- The CoronaToken (NCOV) documents the spread of the Coronavirus on the blockchain.
- Doubts linger about the legitimacy of the project.
- Launched in late February this year, its total supply is exactly the estimated world population of 7,604,953,650.
- Tokens are burned manually every 48 hours to correspond to every new confirmed case and/or death due to the Coronavirus in the same time period.
- The team pledges to donate 20% of the tokens to the Red Cross.
Reuters was one of the first publications to break the news regarding the emergence of Coronatoken (NCOV): the first cryptocurrency to be backed by Proof of Death. The initial webpage of the project, Coronatoken.org, has since been suspended and the project has found a home at Coronatoken.net.
CoronaToken (NCOV) Tracks New Confirmed Cases of the Virus and Deaths
In the new website, one can quickly identify that the token is referred via two names, Corona Coin and Corona Token, but its ticker is still NCOV. The token is described as being ERC20 compliant with a total supply equivalent to the total estimated world population of 7,604,953,650. The token can also be tracked on Etherescan.
According to the project’s whitepaper, tokens will be burned every 48 hours. Their number will be equivalent to the number of confirmed cases and deaths due to the Coronavirus in the same time period. This, in turn, means the token’s supply reduces with time.
The team further explains that 20% of the total supply will be donated to the Red cross. They state:
Coronacoin will be donating 20% of the total supply of the currency to the Red Cross in order to support them in their work against the virus. This means that as the price of Coronacoin increases, so will the total value of the donation.
How to Purchase Coronatoken (NCOV)
The purchase of NCOV token is currently only available on the Saturn Protocol. Interested investors are required to link their Metamask wallet to the Saturn network. Once this is done, they can purchase NCOV which is currently valued at 0.00000381 ETH at the time of writing this.
But Is it Legit or a Scam?
Anyone who has lived through the 2017 ICO boom in the cryptocurrency industry will most likely keep away from investing in this project. The 2017 – 2018 ICO period saw many investor funds end up in the hands of unscrupulous entrepreneurs. These individuals were armed with idea-stuffed whitepapers with no intention of fulfilling their roadmap promises. Their main goal was to accumulate crowd-sourced funds due to the hype at the time, and literary disappear like Houdini.
Therefore, further scrutiny and caution is required when considering an investment in Coronatoken (NCOV). Perhaps watching from afar is the best option until the token is listed on a major exchange.
(Feature image courtesy of Sharon McCutcheon on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.