Waves has launched a macabre campaign to purportedly raise money for COVID-19 relief. The platform has created a tokenized parimutuel betting pool where users can speculate on whether the global number of confirmed coronavirus cases has risen or fallen within a given week.
On April 3, Waves announced the ‘charity campaign,’ ostensibly in support of “organizations and funds in need of financial aid in fighting the global COVID-19 pandemic.”
We have launched the prediction market campaign🚀to support #CryptoCOVID19 and donate to the nonprofits fighting the pandemic. Let's help @TheGivingBlock and @Gitcoin unite the cryptocommunity to bring this crisis to an end:💪 https://t.co/OnujwJ2f1Z — Waves.Exchange (@Waves_Exchange) April 2, 2020
Waves.Exchange users can now purchase ‘COVID-DWN’ or ‘COVID-UP’ tokens to speculate on whether the number of globally confirmed coronavirus cases increases or decreases within a seven day period.
Tokens are purchased in exchange for the stablecoin, Neutrino Dollar (USDN). All USDN used to purchase the tokens are then locked in escrow before ultimately being distributed to holders of the winning token at the end of each week.
The charitable component to the parimutuel pool is that “winners will be granted valuable prizes or can share their winnings for charity purposes,” and “all additional proceeds of the campaign will be donated to non-profit organizations.”
Data on the number of confirmed COVID-19 cases will be provided through oracles from the Data Repository by Johns Hopkins CSSE which receives from the World Health Organization (WHO) in real-time.