Coronacoin (NCOV) is a new ERC-20 token supported by the deadly coronavirus. The more the virus spreads around the world, the more valuable the token becomes.
While the World Health Organization (WHO) declares an alert for possible pandemic and the world population declines, a company has decided to launch a non-mintable and deflationary token. Coronacoin allows users to bet on the coronavirus pandemic, while many people lock themselves in their homes waiting for the cure of the virus.
The project seeks to issue a total of 7,604,953,650 NCOV, equivalent to the world’s population, on the Ethereum blockchain. Tokens are burned every 48 hours, depending on the number of people infected and killed by the virus in recent days. This occurs due to a mechanism created by its founders, called “Proof of Death” (PoD).
It is precisely the rate of infection and mortality of the coronavirus that leads to an increase in the value of the token. The more the virus spreads on the planet, the more valuable the NCOV token becomes. This is convenient for its investors, considering that the cases in South Korea and Japan have multiplied in less than a week. Concerning China, the number of cases exceeds 70,000 and about 2,000 deaths have been counted. The lack of a vaccine or medication that counteracts it also favors its expansion.
Users will be able to attend the official launch of the token on its website, as well as acquire it at exchanges such as Saturn and ForkDelta. Another interesting fact about the crypto asset is that its founders promise to donate 20% of the tokens to the Red Cross to help with the containment of the epidemic.
The cryptocurrency has a price of USD 0.00389575 per unit, which has increased in the last 24 hours by 195% at the time of writing this article. The developer says that the main purpose of this cryptocurrency is to raise awareness.
Black Humor and Cryptocurrencies
Coronacoin has all the features of the cryptocurrencies based on parodies or Internet memes, which gave rise to the creation of the famous cryptocurrencies Dogecoin (DOGE) and PepeCash (PEPECASH). Both projects have been much more successful than intended, even exceeding the trajectory of other cryptocurrencies with specific financial objectives.
Humor, imagination and genius, highly-valued resources in modern society, have led to Dogecoin being currently priced at USD 0.002673 per unit. In this way, people share, contribute and take the joke to its final consequences, being this a practice that has characterized the very active cryptocurrency community on social networks.
The value of the new coronavirus token has had a rapid rise in recent hours. Therefore, these types of cryptocurrencies demonstrate that tokens can be created for any purpose or endorsement, regardless of how ridiculous it may seem.
This case shows that a cryptocurrency is not valuable just for being on a blockchain or having an official website, so it is necessary to investigate what supports its value. If users considered this principle before investing in a project, they would prevent possible scams more easily.
The announcement of Coronacoin has generated varied reactions among some users since some consider that the project is a blatant scam or a joke in very bad taste. This occurs because the supposed value of the cryptocurrency is based on the number of dead and infected people as a consequence of the lethal virus.
By Alexander Salazar