hile the world is focused on the Coronavirus outbreak, some are finding ways to monetize the global panic. For instance, medical masks are being sold on eBay ten times their real price by individuals profiting from the crisis. Much more shocking, a new cryptocurrency named CoronaCoin
has recently been released.
The concept is as simple as morbid: they started off with 7,604,953,650 available tokens – one token per each person on Earth. Every 48 hours, a burn process is initiated. Every infected person represents one burned token. And so on.
When asked about it, the creators referred to their project as an innovative way to help the victims – a portion of the supply will be donated to charity. While we aren't sure that Proof of Death is a concept that will prevail, we wanted to learn more about this project that many might find highly immoral. So, we contacted the team behind the crypto project and made an interview with one of the project member, Sunny Kemp.
Jack Anderson: Can you explain what is the purpose of CoronaCoin?
Sunny Kemp: We are a blockchain, which is essentially a decentralized database. What we are recording is the spread of the virus using a token burn to adjust the total supply. We intend to donate 20% of the supply to the Red Cross using Bitpay.
Q: Aren’t you using the donate element as a way to justify making money out of the virus?
We had no ICO, did not raise funds from the public, do not sell coins to the public directly, and actively airdrop free coins to our community. Additionally, the fact that tokens can be traded on the market is secondary to the purpose of this blockchain. Furthermore, we are building dapps to educate the public about the spread of the virus. We are currently building a blockchain strategy game.
Q: Can you describe the burn mechanism?
The burn is manually done every 48 hours. We are working to automate the burn process using blockchain. We send coins to the standard Ethereum burn address to match official WHO world health organization infection and death statistics.
This makes CoronaCoin the worlds first Proof of Death blockchain. You could also consider it the world's first stablecoin pegged to the value of human life.
Q: But you base that on which number? The number of deaths?
Deaths and infections.
Q: Apologies to insist, but Proof of Death, doesn’t that simply mean a way to make money out of the deceased ones? Isn’t this immoral?
The world health organization currently offers an official pandemic bond. Is that immoral?
Q: What’s your own view about the coronavirus outbreak? Are you afraid of it yourself?
I believe we could see up to 80% percent of our supply burned. I have personally taken precautions and encourage everyone reading this to also do so immediately.
Q: Since this is The Financer, any financial advice?
I would like to tell people to prepare food, water, masks, personal protection, and medicine. You might also want to consider investing in gold and crypto, and divesting in your stocks and 401k's. Keep a few months of cash in hand. This is not financial advice, just my personal belief.