As the heat from the cryptocurrency market is sweeping across industries, sectors and countries, it is not really surprising that there are a lot of coin that do not manage to “fulfil” their roles for several reasons. Among the many thriving ICOs and coin-related offerings, there are quite a few that are now called “dead coins”, or simply, coins that are either not traded with, or are not maintained at all.
Now, the most recent solution to this problem is called CoinJanitor. CoinJanitor is actually a community-driven project that aims to revive the whole “dead coin” sector and bring to life as many non–functioning coins as possible.
It is very interesting to see how the project aims to revive the dead coins. What they will do is buy back the coins from owners in exchange for a convertible asset, as reported by Bitcoinist. As of now, CoinJanitor is the only project whose only goal is to buy back dead coins.
Once the dead coins are identified, the asset that owners of such coins will receive is called the CoinJanitor or JAN token. Once the exchange happens, users will be able to get advantage of the value of their coin that is essentially restored. The token will be available on multiple exchanges and the idea is to stop the liquidity of “dead coins” and revive them for good before going into the “mainstream”.
According to media, the value that is blocked within the blockchain can be a huge loss to the cryptocurrency network. If there is any possibility of such coins to be revived and put back into use with their full value, there is no reason why this should not happen.
The most central part of the CoinJanitor project is to accurately identify the dead coins. These fall into the following categories, as quoted from Bitcoinist:
- Date of inception
- Trade volume
- Hashrate
- Status of exchange listing
- Social Activity
- Forum Activity
- Development commits
- Others of the kind