The outbreak of coronavirus has impacted world trade and instilled a fear even in the biggest economies of the world. Many businesses that have been directly affected, especially the airlines’ industry are waiting for the pandemonium to rest before businesses bounce back. But the cryptocurrency industry have managed to mint the situation into an opportunity.
European developers have created a cryptocurrency called the CoronaCoin that lets people capitalize on the number of people who are infected due to the virus. The entire system functions on a cryptocurrency called NCOV that gets burnt each time there is an infected patient. The total supply of the currency is based on the total world population and is burnt every 48 hours dependent on the number of infected by the Coronavirus.
With the increase in the number of infections and deaths, more and more tokens are being burnt. People studying the situation realise a good number of tokens will be burnt as the spread increases.
At the time of writing 107,383 tokens have already been burned. The developers also are planning to donate 20% of the share to the Red Cross Society through its 2019-nCoV relief function. Every month the payment will proceed to the fund through a cryptocurrency payment processor.
It may sound a bits strange, however an interesting argument was made by the creators of the concept. They mentioned in an interview that even WHO have issued pandemic bonds, and what they are doing is no different.