What is Coro?
Hash Labs is developing Coro, a fully compliant Global Digital Payment Platform that includes a digital vault to hold, transact and transfer asset-backed, redeemable, stable, scalable and transparent Digital Gold called CXAU.
Coro is a decentralized application (DApp) of the future built on a Hashgraph private permissioned distributed ledger to allow qualified users to make peer-to-peer payments in a fraction of a second using Coro’s currency, CXAU.
Hashgraph uses a mathematical approach called directed acyclic graph (DAG) that allows transactions to process in parallel, rather than linearly. Where Bitcoin processes fewer than 10 transactions per second, and Ethereum fewer than 25, Hashgraph technologies are able to process 500,000+.
Each Coro user will have a secure digital vault, 100% backed by physical gold
The value of the stablecoin will be derived from the real market value of the physical gold that will secure it and is not subject to the ups and downs of purely digital cryptocurrencies.
Coro will built on the world’s fastest, most scalable and secure Hashgraph DLT
Coro account holders will be able to redeem their full account value for physical gold at any time
Coro will operate in full compliance with U.S. and global regulations
The highest standard of IT security will be applied to ensure that bad actors cannot participate in the platform
Each account will be activated only after a user has successfully completed full OFAC, KYC, AML screening.
All physical gold is held in reserve at the Royal Canadian Mint and audited by an independent accounting ﬁrm
Coro & CXAU
Coro is the global digital payment platform based on the timeless legacy of gold, but run via a fast and frictionless DLT.
CXAU is a digital unit of account where one CXAU = one troy ounce of gold. XAU is the symbol used under the ISO 4217 currency standard to denote one troy ounce of gold. The ISO currency standards are the same ones used for all global currencies. For example USD = one U.S. dollar = $, EUR = one European Union euro = €, and JPY = one Japanese yen = ¥. To make it clear that XAU is digitized and cryptographically secure within Coro we’ve placed the letter “C” in front of it.