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You are here: Home / Archives for CoronaCoin

CoronaCoin

Italian Red Cross Bitcoin Fundraiser Hits Target Within 3 Days

March 23, 2020 by Arnold Kirimi

The Italian Red Cross outlined a new Bitcoin initiative to purchase medical impediment after the initial Bitcoin fundraiser had exceeded the target in three days. The Italian Red Cross organized a bitcoin appeal to help acquire advanced medical posts for a triage facility in the midst of a coronavirus pandemic.

After only three days of setting up the bitcoin fundraiser, Red Cross has revealed that it had achieved its target of about $10,710 (€10,000).In addition, the Red Cross announced that it had begun to purchase the equipment necessary for stationing the triage facilities.

This time around, the charitable organization has set a new goal of about $26,000 to procure the equipment needed for emergency operations, which involves a defibrillator with a vital signs monitor. In fact, this latest bitcoin project has met more than 75 percent of the target set from only 55 donors at the time of writing. The charitable group has spent about $20,000 to date.

Crypto community role in the fight against coronavirus pandemic

As the COVID-19 epidemic intensifies, the cryptocurrency community has provided several novel insights and hands-on strategies. 

Coinbase, leading global crypto exchange firm, formally developed a code related to multi-stage coronavirus response plan.The Coinbase system entails how companies should respond to specific occurrences, such as increased cases within a vicinity.

An international group of developers has been rolling out the “CoronaCoin” whose supply relates to the number of COVID-19 related deaths. The project has been dubbed as an unhealthy joke, however, the developers have defended their plan by comparing the asset to the pandemic bonds; issued by the World Health Organisation, which also similarly amass value. 

The digital currency community has engaged and contributed to various projects that are helping to combat COVID-19 globally. Platforms like [email protected], which capitalizes on additional computational power to assist in medical research; have gained tremendous support from the cryptocurrency community.

In particular, the Tezos Foundation has set up a pool of hundreds of XTZ to become the most significant [email protected] contributor. Additionally, CoreWeave has redirected approximately 6,000 GPUs that were initially used to mine ETH towards the project.

Moreover, Ethereum based crowdfunding network, Gitcoin, revealed on March 14 that it had committed about $50,000 in grants funding; to the public health initiatives that are battling the coronavirus pandemic. Gitcoin is looking forward to raising at least $100, 000 towards the course.

The rise in crypto-related COVID-19 scams

Cybercriminals are capitalizing heavily on the coronavirus pandemic using digital currencies to obscure their tracks. Scammers have established “phishing” attacks using text messages, emails, and social media platforms; to exploit the panic caused by the widespread coronavirus.

According to a report by cybersecurity researcher Chester Wisniewski on March 19, fraudsters have been posing as the World Health Organization (WHO) to seek BTC grants through email. 

Furthermore, a cyber threat research firm, DomainTools on March 13; published a report regarding a website that infects users’ phones with ransomware.

The website, named coronaviruapp.site, will infect a user’s mobile phone with COVID-19 themed ransomware; that resembles a heat map showing the spread of coronavirus across the globe. The malware demands a ransom in bitcoin. 

 

Filed Under: News Tagged With: Bitcoin (BTC), Bitcoin scammers, CoronaCoin, coronavirus, COVID-19, COVID-19 Solidarity Response Fund, Crypto Adoption

Developers Create CoronaCoin, a Coronavirus Pegged Cryptocurrency  

February 29, 2020 by Tabassum Naiz

Cryptocurrency developers have created a new coin, dubbed CoronaCoin (NCOV). The intent is to help users achieve profit from the number of people who die due to the deadly coronavirus epidemic.

 According to the coin’s website, the supply of Coronacoin is directly proportional to people’s mortality rate concerning the fatal virus; the price of the currency will increase as the virus kills more people.

 The coronavirus is becoming more widespread globally, on Friday six new countries have reported the cases, and the World Health Organization has raised serious concerns over the epidemic and has called its impact “very high” alert.

 Many businesses across the world have been affected due to the spread of the deadly virus. Besides, three major stock indexes of the U.S. are to face the worst week since 2008’s financial crisis.

 Moreover, the creator of the CoronaCoin has established tokens based on the world populations and tokens will be burnt every 48 hours based on the number of people who have been infected or have died.

 An admin of Telegram group for CoronaCoin Sunny Kemp said:

 We developed the world’s first blockchain that tracks the spread of the virus based on it’s [sic] token supply. The token supply started at 7.6 billion and is burned every two days to keep up with official WHO statistics.” 

 “Some people speculate a large portion of the supply will be burned due to the spread of the virus, so they invest,” Sunny Kemp added.

 When asked about other developers, Kemp said that the team is based on seven developers and more coming on board. He declined to unveil the others and said that they are mostly from Europe.

 As transactions are recorded through a virtual ledger – Blockchain and the CoronaCoin records the spread of the virus whereas tokens can be bought and sold on a few online exchanges.

 Kemp, who is one of the developers of the coin, said that about 20 percent of supply would be donated monthly to the Red Cross through a popular cryptocurrency payment processor. 

 On the other hand, CoronaCoin has been criticized by the users of Reddit, a social media platform.

One of the Reddit’s users expressed his views: “Frankly, this is amoral.”

“There has GOT to be a special place in hell, just for these investors, devs, users, everyone involved” commented another

 While questioning, if the token could be viewed as morbid, Kemp stated: 

 “There are currently active pandemic bonds issued by the WHO. How is that different?”

Filed Under: News Tagged With: Blockchain, CoronaCoin, coronavirus, Sunny Kemp, token, World Health Organization

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