin. A token that is below one cent doesn't offer any convenient features or advantage, and at such they should be tagged as a 'dead coin'.

Majority of these worthless coins are often created with heinous intentions such as: scam, hacking, Ponzi scheme or the spreading of malware. Once a coin have any of the listed intentions, they swiftly lose their monetary value and are quickly delisted from the exchange platform where it was listed. source

While a few cryptocurrency participants see dead coins as similar to the penny stocks of the equity market, dead coins may be much worse. Penny stocks, which trade below $5 per share, may still offer some promising prospects.

Dead coins may fall into one of the following categories below:

• Hoax-linked coins - Majority of cryptocurrencies are created for the purpose of scamming its users. I am a victim of this, I fell into the hands of these fraudsters some months ago, they portrayed their antic coin in form of an 'Airdrop' ( I've never been a fan of airdrop, but I just gave it a try) and then, BOOM!!! Before I realize what was happening, I've lost some decent amount of Bitcoin. That was a sad story for me as a beginner. What am I saying here? Most cryptocurrencies are only out to scam, hoax and jeopardize their victims and ultimately loot the victim's 'real' cryptocurrencies. Majority of these scammers comes with heavily-advertised launch via an Initial coin offering (ICO) at a discounted price. But along the line, they fail to deliver their intended aim and objective stated on their whitepaper.

• Expired coins - Coins that have failed to deliver their intended objective for quite some time should be tagged as an Expired coin or deceased coins. In fact, they are permanently dead. And at such, no advanced trader will desire to purchase a dead coin. These type of coins could appear tangible, effective and useful, but they disappear into thin air after being hit by a competitor.

• Mimicked coins - Thanks to technology that allows users to launch anything and everything, and insignificant cryptocurrency projects managed to find their way into the mainstream. Majority of these mimicked coins are created for fun purposes, scam, hoax or simply imitating other projects. And at such, they offer very little utility or no utility at all, this will ultimately result in limited trading activities before the projects eventually die.

In my opinion, the crypto-space is lucky to have a project like CoinJanitor. With an exceptional idea that'll ultimately bridge the entire Crypto space if not the world, CoinJanitor will keep sanitizing the crypto sphere and also restoring the hidden values in these dead coins forever. I sincerely hope this article has answered your questions. Please feel free to drop a feedback via the comment section.

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