HOW IT WORKS

● The token supply is based on the world population, which stands at 7,604,953,650 as per the cryptocurrency's site. Every 48 hours, the token is burned to reduce supply in line with reports on the Covid-19' spread. So for every one infection, one token is burned.

ALTRUISM MEETS CAPITALISM?

● A portion of the tokens (20 per cent) has been set aside for donation to the Red Cross to fund relief efforts. By putting the information regarding infections and deaths, the cryptocurrency reportedly enables data to enter authoritarian countries. The data reportedly allows people to understand the true impact of the virus and prepare for any potential situations. been plagued by frequent price crashes and scams.

Transactions are recorded through a digital ledger called blockchain. The CoronaCoin blockchain

documents the spread of the virus and the token scan be bought and sold on some online exchanges, such as Saturn.Network, according to Kemp.

Around 20 per cent of supply of supply will be allocated for donation monthly to the Red Cross using a well-known cryptocurrency payments processor, Kemp said.

Some users of social media platform Reddit users criticized the token. "Frankly, this is amoral," said one. "Tasteless," commented another. "This is why we can't have nice things," wrote a third.

Asked whether the token could be seen as morbid, Kemp said: "There are currently active pandemic bonds issued by the WHO. How is that different?" New York: Cryptocurrency 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 platform Reddit users criticized the token. "Frankly, this is amoral," said one. "Tasteless," commented other.