Crypto developers have come up with a new coin that is based on the spread of the coronavirus. They have named the coin Coronacoin. This new coin is tied to the size of the global population. As more people die from the virus, coins are burned proportionally, which causes the value of the remaining coins to grow.
The Burning Process
The coin’s site claims that the burning of tokens will take place every 48 hours. By Friday, they had burned 85,366 tokens, in proportion to the number of infected people. It insists that no new coins will be created in the future. To come up with the number of coins to be burned, it will rely on the data provided by the WHO.
A Noble Cause
The developers claim that despite a willingness to deal with Coronavirus, they are unable to deal with it. This is because of the lack of mass adoption of AI, the blockchain and Big Data, which would have made tracking the virus easy. Besides that, they claim over-regulation means that vaccine development will not come out any time soon.
The developers say that the Coronacoin was developed to document the infections and deaths due to the virus. 20% of the tokens will be donated to the Red Cross to help with the relief efforts. They add that this coin is the first Proof of Death coin in the world. During creation, there were 7,5604,953,650 coins, which is proportionate to the global population.
By placing information regarding the number of deaths on the blockchain, it makes it possible for those in closed-off nations to know about the number of deaths. This way, the masses can understand the true impact of the virus. The ticker symbol for this coin is $nCoV. This will allow the coin to gain popularity fast since it shares a name with the novel coronavirus.
The coin is based on the Ethereum platform, which they chose due to its popularity with developers. All the coins are based on the ERC20 standard. This is a common token standard used in Ethereum.