Coro Global Inc. (OTCQB: CGLO) today announced it has become the first company to formally license Hashgraph’s distributed ledger technology (DLT) to run its payment app CORO, which allows customers to easily exchange, send and save gold as well as U.S. dollars.
Hashgraph is an advanced form of distributed ledger technology that became publicly available in 2019, and has quickly gained a reputation as a faster and much more secure alternative to blockchain technology.
Hashgraph can reach stunning speeds of up to 500,000 transactions per second, far greater than that of the major credit card companies, while its asynchronous Byzantine Fault Tolerance (aBFT) consensus algorithm makes it extremely resistant to cyber attacks. Unlike blockchain, Hashgraph does not use miners to validate transactions, and uses directed acyclic graphs for time-sequencing transactions without bundling them into blocks.
“We’re proud to be the first company to build a payment app using the most secure private permissioned distributed ledger technology the world has ever known,” said J. Mark Goode, CEO of Coro Global Inc. “Our main priorities have always been the security and peace of mind of our customers.”
The CORO app allows customers to exchange, send and save gold and U.S. dollars easily and securely. Hashgraph was chosen to develop CORO’s AML/KYC private permissioned distributed ledger network because of its high resilience to cyberattacks and ability to send money across the world instantly, with real-time settlement.
With over 3,000 people already on its waiting list, the CORO app is available to residents of Florida, Arizona, Arkansas, Alaska, Delaware, Idaho, Montana, Massachusetts, South Carolina, and Wisconsin in the Apple App and Google Play stores. The company intends to release CORO in additional U.S. states over the coming months.