Infographics That Explain How CoinJanitor Works

sussan (61)in #cryptocurrency • 6 years ago (edited)

Dead coins are failed projects that have been abandoned and are not listed on any exchange. These coins have money value trapped in them because people bought them with high hopes at some point.

The number of dead coins keep growing in the market and without help people have no way of recovering their funds.
CoinJanitor comes to the rescue and helps people recover their money.

They figured that an effective way to restore value would be to take the dead coins and replace them with tokens that have value. Hence they created JAN tokens.

However, they cannot do this without the approval of the project owners and its community. CoinJanitor will contact the project team first to seek their consent.

If the project owners and community members accept, CoinJanitor will proceed to work with the project.

However, there are qualifications that the coin must have met before CoinJamitor contacted them

The coin must be one that uses the POW consensus algorithm, the coin must not be listed on an exchange, the coin should be at least 2 years old and the coin must have market cap below $50,000. The project owners also need to be contactable and give their consent.
CoinJanitor will then take over their GitHub server and records and mint the rest of the coins left. They will also disable every other person from accessing the server.

After that, CoinJanitor will initiate the token swap process.

After the token swap, people who were holding dead coins can then trade their JAN tokens and recover their money. In effect, CoinJanitor helps people to recover their money.

After performing the token swap, CoinJanitor burns those dead coins by sending them to a non-existent address. These coins cannot be recovered after the token burn process.

Instead of using resources to set up their own blockchain, JAN tokens were built on the Ethereum blockchain.

Basically, CoinJanitor intends to clean up the cryptocurrency market and redirect locked value to major cryptocurencies. These dead coins are numerous and cannot be ignored.