CoronaCoin: Price is human lives
The developers created the most creepy cryptocurrency in the world - CoronaCoin, and its price directly depends on human lives. The faster the coronavirus spreads and the more people get sick and die from the disease, the faster the cost of the token takes off. However, the goal of creating crypto is not at all the desire to profit from other people's troubles, although people do not believe in it.
What is CoronaCoin?
CoronaCoin (NCOV), is an ERC-20 token, and the total token offer is based on the world's population. With one NCOV token for every living person worldwide (7.604.953.650), the token is burned every 48 hours, depending on the number of infections and the victims of the virus.
Against the backdrop of the development of the epidemic of the coronavirus COVID-19, the developers created the cryptocurrency CoronaCoin, the rate of which depends on the number of sick and dead. The main purpose of the token is to disseminate information about health issues around the world. Recent WHO data indicate that more than 100.000 people have been infected, and more than 3.400 have died.
The rapid spread of the virus, which appeared in China in December, spurred a frantic sale on world markets, and the three major US stock indexes are on their way to the worst week since the 2008 financial crisis.
"Some people assume that most of the shipments will be burned due to the spread of the virus, so they invest," said Sunny Kemp, a user who identified himself as one of the developers.
Kemp said the team consisted of seven developers, and the team had even more. He refused to name the others, but said that they are mainly in Europe.
Cryptocurrencies, such as Bitcoin, are digital currencies that rely on advanced cryptography to validate their transactions. The nascent asset class suffers from frequent price collapses and fraud.
Kemp also noted that some people are already investing in this currency, since they believe that the coronavirus will continue to spread.
Important characteristics of СoronaСoin are:
- The ticker symbol for Coronacoin is nCoV, which takes the name of the virus;
- If the number of patients with coronavirus or mortality increases, the token number will be updated manually every 48 hours. This implies that for every infection/death, Coronacoin must be destroyed;
- CoronaCoins are deflationary in nature, and their number will continue to decrease over time, creating a potential increase in the value of a quote currency over time;
- The marker cannot be removed, which means that in the future it will never be possible to create a new set of CoronaCoin;
- Since data related to deaths and infections are recorded on the blockchain, they will be able to enter authoritarian countries without censorship. This is important in order to obtain complete information about the virus and to enable people to prepare accordingly;
- A dedicated team of professionals working at CoronaCoin is looking for ways to create decentralized applications that will be integrated with the token. Efforts are being made to raise awareness of the project;
- Transactions are recorded through a digital book called a blockchain. The CoronaCoin blockchain documents the spread of the virus, and the token can be bought and sold on some online exchanges such as Saturn.Network;
- About 20% of CoronaCoin shipments will be allocated monthly to donations to the Red Cross using a well-known cryptocurrency payment processor.
Concern was expressed that millions of dollars donated for the needs of society, as well as protective equipment, were not used where necessary, and there were reports that this equipment was misdirected.
Beijing has ordered all public donations for the outbreak of coronavirus to go to five government-sponsored charities, which automatically suggests that all these government-sponsored charities are appropriate for this purpose and will be able to centrally manage the recent outbreak.
It was previously reported that the Red Cross in China recently misplaced billions of dollars donated to the Wenchuan earthquake in Sichuan province in western China in 2008. The Red Cross in China noted: “One of the lessons learned is that emergency response needs to be better developed locally.”
According to Siren Johnston, executive director of the Compliance and Regulation program at the University of Hong Kong, the private blockchain network “will record and track everything that is donated, from donation dollars to N95 masks.“ By holding a person or organization accountable, donations for delivery can be tracked from the donor to its final use. The blockchain will also provide transparency to the general public to understand how their donations are used and their progress. Although the private blockchain is strictly controlled, it can also provide public transparency for donors, as well as for authorities.
CoronaCoin, on the other hand, has been criticized by users of Reddit, a social networking platform. The community is leaning toward an end to the skepticism about the coin's features, as the message indicates that investors will benefit from the spread of the virus. One Reddit user expressed his opinion: “Honestly, this is immoral.”
“SHOULD be a special place in hell, only for these investors, developers, users, everyone involved,” commented another.
When asked if the token can be considered morbid, Kemp said: “WHO is currently issuing active pandemic bonds. How is this different?”
Epidemics, such as coronavirus, spread once in a lifetime and in very rare cases, but when they are widespread, they cause widespread destruction. Rescue operations are carried out by global organizations in the affected areas, and people around the world are making donations to make a small contribution to relief efforts.
CoronaCoin was designed to bridge the gap between rescuers and patients by channeling cash, useful medicines, tools, and other items into the hands of care providers. This currency is a revolutionary approach to the reunification of the world as a small family, which together in difficult times.