A new cryptocurrency project relies on a novel – and some might say ghoulish – gimmick. The token, called CoronaCoin is designed to ensure that the number of coins in existence decreases as the number of Coronavirus cases around the world rises.
According to its website, the project team created a total of 7,604,953,650 CoronaCoins – one for each person alive on the Earth today. The developers also claim that the coin is non-mintable, to ensure that the supply never rises. It can, however, go down. As the website notes:
As the number of infected/dead from the virus increases, the number of tokens are manually burned every 48 hours. So for every one infection, one token is burned.
The fact that the number of tokens decreases over time, means that it is deflationary and should become more valuable over time. The supply is also non-mintable, so no new Coronacoins can ever be created.
The CoronaCoin team described the project as a way to accurately document new infections and deaths using the blockchain and relying on statistics provided by the World Health Organization. They claim that using the blockchain should enable the data to be accessible to people in China and other countries with authoritarian governments that may be censoring news about the viral outbreak from their citizens.
The project has reportedly earmarked 20 percent of the total supply of CoronaCoin to the International Red Cross, for use in that organization’s efforts against the outbreak.