CoinJanitor has a goal to collaborate with the crypto community to find the ideal solution for the abundance of inactive virtual coins polluting the market.
Even though Bitcoin was the prototype, a huge number of successors followed its digital footsteps post-2009.
However, the sad reality is that even though many new digital coins were created, not all of them were successful. People invested in some of these new cryptocurrencies and subsequently faced the prospect of abandoning them, given that they failed to achieve their goals. These became dead coins, stored in a wallet somewhere, without giving their holders a chance to use them or exchange them. Dead coin holders were left out of the ever-growing crypto market.
This doesn’t have to be the case though. Conversation in the cryptocurrency community has touched on what should be done with these unusable tokens. However, because the actual definition for a dead coin has not yet been conclusively established, finding a suitable and effective solution has been elusive.
This is exactly where CoinJanitor comes in. As its name suggests, this project aims to clean the cryptocurrency space from these dead coins, in a manner in which it can help its holders restore some of their lost value. To do this, the project has come up with its own definition of what constitutes a dead, opening the debate about dead coins again, and helping the community come up with a more precise, more broadly accepted definition.
According to CoinJanitor’s definition, dead coins are coins are tokens and virtual currencies that are functionally dead, which means that they cannot be traded on exchanges and are therefore useless to their holders.
The CoinJanitor initiative will take its task a step further, giving the holders of these coins a chance to once again participate in the crypto economy by recycling their dead coins, and transferring their trapped value into the wider cryptocurrency markets.
How the Crypto Community Can Help
Because this venture will affect the whole crypto industry in some