Xaurum is a gold-backed cryptocurrency and blockchain that is built on the Ethereum network (having first been built as a Proof-of-Stake Blackcoin blockchain). The currency itself is directly connected to gold owned by the Xaurum CommonWealth, thus providing a backing for the value of Xaurum. Users can exchange Xaurum for gold in a process called melting, and any minted or mined Xaurum that the users create result into purchased gold going into the Xaurum gold reserves. Transaction fees are shared among all the holders of Xaurum through the use of Ethereum smart contracts. One gram 999.9 purity gold bars are used to internationally deliver gold to users who choose to “melt” their Xaurum.
Xaurum (XAUR) is the Ethereum token that can be mined, minted, melted, and sent across the Xaurum network.