While all eyes were on Bitcoin’s meteoric rise and subsequent pull back this week, the CoinJanitor team was busy making history. With its first deadcoin buyout, CoinJanitor has become the first project in the space to fully absorb a failed project, and it is now in the process of onboarding its users. In parallel, the CoinJanitor team is also processing the deadcoin it bought, called Globycoin. This process involves the decommission of Globycoin’s blockchain and the integration of all relevant assets.
The First Deadcoin Buy Out is Proof of Concept
As CoinJanitor’s team gets ready to separate all the wheat from Globycoin’s chaff, it is also providing the kind of proof of concept that its detractors thought would never be possible. The challenge now is to refine the methodology to onboard deadcoin users into CoinJanitor’s community through the coin swaps, streamline asset integration and expedite the blockchain decommission process. That way, CoinJanitor will be more efficient when processing the next deadcoin it buys, which it hopes to do soon, to reaffirm the message that this historic first buyout is sending to the market.
Wanted: More Deadcoins
The team is actively looking to buy more deadcoins. Therefore, it has published a page through which deadcoin holders can communicate with the team and send information about the deadcoins they hold. This will allow CoinJanitor to make the whole process more efficient, given that buyouts are wholesale and that mapping out the users of each deadcoin will speed up coin swaps when they happen.
It also encourages deadcoin holders to speak with their communities and raise awareness about the benefits that CoinJanitor delivers on. Hopefully, this will drive more buyouts, especially given the ongoing bounty that the project is offering for opening a channel of communications between the CoinJanitor team and deadcoin developers.
CoinJanitor’s Power is in its Community
If the message comes from community members or people who know the developers of target projects personally, there is a better chance of completing the buyout. In the case of Globycoin, a bounty hunter was the crucial piece that set this historic buyout in motion. The bounty hunter established a channel of communications between CoinJanitor and Globycoin’s leading developer, acting constructively to lay the foundations of a speedy negotiation.
That bounty hunter was paid 50,000 JAN for his part in making the deal happen. This should encourage others who know deadcoin developers to actively pursuit these buyouts and help the CoinJanitor team in its effort to clean up crypto.
After Setting a Precedent the Sky is the Limit
Now that CoinJanitor set the precedent as the first and so far, only mechanism in the space that can recycle value locked in deadcoins, cryptocurrency enthusiasts have an additional incentive to go for the bounty. CoinJanitor itself is set to benefit from this historic moment and if it is successful in buying more deadcoins out, eventually the markets will have to acknowledge CoinJanitor’s role in generating positive externalities. In the meantime, CoinJanitor’s team is not celebrating; they are working hard to complete the next stages of the Globycoin buyout process and continue building upon the momentum they have created.