Waves.Exchange rolls out a charity program to combat COVID-19

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Apr 6, 2020
  • Waves.Exchange launches #CryptoCOVID19 to let users bet on the spread of COVID-19.
  • This initiative seeks to raise funds to help non-profits fight the COVID-19 pandemic.
  • Some crypto developers are leveraging coronavirus for marketing purposes.

Waves, a renowned blockchain project has launched a charity program for COVID-19 relief on its Waves.Exchange. Dubbed #CryptoCOVID19, the campaign aims to raise money that will go towards supporting organizations and funds that need aid to fight the coronavirus pandemic. The firm unveiled this information through a news release on April 3.

Per the news release, Waves took this initiative as the confirmed number of cases around the globe hit one million and the number of victims approaching 50,000. However, the #CryptoCOVID19 campaign is not the brainchild of Waves. The Giving Block and GITCOIN launched it as a charity movement. Waves.Exchange then joined this movement, contributing 10,000 USDT towards its course.

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At the moment, the movement has onboarded other leading firms including Brave, Gemini, and NEXO. Also, it has raised more than £81,341 in charity donations globally.

Betting on the spread of COVID-19

Reportedly, Waves’ #CryptoCOVID19 campaign is based on the principle of betting on the spread of COVID-19 within a 7-day timeframe. The platform uses prediction tokens known as COVID-DWN-JUN20 and COVID-UP-JUN20. The Waves blockchain hosts these tokens and a smart contract regulates them to ensure transparency, independent auditing, and verification of the campaign’s results.

Users can purchase these tokens in exchange for the Neutrino Dollar (USDN). The platform then locks up all the USDN used to buy tokens in an escrow, before distributing it to holders of the winning token at the end of every week.

Explaining how the betting platform works in the news release, Waves said,

“The number of confirmed cases is calculated as the total number of new cases over the course of a week with COVID-DWN-JUN20 winning if the total number of new confirmed cases over the week is less than the total number over the previous 7 days. COVID-UP-JUN20 will win on June 1, 2020, in the opposite case.”

The charitable aspect of this campaign is that winners will receive valuable prizes, which they can choose to share for charity purposes. Also, all additional proceeds will be donated to non-profit organizations.

Crypto developers begin using COVID-19 as a marketing tool

While most of the crypto space has been coming up with initiatives that seek to stem COVID-19, some developers are leveraging the pandemic for marketing purposes. For instance, HashCash Consultants revealed that it seeks to launch its Corona Fund Index Cryptocurrency. This is reportedly a token backed by nothing and it claims to reflect the performance of an inverse S&P 500 exchange-traded fund (ETF).

Do you think the #CryptoCOVID19 campaign is part of Waves’ strategy to market its Waves (WAVES) token? Share your thoughts in the comment section below.

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