While the world struggles to cope with the Coronavirus, a group of enthusiasts created a cryptocurrency that allows headlines to capitalize on the epidemic. This currency is called CoronaCoin (NCOV), and is indexed to the death rate generated by the virus.
This terrible announcement was made through a post on Reddit. It indicates that this is a cryptocurrency based on Ethereum. As we mentioned earlier increases in value while more dead and infected because of the virus.
At the time of writing this article the death toll from Coronavirus is approximately 2200 people. Therefore, we can only ask what happens to the world and if this is not the worst face of the cryptocurrency industry.
More details about CoronaCoin (NCOV)
This cryptocurrency theoretically increases its value as the virus spreads. This is because its unique design algorithm ensures that with each death, CoronaCoin investors earn money.
Needless to say, the announcement has aroused widespread resentment and some rejection of the cryptocurrency world. Therefore, many users turned to social networks to express their disgust.
CoronaCoin, according to its creators, aims to help cure the virus
Although it may seem paradoxical, the official CoronaToken website explains that they are actually contributing to the relief efforts of COVID-19. Specifically, they declared that up to 20% of the total sale of CoronaCoin will be donated to the Red Cross, which is helping victims recover from the deadly disease.
They have even said that NCOV tokens are burned every 40 hours, depending on the number of victims that arise from the outbreak of the Coronavirus. Therefore, the total supply of CoronaCoin depends on the world’s population, which makes it deflationary, according to the website.
However, the simple fact that a greater extension of the spread of the Coronavirus causes the investors of this cryptocurrency to earn more money is enough to provoke criticism worldwide.
Although this particular case lends itself to much controversy and moral debate, we must remember that this is not representative of what is sought with the creation of cryptocurrencies, nor with related technological advances.
After all, several prominent industry names have taken a step forward with substantial cryptocurrency donations. For example, in January, the Binance leader announced a crypto donation worth $ 1.5 million to help the victims of Coronavirus.
Degree in Liberal Studies from the Metropolitan University. Lover of innovation and believer of technology for the future.