Taking pride in being one of the most radical, valuable, and proficient additions to the crypto space, the CoronaCoin is a one-of-a-kind digital currency that has the potential to leverage the relief operations productively.

The ERC-20 token stores coronavirus cases of infections and deaths on the blockchain network with a token burn. Based on the statistics released by the World Health Organization, Coronacoin is the first-ever currency to be backed by the proof of death (PoD).

About 20% of the tokens have been reserved for making donations to the Red Cross for their relief operations globally. The CoronaCoin team chose the Ethereum network owing to its popularity amongst the DApp developers and crypto enthusiasts.

With the project already widely criticized as a morbid joke, the developers of the digital coin have defended their actions, comparing Coronacoin to the World Health Organization’s issue of pandemic bonds, which comparably amass value to the new crypto.

Although this particular venture seems like a bad joke, it does represent a good case study given that some top developers are willing to take this affair in stride.

Is Coronacoin Immoral?

The widespread coronavirus outbreak has taken a major toll on the global economic scenario, with business operations getting halted on a worldwide scale.

The developers behind the CoronaCoin claim that their project’s main aim is to educate the public about the deadly disease, not to make a quick buck.

However, the brazen boasts of its links to the coronavirus mortality rate on the crypto’s website have attracted huge criticism – something the token’s bosses dismiss.

CoronaCoin user and alleged developer Sunny Kemp defended his project by referring to the establishment of a common bond scheme among large financial institutions designed to mitigate the economic impact of global disasters.

While such bonds are often ridiculed, economists the world over largely agree on the requirement for such financial back-up.

Although it is a bit of a stretch to draw comparisons between the mitigation bonds and a cryptocurrency which ‘burns’ tokens linked to how many cases of a fatal virus are confirmed, Sunny argues that his token serves a similar purpose in raising funds that could benefit victims.

Can the Coin Be justified?

In addition to the above-mentioned defense for Coronacoin, Sunny Kemp further justified his token by stating that the startup had no ICO, did not raise funds from the public, does not sell coins to the public directly, and actively airdrop free coins to their community.

Moreover, he also added that his team is building DAPPs to educate the public about the spread of the virus.

