‘CoronaCoin’ allows users to bet on international epidemic

Gig economy to be hit by Covid-19

New York, March 1: Cryptocur-rency developers have created a digital coin that allows traders to bet on the coronavirus epidemic, based on how many people fall ill or die. Called the "CoronaCoin," its supply will diminish every two days based on the rate of new cases, according to its website suggesting its price could move higher the more people the virus kills.

The coronavirus epidemic is becoming global, with six new countries reporting their first cases on Friday and the World Health Organization raising its global spread and impact alert to "very high."

Latest WHO figures indicate more than 82,000 people have been infected, with more than 2,700 deaths in China and 57 deaths in 46 other countries.

The rapid spread of the virus, which emerged in China in December, has stoked a frenzied selloff in global markets, with the three major U.S. stock indexes on track for their worst week since the 2008 financial crisis.

Total supply for the CoronaCoin is based on the world population, and tokens will be burnt once every 48 hours based on the number of those that have been infected or have died, according to its website.

"Some people speculate a large portion of the supply will be burned due to the spread of the virus, so they invest," Sunny Kemp, a user who identified himself as one of the developers, said in a chat on messaging app Telegram.

Kemp said the team comprised seven developers with more coming on board. He declined to identify others, but said they were located mostly in Europe.

Cryptocurrencies like bitcoin are digital currencies that rely on advanced cryptography to validate their transactions. The nascent asset class has

The ongoing Covid-19 scare is most likely to impact workers part of the gig economy, especially in the United States, a Washington Post report has said.

According to the report, those providing ondemand ride services and delivery services are at a greater risk due to the spread of Covid-19. This is because most of them are considered independent contractors and hence are ineligible for sick leaves or healthcare benefits.

"With the gig economy specifically, it's full of lowincome, independent contractors who don't have very good health insurance. They're not going to have better protections than anyone else, but they may have higher risk," said Alex Rosenblat, the research lead for the nonprofit organization Data & Society was quoted by the publication as saying.

Nevertheless, companies like Taxi aggregator service Uber recently sent an in-app message to its drivers in the United States, which included measures to protect themselves from the deadly virus that originated in the central Chinese province of Wuhan.

Meanwhile, China reported a fresh spike in Covid-19 infections on Sunday. The virus has spread to more than 60 countries around the globe, prompting the World Health Organization to raise its risk assessment to its highest level.

Worldwide, nearly 3,000 people have been killed and about 87,000 infected since the virus was first detected late last year in the central Chinese city of Wuhan.

● MOST OF THEM working in the gig economy are considered independent contractors and hence are ineligible for sick leaves or healthcare benefits.