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Counos Cryptocurrencies Escrow
Counos Crypto Escrow is a financial cryptocurrency system wherein a trusted (By Using Multi signatures Wallet Feature) third party holds onto the payment of a transaction between two parties. Counos Escrow is managed and operated by the exchange company Counos OÜ, which is registered in the country of Estonia and has acquired all the necessary permits and license for operation.
Providing a virtual currency wallet service License No. FRK000735
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Providing services of exchanging a virtual currency against a fiat currency
Counos Escrow is a very useful Crypto escrow when a large amount of money is involved; for instance, when someone wants to sell his/her goods or services but is reluctant to deliver before making sure of payment being made, and on the other hand, when someone wants to buy goods or services and is also reluctant to make the payment before making sure of deliverance. Counos Escrow by Using Multi Signatures Wallet Feature and online payment services which provided by Counos Platform and accepted cryptocurrencies Such as Bitcoin, Counos Coin, Counos X, … Guarantee The Secure Online Deals.
You can use this service with ease of mind for your commercial trades, use cryptocurrencies supported by Counos Escrow to make payments, and complete your contract overseen by agents.
Counos Escrow can be used for large peer-to-peer cryptocurrency trades, Bitcoin OTC, real estate, and basically any kind of financial deal.
With Counos Escrow, the transaction can safely be carried out without any risk of fraud. You can make safe and secure payments using your coins (cryptocurrencies) via Counos Payment Gateway. While paying, Counos Escrow will not disburse any funds (hold in Multi signatures Wallet) unless both buyer and seller are satisfied.
Crypto escrow is the most secure payment method without the risk of fraud. All funds transacted using Counos Escrow are kept in securely Multi signatures Wallet which has 3 private Keyes one for Buyer, one Seller, and one for Escrow Agent. All this process takes place with the help of escrow agents.
Who Are the Escrow Agents?
Counos Escrow has individual agents in charge of overseeing the proper completion of a contract. These individual agents are made up of legal firms and lawyers. One of the escrow agents of this crypto escrow is the Counos Escrow Company itself, holding exchange and wallet legal license. Among other escrow agents are the official EU registered law firm Gh Legal S.R.O, and Cedric Scmid, official attorney at law in Switzerland .
How it works?
To fully explain how Counos Crypto Escrow works, let us suppose you want to hire a programmer and you intend you pay him in Bitcoin. Well you cannot just find a guy online and send him the Bitcoin without being assured whether he is a good programmer or even if he will complete the task asked of him. And the other party, the programmer in this case, cannot trust you enough not to take any money and just start working for you, being assured that he will be paid when he delivers the job properly and completely. This is where a Crypto escrow comes to play. You can use Counos escrow to do this.
First, you head on to Counos escrow website and create an account and do full KYC . After you enter Counos escrow you can set out to create a contract, a smart contract. You pick a name for it and you specify all the terms of the contact. You specify all the things you want the programmer to do. Also, you specify that you want to pay with Bitcoin. For example you want to pay 0.5 Bitcoin for this project. You specify all of that and then you can also create some instalments called milestones. Then your contract is completed. After that you take a look at it to make sure everything is up to your ideal. You enter the email of the other party, in this case the programmer you want to hire and get into a contract with. You also will choose an escrow agent who will oversee the proper and legal completion of the contract.
After you approve the contract you have created, Counos escrow will send an email to the other party, whose email you provided earlier. It doesn’t matter if they are a member of Counos or not. Because this contract invitation email will also include an invitation for them to sign up and do KYC in Counos Platform. After the other party accepts the invitation and enters the smart contract on Counos escrow, he can see all the details of the contract and the project. If he accepts then it is time for the contract agent to approve and then the contract will get rolling, and both party Identify as well.
When the contract is approved by all the three parties, the buyer, the seller, and the escrow agent, then for example in this case the programmer who is selling his expertise will start working being assured that he will be paid. You the buyer, buying the services of a programmer, will also be assured that your project will be done properly. But where does all this reassurance come from?
All the assets involved in any contract in Counos escrow are kept in a wallet known as the multi signature wallet or the MultiSig wallet. The buyer, the seller, and the escrow agent all have a key to this wallet and no one person can access this wallet on his own. In order to withdraw from this wallet, the approve of two parties is required. This is how parties involved in any Crypto escrow contract can be sure that they will receive the assets or services they are entitled to. For instance, in the case above, the buyer will be sure that his project will be done properly. And the programmer can be sure that when he delivers the project he will be fully paid. All of this process is overseen by the Crypto escrow and the escrow agent. So nothing will go wrong in a Crypto escrow like Counos Escrow!