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Counos Decentralized Exchange (DEX)
Counos OÜ decentralized exchange is a peer to peer and community-based decentralized exchange that enables users to exchange cryptocurrencies in a secure and free environment. By using our DEX services, each person can exchange his/her digital assets (cryptocurrencies) to other cryptocurrencies or even to fiat money. Counos DEX is run and operated by Counos OÜ, which is a Company registered in the country of Estonia (EU Zone) and has acquired all the necessary permits and licenses for operation.
Providing a virtual currency wallet service, License No. FRK000735
Providing services of exchanging a virtual currency with a fiat currency License No. FVR000842.
To exchange Crypto with Crypto in Counos DEX, you DO NOT NEED to have KYC. But to exchange crypto with fiat money, you MUST have KYC. It is required in three stages:
Individual or company information
Banking information, then uploading the following documents: driving license, passport, ID card, selfie (visual ID in the form of a face image plus you should be holding a paper with the date, counos.com, your frist name, last name, and date of birth written on it), and a bank statement which Your full name your residence address and bank account be there.
It needs to be mentioned that all these steps are put in place to protect the security of users and to prevent any fraud and scam from taking place so that users can engage in Buying and Selling in an environment that is completely safe and free from threats.
Counos Decentralized Exchange, by implementing the Blockchain technology and cryptocurrencies, has created an environment for users so that each person and company can act as an exchange and complete any commercial trade, buying and selling, money transfer, exchanging cryptocurrencies with fiat money without the presence of middlemen and with complete assurance of the lack of exploitation.
In order to provide security for its users, Counos Dex cryptocurrency exchange has some features, discussed below:
First, the Counos Decentralized Exchange is registered in the European Union and has acquired all the necessary permits and licenses for operation, with offices and legal entities.
The second point is that users’ assets are not staying to the exchange or other individuals. Simply a wallet address is created in the escrow system which acts as an intermediary account which is called a MultiSig wallet (a multi-signature wallet) with three distinct private keys, each for one side of the contract, one for the buyer, one for the seller, and one for the escrow agent. The Cryptocurrency in this wallet can only be accessed with at least two private keys, thus guaranteeing that no party can access the assets alone.
Now the question is that what is exactly a MultiSig wallet and what advantages does it have?
In order for people to do trades with each other, especially people who do not know each other and intend to engage in a financial trade, then a MultiSig wallet is used in order to provide security and prevent any fraud in the Counos Decentralized Exchange. The MultiSig wallet which is used to hold the assets of the parties involved in a smart contract, has three private keys, and the three parties involved, buyer, seller, and the escrow agent, all have one. The assets cannot be accessed unless with at least two private keys.
Buying and selling is performed in this website as follows:
For example if you want to sell cryptocurrencies and get fiat money, then you can register your request by looking for the right market for you, comprised of your cryptocurrency and the fiat money you want to receive. After that, the system will give you the best markets suited for your need and after you submit the request, the exchange will ask you, the seller, to send the cryptocurrency to the MultiSig wallet, but this does not mean that the cryptocurrency will be sent for the buyer, because two private keys are needed to access the assets in a MultiSig wallet.
It needs to be mentioned that in Counos Dex exchange, there are three legal escrow agents which are as follows: a legal firm with an official attorney at law registered in EU, an official attorney at law registered in Switzerland, and also the agent from the Counos Decentralized Exchange who has the official license for providing the wallet and exchange. Each agent has its own determined fees, and people can choose between them.
The escrow agent chosen for any smart contract has one of the three private keys to the MultiSig wallet, and thus ensures that the assets in the MultiSig wallet cannot be accessed unless both parties to the contract, the buyer and the seller, are happy with the result of the contract.
After the seller transferred the cryptocurrency to the MultiSig wallet, then the buyer has to make the payment and upload the scanned receipt of the transfer. Parties have 10 hours to make their payments and upload the receipt to be approved, after that, if the transfer has not taken place, then each side of the contract can make a complaint. At this time, the escrow agent will review the documents and see who is right. Since the assets in a MultiSig wallet are released with two private keys, then the escrow agent can release the assets to the party who is the right one in the dispute and has upheld his part of the contract. In this way, there is no possibility of fraud and no possibility for sustaining loss.
The example given above was for an exchange of cryptocurrency with fiat money, but another type of exchange that usually takes place is the exchange between Crypto to Crypto. In this type of exchange, users don’t need to have KYC. In this type of transactions , the parties to the contract have first one place order has 45 hours to deposit the cryptocurrency to the MultiSig wallet, and other one 10 hours after then the exchange will take place quickly and easily, otherwise, transaction going to be cancel.
The last but not least is that the Counos Decentralized Exchange enables users to engage in trades no matter where they are, regardless of geographical and legal limitations. The aim of Counos Decentralized Exchange is that each person can act as an exchange and engage in financial transfers through buying and selling cryptocurrencies from anywhere in the world with no limitations.