As we know that Blockchain technology is envisioned to be an open-source initiative where a decentralized distribution of power exists instead of concentrating it all in a single central authority. Counos Decentralized Exchange adopt Blockchain technology and operate on a peer to peer protocol. Peer to peer (p2p) protocol is basically a decentralized communications model in which nodes are computer systems or devices which are connected to each other via the Internet. Transactions are shared directly between nodes on the network without the need of a central server. In other words, each node on a P2P network becomes a Transaction server as well as a client.
Moreover to ensure the security of users when carrying out any online transactions Counos Decentralized Exchange combine both the Timestamp and proof of work consensus mechanism in this way that when a transaction is broadcasted to the network , the proof of work algorithm in the platform creates a computational challenge that is solved by a network of connected computers (nodes). Once this challenge is solved, Counos Dex then completes the transaction and within a short period of time.
How Counos Decentralized Exchange is different from other exchanges?
As we know that there are more than 200 cryptocurrency exchanges to trade on. Based on their type of operation, we can classify them into centralized or decentralized and to understand these concepts one should know What is Blockchain? In short “Blockchain is a distributed, decentralized, public ledger” So If we see in this reference centralized exchanges directly defy the blockchain values as the assets are controlled by a single central entity that raises serious trust issues and our experts are also addressing this challenge from few years they believe that Having a centralized baseline itself is dated and limits crypto’s potential, further bringing along lurking threats and the possibility of fraudulent activities.
To solve this challenge and to bring elasticity and further growth of crypto exchanges, the dedicated team of counos coin have launched a decentralized cross-blockchain exchange model. Counos decentralized Exchange is an all-in-one platform for trading cryptocurrencies. The users can sell a wide variety of their cryptocurrencies or take measure in buying directly from other different users via Offer board at Counos. This model focuses on a decentralized network that distributes clients and in return, minimizes risks like cyber-attacks, single point of failure, and denial of service events.
Unique features of Counos decentralized
Counos decentralized Exchange supports all credible cryptocurrencies of the world, such as Bitcoin, Counos Coin, and Ethereum and A unique feature of Counos DEX is that all exchanges take place on the infrastructure of Counos Escrow. This escrow service is one of the best online escrow services available with respect to innovation and security. This is the Most Secure Way to Do the Trades Using Escrow, Counos will not give the final verification until the final verification is announced on the part of two trading parties. Applying Multisig service in Blockchain technology, the final verification will be preceded by the buyer and seller’s agreement. There is no limitation at Counos decentralized exchange to create different sale offers or enter the trades to buy them.
The most important feature that Counos decentralized Exchange provides is the Ability to change fiat money to cryptocurrencies this feature is added in reference to solve the problem of users facing in many decentralized exchanges, that there is no possibility of exchanging cryptocurrencies with fiat money or buying cryptocurrencies through them. It causes many problems for the users, since many users are willing to buy cryptocurrencies directly through valid currencies such as U.S. dollar or euro. Counos decentralized exchange has made possible changing cryptocurrencies to fiat money or vice versa for the users. At Counos, fiat currencies such as USD, CAD, Swiss franc, and Euro can be used for selling or buying in the trades.
Traditional decentralized Exchanges VS Counos decentralized Exchange
In recent times we see in different surveys about Exit Scam of exchanges as they first create fake volume by doing fake trades to attract users and when big whales deposits their coins in there exchanges than they exit or stop to provide withdraw service in this way all the funds of users are lost keeping this challenge in mind the developers of Counos decentralized exchange develop the deposit payment algorithm. With this algorithm, the users who create a new sale offer should put 3% of the total amount of their cryptocurrency exchange request as the deposit in a safe shared wallet. It will remove the possibility of making fake sale offers.
Moreover the users can buy one of Counos Decentralized exchange packages as the deposit is according to the degree of their cryptocurrency buying and selling. This charge is received just as the guarantee for the real trades of the users and all the users can return all the money they have paid to receive the package.