Coronacoin Token Is Used to Bet on Coronavirus Pandemic

Alexander Salazar
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Coronacoin Token Is Used to Bet on Coronavirus Pandemic

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

Analysts Predict Volatility for Bitcoin Due to Bullish Sentiment of Whales

Alexander Salazar
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Analysts Predict Volatility for Bitcoin Due to Bullish Sentiment of Whales

A peak in the accumulation periods of Bitcoin is usually followed by an increase in volatility. No significant peak has been observed in volatility since October 2019.

Concerning the Bitcoin market volatility to come this quarter, only the tip of the iceberg might have been seen, as two recent reports suggest. Meanwhile, the door has been left open to the possibility that lower volatility might become a trend for the Bitcoin market.

The January 2020 volatility report by the US-based exchange Kraken indicates that the Bitcoin market could be heading for a period of increasing volatility. The assumptions of the exchange are based on a model showing a connection between the number of Bitcoin wallets with balances between 10 and 100 BTC, associated with the so-called “whales” and the volatility in the Bitcoin market.

The report entitled “A seismic change?” suggests that the number of addresses with amounts between 10 BTC to 100 BTC usually increases steadily before stagnating and then retreating before a “jump in volatility” is witnessed.

Also, the report states that, since this group reached the floor last November, it seems to have changed to the accumulation phase. For this reason, it was advised not to expect January to be the most volatile month of the first quarter of 2020, but instead as one with a small bullish trend, at most.

If history repeats itself, it can be predicted that the accumulation phase will end in the weeks or months to come and that volatility will rise again, as concluded by the author of the report.

Apart from Kraken, the blockchain research company Arcane Research noted that the volatility in Bitcoin’s most recent bullish rally has been so far much lower in comparison to last year’s bullish rally. In their last weekly update, they said that they have not seen a greater peak in volatility since last October.

Besides, the report by Arcane Research also argues that lower volatility is a sign of a healthier market, which has a greater selection of financial instruments to trade. This situation indicates that the current valuation is more robust than it has been seen in a long time. The recent low volatility may be related to the growing market of Bitcoin derivatives, which allows keeping the price of the most stable assets.

The report also noted that the bullish sentiment has stopped in the market. However, it indicates that retail investors remain more bullish, in comparison to institutional investors, judging the differences in the premiums of Bitcoin futures contracts in the exchange focused on the institutional investors CME Group, in contrast to retail-focused futures exchanges, among which are Kraken, BitMEX, Deribit, and FTX.

As previously reported, retail-focused futures exchanges are still far ahead of more professional markets, such as CME and Bakkt, in terms of volume of operations. Despite much speculation about financial institutions entering the market, the latest information suggests that Bitcoin price movements are, to a large extent, led by professional traders and investors.

By Alexander Salazar

Central Bank of Brazil is Looking to Compete with Cryptocurrencies

Josselyn Avila
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Central Bank of Brazil is Looking to Compete with Cryptocurrencies

The bank will create a platform that may be used by the government, in the future, to make payments to social benefits and for tax reimbursement.

In Brazil, the highest financial institution, the Central Bank of Brazil (BCB) commented through a press release, last February 20th, that it is preparing a new instant payment platform that will be launched later this year 2020. The payment system will seek to compete directly with the operations conducted with cryptocurrencies.

The new system will be supported through a platform called “Instant Payment Scheme (PIX) of Brazil” and will be used to make payments in an average of 10 seconds or less. The operations may be conducted by a natural person or even companies, using electronic banking, mobile phone or even ATMs as tools.

The platform could serve as support not only from natural persons to others but could also carry out large banking operations between companies, thus facilitating liquidation in a very short time.

According to the press release, the BCB will notify national banks that it is duly registered and regulated to provide all the functions and tools necessary for customers to have access to the PIX payment system.

The note concludes detailing that to conduct the transaction, the person interested must use a QR code or provide basic customer information, such as his identification number, telephone number or email address.

PIX as a Direct Response to Cryptocurrencies

Pix emerges as a direct response to the blockchain-based payment system with cryptocurrencies, as stated by the president of the BCB, Roberto Campos, during his speech at an event held in Sao Paulo, as local media reported.

Campos claimed that the cryptocurrency payment system results to be cheap, fast, and secure. He also said that for these reasons it has had a great result in people so PIX takes these characteristics into a traditional currency payment instrument.

“Pix arose from the need of people to have a payment instrument that was cheap, fast, transparent and secure. If we think about what has happened in terms of the creation of Bitcoin, cryptocurrencies and other crypto assets, it comes from the need for having an instrument with such characteristics”.

The president of the BCB also assured that for banking, PIX is its main priority during this new year 2020 and that through this platform the need for the use of physical money and its operating costs could be replaced.

In another sense, the PIX platform may be used for the payment of taxes and other contributions. This is explained on the official website of the BCB. So the highest financial institution in Brazil managed to partner with the National Treasury Secretariat to meet this objective.

Besides, it is also noted that even the government will use this platform in the future to send tax refunds, subsidies, and other social benefits.

In this way, the South American country opens up to new technological possibilities in response to a significant loss. This new opportunity is thanks to the benefits that cryptocurrencies offer.

By María Rodríguez

UEFA Will Use Blockchain ​​Technology to Distribute A Million Tickets

Josselyn Avila
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UEFA Will Use Blockchain ​​Technology to Distribute A Million Tickets

The software for the acquisition of electronic tickets will be available in mid-May and will also serve to enter the stadium.

In the UEFA EURO 2020, the next most outstanding national football tournament in Europe, an app for smartphones based on blockchain technology will be used to distribute more than 1 million tickets electronically. The novel methodology will be used from the beginning of the tournament.

This new modality was announced by the Union of European Football Associations (UEFA), last February 17th. Besides, they stressed that customers who have already made a purchase order will receive their mobile tickets through the course of the days, up to one week before the game.

As part of this new way of selling tickets, UEFA also explained that the app that will be used to purchase electronic tickets will be available for download. This would take place at the end of May. The UEFA EURO 2020 software will be enabled for iOS and Android operating systems.

Those fans that have already purchased their ticket since December of last year may still obtain their ticket electronically. When they bought their tickets, they had to register an email. In that email address, they would receive a message redirecting them to download the app. When installing this tool on the phone, customers must register their email address to receive a new code.

Once entered into the app, the code will send a notification to receive the electronic entry on the phone. According to data provided regarding the application, the program will allow to send the tickets to each companion’s mobile phone or have all the tickets in only one device.

If a person wants to send some tickets to their companions, he will only have to enter their emails and the system will send the tickets. In the other case, if the fan will keep the tickets in a single device, he must enter the personal data of his companions in the app. This will allow the personalization of the ticket and will maintain the security of the purchase.

For the fan to use the ticket and attend the event, he must take the phone and activate the Bluetooth option. When the user is about to enter the stadium, he will have to open the application and show it to the security officer. An official will certify the ticket through a validation device, and then the fan will scan a QR code to open the passage in the turnstiles.

When announcing the new modality for ticket acquisition, UEFA did not detail the blockchain system they used to create the application. However, they explained that the system has already been tested on previous occasions. In 2019, for that year’s edition of the UEFA Nations League, some 110,000 tickets were sold using a similar system. Just as two years ago, in 2018, tickets were also sold for the final of the European Super Cup using an electronic distribution system.

Although no blockchain details were offered, at the end of last year it was known that the Football Association would have achieved an alliance with AlphaWallet, which works with the Ethereum network to tokenize around 20,000 tickets for this upcoming EURO event 2020. This time, they did not clarify whether they will use this same system for the million tickets.

This year, UEFA EURO 2020 will celebrate its inauguration in the city of Rome, in Italy. The competition will begin on June 12th and will culminate on July 12th.

By María Rodríguez

How Pyramid Schemes that Hide Behind Bitcoin and other Cryptocurrencies Really Work

Alexander Salazar
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How Pyramid Schemes that Hide Behind Bitcoin and other Cryptocurrencies Really Work

They claim to sell innovation, technology, and financial education but are just after people’s money. They offer huge investment returns, which are not sustainable for any company.

A pyramid or Ponzi scheme involves a “founding leader” that requests money for goods or services of little value, such as ghost cryptocurrencies, education, and naturist products, among others, usually promising unreasonably huge profits. The participants must recruit new people to invest money, which will be used for paying the promised profits to the initial participants, with the promise to improve their income with the entrance of new investors/victims that bring more people.

In this way, they build the rankings where those that have invested and recruited the most will earn the most until there are no new investors that want to enter the scheme. Eventually, the flow of incoming money is exhausted and the last ones who enter will lose all their money. In many countries, this is considered an illegal practice, since they are not producing anything but recycling money.

An example of a pyramid scheme can be seen in events promoting cryptocurrency investment, in which videos and motivational songs are followed by the intervention of the promoter. According to his speech, he can be perceived as a combination between a motivational coach and a blockchain and cryptocurrency technologies guru, with a dose of innovation and finance. Then, it is the turn of the guest company that had promoted the event on the social networks to promote their products, even though the organizer was a pyramid scheme.

At the beginning of the presentation, it can be seen that the guest is a good speaker that can entertain the audience in the room with his monologue for more than 2 hours. He may talk about innovation, blockchain, Bitcoin, cryptocurrencies in general, family, daily life and financial education, among other subjects. Following an hour of pure verbiage, he presents what their pyramid scheme offers to potential users/victims.

Afterward, he starts showing what the new members can earn with them, from their ranking system for those that manage to bring the most money (both fiat and crypto assets) to the company. They promise to teach everything needed to achieve personal success, highlighting the virtues of the “visionary leader” creator of this business, who happens to be linked to other similar companies. It is worth mentioning that anyone can get this information on Google if they research before risking their money.

To summarize, it can be said that all pyramid schemes follow a fairly similar script, which presents a methodology that only has nonexistent benefits for most of those entering the scheme. It is recommended that people always use common sense and do some research to avoid becoming victims. It has been proven that no type of business can ensure earnings as high as 2% per day or 30% per month, without mentioning the risks of meeting such earnings.

It should be noted these schemes do not provide any information on concrete numbers and the risks of the investment, but only focus on playing with people’s emotions. It is necessary to keep in mind that investing either fiat or crypto assets requires following a cool head, not a warm heart.

By Alexander Salazar

European Space Agency Blockchain Project Will Store Satellite Data

Maria Rodríguez
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European Space Agency Blockchain Project Will Store Satellite Data

Storing satellite data for safer mining projects is one of the main objectives of this new project.

Blockchain technology even reaches Outer Space. It did not arise only as the technology to conduct transactions with cryptocurrencies, but lately, it has been incorporated into sectors as diverse as the food or transportation industry. But now it also reaches the mining sector and could store satellite data with a new project.

The European Space Agency (ESA), an important intergovernmental organization dedicated to space exploration, is financing a new blockchain project to boost the global mining industry.

The objective is to improve data transparency for the mining industry by combining data from satellites with the block of chains. In this way, the information would be kept safer.

To make this project a reality, ESA, which has also contributed to other applications of blockchain technology, has funded this new project together with the Scottish company Hypervine.

The Platform Will Avoid Fatal Accidents

One of the most important objectives of this project is to help prevent miscalculations in the mining sector that can cause catastrophic or fatal accidents in the mining industry.

Blockchain could help in this aspect by allowing the creation of a unified and immutable database related to the procedures that workers must follow to avoid accidents or related to important data to ensure safety in the mining sector.

The project is based on Hypervine technology, which allows mining teams and their subsidiaries to record data about their work in an immutable ledger. In this way, they seek to eliminate the risk that small alterations in the data are extended along a chain and cause serious errors or accidents.

How Will It Work?

The initiative consists of registering information from satellites in a distributed ledger. This would provide mining companies with a reliable and coordinated data source to replace traditional paper sources, which must be verified by multiple teams in different locations. So blockchain technology, again, would allow us to save time, streamline traditional processes, and avoid accidents.

In that sense, the satellite database project powered by blockchain will help reduce the costs of the mining industry. All of this since mining companies can spend months to get the correct data from often fragmented sources, something that wastes time and delays some processes.

It Would Protect the Environment

Thanks to the operational efficiency that this project would allow to achieve, a positive impact on environmental conditions would also be achieved by reducing carbon emissions after process automation.

Beatrice Barresi, a technical officer at ESA Space Solutions, recently said that the use of satellite data for mining registers an increase in investments, while the expansion of these initiatives with technologies such as blockchain is expected to provide better commercial results.

“One of our main goals is to make industries such as extraction safer, cleaner and more responsible. Working with companies like Hypervine allows us to achieve these goals while improving standards in multiple industries. It has been great to work with Hypervine in this project and we look forward to the next phases”, Barresi commented.

By María Rodríguez

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