It is only a decade ago since the emergence of bitcoin, yet there have been countless creative innovations in the entire crypto space. Cryptocurrency rapidly evolved from its first coin (bitcoin) to over 1,600 crypto coins as per the end of 2019 and now a new coin by the name CoronaCoin launched February 2020.
Just as the name suggests coronacoin is Bitcoin-like cryptocurrency that functions on coins called coronatokens, that decreases as more people get infected or die causing scarcity of tokens and subsequently the coin gain value. The value of the coin would diminish every two days based on the rate of new cases. That suggests that the price could move higher depending on how many people die from the virus.
The ERC-20 token designed for coronavirus stores all cases of infections and deaths with a token burn on a blockchain network. The figures used are collected from the World health organization statistics. Since the history of cryptocurrency, coronacoin is the first to be backed by the proof of death (PoD).
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The corona coin has promised to set aside up to 20% of its gross revenue as a donation to Red Cross in support of its relief operations across the world. The coronacoin developers opted for the Ethereum network because of its popularity amongst the blockchain and DApp developers.
Just like other initial coin offering projects, corona coin has started receiving enormous criticism from different parties including Morbid joke. However, the developer of the corona tokens has defended his project by comparing his idea to that of the World Health Organization of pandemic bonds that comparably amass the value of the new digital currency.
Despite the venture seems like a bad joke and raise moral questions, On the other side, it is a good liberal case study considering that more crypto developers are willing to contribute at the expertise to ensure the firm explores its full potential.
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How is it work?
The corona coin is algorithm has been designed in such a way that its value increases radically upon confirmed cases of corona infections and subsequent deaths. The holder of this coin then become beneficiaries of the appreciating value of the coin. So far more than 600 corona cryptocurrencies have been relished and sold in the market.
- The coin is being advertised to the potential investors as a new cryptocurrency in the name Corona Coin (NCOV). According to popular reddit a popular news site published content revealing that the new corona coin will be released in the name of ERC20.
- The NCOV is to the supplies equivalent amount total human population on earth. That is to say, 7,604,953,650 NCOVs will be created. So that concept is that when the number of people infected with corona dies, then the coin will be permanently be destroyed and as the total supply reduces with an equal number of death cases.
- A ready a website (coronatoken.org) have been built by the NCOV token entrepreneurs to trade off the coins. According to the website 372,472 has been exposed to the virus and about 15,000 have been burnt in connection to coronavirus deaths.
Is Coronacoin Immoral?
According to founders of the corona coin claims that the project main purpose is meant to create awareness and educate the public on the deadly outbreak of the coronavirus itself and not a money-making business. However, critics have taken the latter statement and turned it upside down to strongly condemn the idea behind corona coin. The fact that its value is attached to the mortality rate to which corona victim dies is a big issue as the project owner is up to something fishy. A statement that has been dismissed with the website team owner
Sunny Kemp the coin user who is also the developer defends his project by drawing reference from a similar project establishment of a common bond scheme with large financial institutions designed to mitigate the economic impact of global disasters search famine, earthquake, tsunami and disease pandemic such as coronavirus at present moment. Despite such economic schemes being ridiculed economist all over the world usually agrees with the terms of the financial obligation of such schemes.
Despite there being no direct comparison between the mitigation bonds and a cryptocurrency which ‘burns’ tokens linked to how many cases of a fatal virus are confirmed. Sunny has remain firm to claim that the tokens that his project works in a similar manner to raise funds that ultimately benefits the victims.
Can the Coin Be justified?
To further cement his defense mentioned above on corona coin, Sunny Kemp made further justification concerning the token, unlike other crypto coins they do not require the selling of ICOs to the startup investors. The corona coin did not raise funds from the public and neither does it sell the coin to the public directly but instead it actively airdrop free coins to the community. Besides, his technical team is working on a decentralized Dapp that will serve as an educating tool on all issue concerning pandemic outbreak.
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The idea of cryptocurrencies has never been welcome welcomed well with the U.S legislature. The new coin has much more than laws to be discussed in either the house of the representative or the senate. The basis of how the coin gains value has been a subject of discussion, whether it is a moral thing to bet on the number of people that fall victims and succumb to covid-19 victims as per the WHO statistic reports.
The omnibus bill that is supposed to do reforms on the U.S cryptocurrencies may not favor the corona coin on arrival to the legislative houses. According to CoinDesk, the coin proprietor con play tricks to increase human mortality under their own benefits, because even as we speak the cause of coronavirus is still unclear, now who know if they could be the people behind the virus outbreak. The U.S government can trade anything but not the lives of humanity so chances that corona coin will survive the legislature is minimum.
Finally, cryptocurrency is a new concept of the 21st century and developer are at liberty to be creative in the best way possible. Thus corona coin has two sides of the coin and its next move depends on the developers themselves decide on what to do with it.