Use Counos Escrow for safe online trades based on cryptocurrency payments. It provides a secure way to buyers and sellers by using the multisig wallet they can make contracts and engage in trades
Let’s first understand this unique feature of Counos decentralized Exchange
Basically an escrow is a financial arrangement wherein a third party intermediates a trade of any sort between two parties. Through this arrangement the escrow entity, holds the payment made by buyer and oversees that the promised goods or services by the seller are delivered to the buyer. After buyer receives the promised goods or services, the escrow entity transfers the already made payment by the buyer to the seller’s account. So, the advantage in this arrangement is the buyer and seller do not even need to see each other, yet they can engage in a completely safe and secure financial trade through an escrow system.
As funds are transferred through multisig wallet so we have to understand what is multisig wallet? Basically Multisig stands for multi-signature, which is a specific type of digital signature that makes it possible for two or more users to sign documents as a group. Therefore, a multi-signature is produced through the combination of multiple unique signatures. In technical terms a multisig wallet is one where you need control over multiple private keys in order to spend from that wallet. That is each address in the wallet has multiple private keys behind it. The idea with multisig wallets is that multiple people can cooperatively control the funds in the wallet. Alternatively, the wallet requires three digital keys to be opened, which are the signatures, so to speak, or the digital keys of the buyer, seller, and the escrow agent.
How Counos Escrow Works?
Simply in the first step the buyer have to create an account on https://escrow.counos.com/ in the next step the buyer need to create a private key for himself same as it is the seller have to follow these two steps by this Buyer, seller and escrow agent have their own unique private keys these keys are than used to approve the trades.
In the next step a contract is created by the seller or buyer with terms and conditions and if the other party agrees to contract terms than this contract is created between them. So after the approval of contract between seller and buyer the buyer sends the money in multisig wallet, the seller can see details of this transaction as assurance than seller starts the work requested by buyer.
After that the seller delivers goods or services to the buyer and notifies the buyer. The buyer than verify it and if it is according to the terms than he/she will allow to release the funds to seller .In this way counos escrow releases payment to seller and contract is then completed