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A Detailed Analysis of Coronacoin Cryptocurrency and Its Role in Battling Coronavirus

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Where on January 1, 2020, the world entered a new decade with promising hopes, aspirations, and happiness, presently it is reeling under the plight of the deadly Coronavirus, which has created havoc across the globe. Wuhan, a Chinese province, was the first region to experience the attack of Coronavirus with the death toll reaching an all-time high within a few weeks of the outbreak. Slowly and gradually, countries from around the world found citizens suffering from severe disease. In no time, it was addressed as an epidemic enveloping nearly 43 nations and territories in its clasp. The reports stated that the global corona infections recorded stood tall at a figure of 81,278 people with a whopping 2,770 recorded deaths.

The unfavorable coronavirus outbreak has taken a major toll on the global economic scenario, with business operations getting halted on a worldwide scale. Border closures, large-scale quarantines, stock market crashes, trade stoppage, etc. are some of the significant outcomes of the corona attack. Interestingly, governments and people from around the world have shown a great deed of support for Wuhan as well as other affected regions by supplying healthcare tools, medicines, instruments, etc. The cryptocurrency industry has been quite active in lending the necessary support to the recovery initiatives carried upon around the world. This need for helping the society led to the formation of a revolutionary crypto token named Coronacoin.

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About Coronacoin

Taking pride being one of the most radical, valuable, and efficient additions to the crypto world, the Coronacoin is a one-of-a-kind currency that has the potential to leverage the relief operations fruitfully. The ERC-20 token stores coronavirus infections and deaths on the blockchain network with a token burn. Based on the statistics released by the World Health Organization, Coronacoin is the first-ever currency to be backed by the proof of death (PoD). About 20% of the tokens have been reserved for making donations to the Red Cross for their relief operations around the world. The Coronacoin team chose the Ethereum network owing to its popularity amongst the DApp developers and crypto enthusiasts.

Important Features Of Coronacoins

  • There exists a fixed number of Coronacoins in the world, i.e., 7,604,953,650, the figure which is equal to the world population at the time of minting the tokens.
  • The ticker symbol for the Coronacoin is $nCoV, which is quite similar to the virus name.
  • As and when the number of patients suffering from the Coronavirus or the death rate will move upwards, the number of tokens shall be manually burned every 48 hours. This implies that for every one infection/death, one Coronacoin shall be burned.
  • Coronacoins are deflationary in nature and their number will continue to fall over time while eventually giving the currency a momentum in its value.
  • The overall supply of the token is non-mintable, which indicates that no new set of Coronacoins can ever be created in the future.
  • As the data related to the deaths and infections are recorded on the blockchain, it enables data to enter authoritarian countries uncensored. This helps people to get complete information about the virus, giving them a chance to prepare themselves accordingly.

The dedicated team of professionals working behind the Coronacoin is striving to come up with decentralized applications that will be integrated with the token. Efforts are being made to create more awareness about the project. Apart from the DApp, the team is likely to unveil an educational strategy game that will employ the player’s public keys for player attributes in the near future.

Conclusion

Epidemics like Coronavirus spread once in a lifetime and in very rare cases, but once spread, they cause devastation at a large scale. What started in Wuhan has now attacked the biggest countries around the world, leaving governments in a puzzled state. Relief operations are being carried out by the global organizations in the affected areas and people worldwide have been making donations to do their little part in the curing initiatives. Coronacoin has been designed to bridge the gap between the helpers and the sufferers by channelizing the monetary resources, medicinal aid, tools, and other items in the hands of the right people who are working in relief operations. The coin is a revolutionary approach to bring the world closer as one small family which stands with each other at times of need.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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