Coinjanitor - How are buyouts done and how do you effectively shut down the coin?
In my previous article i reviewed Coinjanitor, the ICO that aims to restore lost cryptocurrency value by buying out dead coins.
You can read the article here:
What is Coinjanitor and How is it Going to Benefit The Crypto Space for The Better?
After talking people in the crypto communities about the project, i got a lot of feedback from people who was confused/did not properly understand the concept. I will therefore answer the two most asked questions:
- How are buyouts done?
- How do you shut down a coin?
Be sure to read my previous article about Coinjanitor if you haven't already to understand the basics behind the project.
How are the buyouts done?
The first task is to identify the dead coins.
The second task is to contact the creators, users, developers, marketers and followers.
CoinJanitor focuses on the creation of a new cryptocurrency community through integrating communities that belong to dead, failed coins, as well as integrating them with CoinJanitor supporters, team members, contributors and enthusiasts.
This is the main reason why the integration must follow a careful, clear process. The team wants to integrate failed coin community members in the most constructive manner possible.
All members in a crypto community is important for it's growth. Because of this, it is important that there is a community concensus behind the decision to sell the project to Coinjanitor and integrate into their community.
Finding a community that the team can communicate with and agrees to a quick buy-outis the ideal scenario. In it, we will be able to communicate clearly with the target coin’s creators and the community and agree to amicable buy-out terms.
How is it possible to shut down a coin after the buyout?
The whitepaper describes the basic technical process is as follows:
- Get GitHub access from the Coin owner
- Remove other people's ability to commit (Remove all users except
CoinJanitor developers from the GitHub committers) - Check and update the ledger CoinJanitor holds, or otherwise collect
snapshots of the blockchain from peers - CoinJanitor gets control of the consensus mechanism to be the only one
who is able to mine - Point mining power if needed to allow transfers (in case of PoW), and in
some cases also decrease the complexity of mining. - Mint all remaining coins so no more coins can be mined, while updating
the complexity and rewarding rules. - Appeal to public for tokens
- Begin manual swaps
- Close first swap window
- Burn all tokens, i.e. transfer all tokens to 0x0 address
- Continue taking coins ad hoc verifying against snapshots
The CEO of Coinjanitor, Marc Kenigsberg is throwing a live AMA (ask me anything) later this evening.
If you have any difficult questions about the project, ask him!
The AMA starts at 4pm UK time - Watch it here: