Over the last few years, cryptocurrency has taken the world by storm. Blockchain based payment systems seems to be the future when it comes to our day to day transactions as it is more reliable and secure compared to the traditional system. Escrow Counos is such a system where everything is based on the blockchain technology and this makes it a very stable system.
Escrow Counos is an online peer-to-peer platform that facilitates online transactions to the users and they also supply their own cryptocurrencies. It is one of the best and secure platforms for secure crypto based transactions. They offer a variety of stablecoins, online financial services and cryptocurrencies.
How does the Counos Escrow work?
Usually, an escrow is a financial arrangement where a third party acts as an intermediary between a buyer and a seller. This third party can be referred to as the escrow agent and they hold the payment made by the buyer while the promised services or goods are being delivered. When delivery is completed, the agent then transfers the funds to the seller. This system ensures that both buyers and sellers can do business successfully in a secure environment.
In the financial and crypto sector, this is where the Counos escrow system comes in to ensure that crypto based transactions are onducted in a secure environment thus providing buyers and sellers with a good platform where they can securely do their business. The Counos escrow system is based on a multi-signature wallet system which requires approval from three parties to make any transaction complete. The buyer has to confirm receipt of expected services, sellers confirm and the escrow agent signs the transaction as complete and the funds are released to the seller.
Why should you use the escrow?
1. They support a variety of currencies
The Counos Escrow service focuses more on cyptocurrencies and currently, bitcoin (BTC), Litcoin (LTC), Counos U (CCU), Counos X (CCX), Counos Coin (CCA) and Counos E (CCE) are the only cyptocurrencies that can be used in the platform. The company has also announced that the platform will support other cryptocurrencies in the future.
2. It is a secure platform
When making any online transactions, security is a key thing especially with the current increases in cyber crime. Being a decentralized global network, Counos payment services are embedded on the blockchain technology in an in one platform. By combining the Timestamp server and proof-of-work technologies, it offers the platform users with ultimate security when making any online payments.
3. Protection and fairness
Counos Escrow provides an unparalleled level of security with the MultiSig wallet technology, which requires the private keys from all the parties involved in a contract in addition to the private key of the escrow agent in order to get access. Thus, no one can take money out of it without the consent of all the parties involved and with the permission of the escrow agent. Therefore, the security of the trades is fully taken into account in escrow contracts.
4. One can buy or sell a variety of products and services
Unlike other similar platforms, with the Counos Escrow services, one can buy or sell almost anything including cryptocurrencies, vehicles, real estate, jewelry, electronics, antiques, merchandise and any form of service.
How to get started
Getting started with Counos is a simple process as one only needs to open an account and once everything is fully set, one can begin using the platform. Sometimes, the other party you want to engage in a financial trade with may not be a member of the Counos Escrow and in this case, you can invite them and the Counos Escrow will notify them. This makes it possible to engage in financial transactions with both Counos members and non members.
In conclusion, the Counos Escrow service has a wide range of applicability and benefits in the financial system since it ensures secure exchange of goods and services in a very secure environment. Since it is based on the blockchain technology, it increases the level of confidence and openness in financial dealings and this escrow system is revolutionizing crypto based transactions.