Sunny Kemp, a supposed developer together with a team of seven developers and others located mostly across Europe are said to have developed a cryptocurrency based on the present epidemic, coronavirus which recently erupted in the Wuhan region of China.
Coronacoin – A Coin Dedicated To COVID19
According to a report by Reuters on Saturday, the unidentified team builds a digital currency, called coronacoin which allows traders to bet on the coronavirus epidemic, based on how many people fall ill or die.
Per the official website, the digital currency’s value will fluctuate according to rate of infection record released. And every two days, its supply will diminish every two days based on the rate of new cases. The website further suggests that its price could move higher the more people the virus kills.
The Rise Of A New Disease
The coronavirus epidemic is becoming global, with six new countries reporting their first cases on Friday. The World Health Organization raising its global spread and impact alert to “very high.”
Latest WHO figures indicate more than 82,000 people have been infected. As a result, there were more than 2,700 deaths in China and 57 deaths in 46 other countries.
The rapid spread of the virus, which emerged in China in December, has stoked a frenzied selloff in global markets. Consequently, three major U.S. stock indexes faces worst week since the 2008 financial crisis.
Total supply for the CoronaCoin is based on the world population. The tokens will be burnt once every 48 hours based on the number of those that have been infected or have died, according to its website.
“Some people speculate a large portion of the supply will be burned due to the spread of the virus, so they invest,” Sunny Kemp, a user who identified himself as one of the developers, said in a chat on messaging app Telegram.
The Corona Blockchain
As for similar cryptocurrencies, a digital ledger blockchain records and complete the transactions. The CoronaCoin blockchain records the spread of the virus. Interestingly, some online exchanges, such as Saturn.Network will excite trading of the token.
Moreover, there will be around 20% of supply for donation monthly to the Red Cross using a well-known cryptocurrency payments processor, Kemp said.
Some users of social media platform Reddit users criticized the token.