The month of February 2020 will always be remembered as the month when the deadly coronavirus started spreading in Europe and the United States. People started wearing protective face masks, following an outbreak of the coronavirus. But one company decided to make most of the virus, creating the CoronaCoin, a cryptocurrency which has a supply that will diminish every two days based on the rate of new cases.
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According to the official website of the CoronaCoin, the epidemic is becoming global and there are six new countries reporting their first cases on Friday. The World Health Organization (WHO) raised its global spread and alert to “very high.”
The altcoin news now show that the total supply of the CoronaCoin is based on the world population and that tokens will be burnt once in 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 behind CoronaCoin said in a chat on Telegram.
Kemp also noted that the team comprised of seven developers is expanding but declined to identify others. Anyways, he noted that most of them were located in Europe.
The CoronaCoin records all of the transactions on its private blockchain and the good news is that around 20% of its supply of supply will be allocated for donations monthly to the Red Cross, using a well known cryptocurrency payments processor. When asked if the token could soon be morbid, Kemp said:
“There are currently active pandemic bonds issued by the WHO. How is that different?”
The cryptocurrency news before showed that Bitcoin and other altcoins did not decline much due to the coronavirus outbreak. When compared to the stock markets which had the worst bloodbath since 2008, the crypto markets were only hit by a minor decline and recovered their losses shortly afterwards.
Anyways, the latest WHO figures indicate that more than 82,000 people have been infected with more than 3,300 deaths in China.
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