The Initial Coin Offering market saw a lot of failures leading to calls of ICO scam and fraud. So what is CoinJanitor doing about it?
Economies are cyclical. They go from boom to bust, to reconstruction and then boom to bust again. These cycles are influenced by disruptors, like tech start ups, which are themselves subject to boom and bust cycles. In some cases, these economic cycles are fueled by a bubble. Investors go looking for bigger profits and they concentrate funds in a sector that shouldn’t have that kind of support. That is what happened in the ICO space, but CoinJanitor was not created to deal with the ICO bust only.
Previous Crypto Boom Bust Cycles
Cryptocurrencies have gone through boom and bust cycles many times before the ICO era. The problem always was that there was no mechanism to recycle the value that was left behind after the bust. That is why CoinJanitor makes sense, because it recycles the leftover deadcoins from every bust cycle in the history of cryptocurrency.
The Crypto Janitor
Nevertheless, we have noticed a trend in people thinking that CoinJanitor is all about cleaning up failed projects from the ICO era. Some of these people have also nicknamed our project the “Crypto Janitor.” Although we like the nickname and we can tolerate being called the Crypto Janitor, we must emphasize the Crypto side of that nickname. We are dealing with all deadcoins. That is, the Crypto Janitor can recycle every failed cryptocurrency.
Starting with Non ERC20 Coins
In fact, thinking that the Crypto Janitor is here to clean up ERC20s from the ICO era, shows that the people who are pushing this idea, are not properly acquainted with our white paper. We specifically wanted to start with non-ERC20 coins from the previous bust cycles, before the ICO era. That allows us to make sure the coin we are targeting is as dead as it could objectively be.
Maybe some people are confused due to the timing of our project. We launched CoinJanitor just at the tail end of the ICO boom. It is inevitable to be identified with this cycle. Nevertheless, the scope of our work goes well beyond it.
CoinJanitor or Crypto Janitor: The Mission is the Same
We have now absorbed our first ERC20 token, but we are still looking at the whole space along every boom-bust cycle. The Crypto Janitor will keep on working hard to recycle these coins, onboard their users and use anything that can be salvages from any and every failed cryptocurrency project out there.
Whether you call us CoinJanitor or Crypto Janitor, the mission is the same. Our white paper stand, and we stand by everything we wrote there. We will engage in buying out all failed coins and tokens we can, whether they are ERC20 tokens from the ICO bust or cryptocurrencies from previous busts cycles.
If you’re new to the CoinJanitor project here is a short explanation of what CoinJanitor does: