What is Coronacoin and what is its role in the fight against coronavirus

The coronavirus epidemic has had a considerable impact on the global economic scenario, with commercial operations blocked worldwide. Border closures, large-scale quarantines, stock exchange freezes, business interruptions, etc. are some of the significant consequences of the spread of the virus.

The cryptocurrency sector has been quite active in providing the necessary support for the global economic recovery, creating initiatives around the world. This need to help society led to the formation of a revolutionary token called Coronacoin.

What is Coronacoin

Coronacoin is a one-of-a-kind currency that has the potential to fruitfully exploit relief efforts. On the blockchain it acts with the name of ERC-20 token, memorizing the number of contagions and coronavirus deaths.

Based on statistics released by the World Health Organization, Coronacoin is the first currency ever to be supported by the Proof of Death (PoD). About 20% of the tokens have been reserved to make donations to the Red Cross for their relief operations around the world. The Coronacoin team chose the Ethereum network because of its popularity among DApp developers and cryptography enthusiasts.

Important characteristics of coronacoin

• There is a fixed number of coronacoins in the world, that is 7.604.953.650, a figure that corresponds to the world population at the time of the token minting.
• The ticker symbol for Coronacoin is $ nCoV, which takes up the name of the virus.
• If the number of Coronavirus patients or the mortality rate increases, the token number will be updated manually every 48 hours. This implies that for every contagion / death, a Coronacoin will have to be destroyed.
• Coronacoins are deflationary in nature and their numbers will continue to decrease over time, creating a potential increase in the value of quotation of currency over time.
• The token is not extractable, which indicates that it will never be possible to create a new Coronacoin set in the future.
• Since data relating to deaths and infections are recorded on the blockchain, they will be able to enter authoritarian countries without censorship. This is essential for obtaining complete information about the virus and giving people the opportunity to prepare accordingly.

The dedicated team of professionals working for Coronacoin is looking to build decentralized applications that will be integrated with the token. Efforts are being made to raise awareness of the project.

Conclusion

Epidemics such as coronavirus spread once in a lifetime and in very rare cases, but once widespread they cause widespread devastation. Rescue operations are being carried out by global organizations in the affected areas and people around the world are making donations to do their small part in relief efforts.

Coronacoin was designed to bridge the gap between rescuers and patients by channeling monetary resources, useful medicines, tools and other items into the hands of those working in relief efforts. This currency is a revolutionary approach to reuniting the world as a small family that is together in times of need.