CoronaCoin is a digital currency, launched on a platform registered in the British Isles of the Indian Ocean, which allows traders to bet on the spread of the coronavirus epidemic, based on how many people get infected or die.
Imagine if the cryptocurrency CoronaCoin could be missing (the symbol is “$ nCoV”). It is a digital currency – launched yesterday on a platform registered in the British Isles of the Indian Ocean – that allows traders to bet on the spread of the coronavirus epidemic, based on how many people get sick or die.
The rapid spread of the virus has led to a frantic sell-off in global markets, with the three main US stock indices having just experienced the worst week since the 2008 financial crisis. “At the time of launch – he wrote on February 26 on the Coinspice.io website CoronaCoin inventor Alan Johnson – the world is panicking over the rapid and unprecedented rise of the coronavirus. ”
The number of CoronaCoin in circulation corresponds to the world population, which is slightly higher than 7.6 billion. “As the number of infected / dead due to the virus increases – reads the white paper – the number of tokens is updated every 48 hours and, for each infection or death, a token is burned”.
Infections and death on the blockchain
“By putting the information regarding the number of infections and deaths on the blockchain, – reads the white paper – it enables this data to enter authoritarian countries uncensored (i.e. China’s Great Firewall). This allows people to understand the true impact of the virus and prepare for any potential situations accordingly.”
Crypto Comunity reaction about CoronaCoin
Comments on social networks have often been merciless and “amoral” is the most tender judgment. Johnson doesn’t care and says that «CoronaCoin is a radical and valuable addition to the rich cryptocurrency tapestry that is on the market today. It is the first and only cryptocurrency supported by the death trial, based on statistics obtained from the World Health Organization. ”
And to demonstrate the goodness of the project, Johnson announced that 20% of the funds from the sale of the virtual currency will be donated to the Red Cross.
The fact that the number of tokens decreases over time means that this ecosystem is deflationary and, explain the inventors who accompany Johnson, “should therefore become more and more valuable over time. The coin cannot be minted like the classic bitcoins and similar and, therefore, it will never be possible to create new CoronaCoins.”
The CoronaCoin team has decided to use the Ethereum blockchain and launch it as an ERC-20 token, which has already been adopted by a large number of projects. By March the team aims to develop new applications.
Maybe the saddest part of the project is that it may turn to be quite successful.