Just like traditional startups, most blockchain startups fail. However, without bankruptcy laws and other regulations in place, there is a lot value left trapped in inactive blockchains and untradeable cryptocurrencies at the bottom of the market.
CoinJanitor aims to recycle that trapped value from failed projects back into active cryptocurrencies through a buy-out process that uses JAN tokens.
Buying out dead coins and decommissioning their blockchains is intended to benefit the cryptocurrency ecosystem as a whole, but CoinJanitor’s value will be best realized by JAN contributors. As the CoinJanitor team cleans up more and more dead coins, they will accumulate numerous technological, data and marketing assets left behind by those failed projects. What’s more, each buy out will introduce a new community of cryptocurrency enthusiasts who were holding dead coins to JAN and the CoinJanitor project, creating a substantial network effect over time.
CoinJanitor is the first project of its kind, and JAN tokens will be the only tool it deploys to clean up dead coins. That fact, combined with a rapidly growing community, will drive up demand for JAN and effectively make it more affordable for the CoinJanitor team to clean up future projects with each successive buy out that takes place.
Meanwhile, token supply will not increase, fostering demand and contributing directly to an increase in the value of JAN.
CoinJanitor’s team has taken great care to create a business model that is economically sound. They plan to prove the efficacy of their model by decommissioning at least 3 dead coins within the first 2 months of operation following the token sale. If successful, the contributors who get in on the ground floor will have the most to gain.
How to Participate in the JAN ICO
The JAN ICO went live on May 1st and will end on May 31st or once the $7.5 million hard cap is hit.
If you are interested in the CoinJanitor project - either to invest in the ICO or just to receive the latest updates - you can register by clicking ‘Join the Janitor’ on the website homepage, https://www.coinjanitor.io/. From there, you’ll be directed to the Sign Up page, where you’ll enter an email and password for your account and agree to the Terms and Conditions.
If you do wish to buy JAN tokens, you’ll proceed to fill in your Personal Info and then Submit KYC (Know Your Customer). The KYC process is made secure by CoinJanitor’s partner, SelfKey, a blockchain-based ID verification and management business. To meet KYC requirements, you must attach a clear photo of either your passport, national ID, or driver’s license. You’ll also paste an Ethereum wallet address, which is where you’ll receive your JAN tokens when they are distributed.
If you have trouble at any point during the process, simply open up the Live Chat at the bottom-right part of the screen and an agent will accelerate the KYC onboarding process for you.
Once the KYC process is complete, you’ll be able to move on to Buy Tokens. All total, registration takes about 5 minutes and KYC is confirmed within a couple of hours, if not faster.
Details about the ICO
JAN’s total token supply is 100,000,000 coins. The token price is 1 ETH = 3900 JAN. CoinJanitor is accepting contributions in many currencies, including BTC, ETH, USD and more than 40 other altcoins.
50% of the total JAN supply will be sold to the public during the ICO. Of the remaining half, 30% will be held by the project to buy out dead coins, 5% will be reserved for project’s partners, 5% will go towards a bounty program, and the final 10% will be distributed to founders, team members, and future employees. Team members will not be able to sell their JAN tokens until 2019.
To participate in the ongoing discussion about CoinJanitor and connect with the project team and community, you can join them on Telegram. You can also support the project by liking it on Facebook, following on Twitter, and subscribing on YouTube. For a far more detailed breakdown of the project, read the latest version of the whitepaper.