Crypto Community Sees Birth of Coronavirus-Backed CoronaCoin

Crypto Community Sees Birth of Coronavirus-Backed CoronaCoin

With the outbreak of coronavirus, several countries took tough measures to control the epidemic. Accordingly, the crypto community decided to launch the coronavirus-backed coin CoronaCoin (NCOV), given the virus’ devastating impact on people’s health.

Thus, the new ERC-20-based coin aims to spread awareness about the virus in the crypto community across the globe.

Interestingly enough, the total supply is based on the world’s population. This means that there’s one NCOV for each person.

Furthermore, CoronaCoin will be burnt once every two days, but this depends on the number of the affected people.

Investors worried about the new feature

According to the post, investors will benefit from the spread of the epidemic. However, most the crypto community is worrying about this new feature as some crypto fans commented saying that investors would have to wish for more infected people so their NCOV value may increase.

In addition, the CoronaCoin website states: “Portion of funds will go for Red Cross for nCov relief.” However, it does not identify the significance of this portion.

Initially, the new coin will be circulated through an airdrop. Then, the CoronaCoin developers will launch a game, which will allow users to collect NCOVs while playing.

Most importantly, potential investors will buy the new token from open exchanges.

Coronavirus impacts cryptocurrency-related activities

Earlier, Cryptolydian reported that the virus affected some cryptocurrency-related activities such as the delay of TOKEN2049; a major crypto-event held annually in Hong Kong.

Thus, TOKEN2049 was rescheduled from mid-March to 7-8 October 2020.

Meanwhile, the organizer of Hong Kong Blockchain Week 2020 announced in late January that it would put on hold the event. It added that it will announce the new date to the public when determined.

Despite efforts to control the deadly virus through closure of border crossings with mainland China, Hong Kong was experiencing even greater uncertainty because of local anti-government protests.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.