While Coronavirus is taking, lives some have found an opportunity to tokenize and get something out of it. The recent killer virus originating from china has seen a group of eager men come up with an idea; CoronaCoin.
Just like bitcoin, CoronaCoin is also non-mintable which means no one can make any more of it in the future. However, unlike bitcoin the coin is deflationary. At some point along time, there are going to be lesser coins than they initially were.
A total of 7,604,953,650 NCOV was supplied into the market. These figures are based on the total population of each which is around the same figure. According to the CoronaCoin group admin; Sunny Kemp, the coin was formed by“programmers and activists on 4Chan,” he also said:
“We developed the world’s first blockchain that tracks the spread of the virus based on it’s [sic] token supply. The token supply started at 7.6 billion and is burned every two days to keep up with official WHO statistics.”
Additionally, for CoronaCoin to become deflationary, the platform burns off some of the coins every 48 hrs. The number of coins to burn depends on the number of people fatality and infected within the same period of time.
CoronaCoin in the market
NCOV has introduced to the market a few weeks ago. Right now the coin is $0.0030 in the trading market. Over the last 24hr, this price has been a representation of a 228% gain.
As much as the percentage is high, the volumes do not send the same positivity. At the time of the press, the CoronaCoin volume is at $622. This is all times high for the coin.
Coronavirus effects to the rest of the coins
China; the country with the most invested people, is the mining hub in the world. The virus has affected the economy of china a big deal and although in very small percentages it has affected the mining process.
However, this could be a chance for crypto mining to become more decentralized than it is currently.
Crypto analyst and Author