Counos Escrow System is a financial cryptocurrency system in which a trusted third party keeps the payment of a transaction made between two parties (Using Multi signatures Wallet technology). 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 licenses for operation.
- Providing a virtual currency wallet service License No. FRK000735
- Providing services of exchanging a virtual currency against a fiat currency
Counos Escrow is a very beneficial Crypto escrow especially when a large amount of money is involved; for instance when users want to sell their goods or services but are hesitant to deliver before being sure that the payment is made, and on the other hand, when users want to buy goods or services and are also hesitant to make the payment before making sure of deliverance. Through the Multi Signatures Wallet technology, Counos Escrow, and online payment services which are offered by Counos Platform and accepted cryptocurrencies such as Bitcoin, Counos Coin, Counos X, … guarantee the safety and security of online trades.
You can use this service with the assurance of safety and security for your commercial trades, use cryptocurrencies supported by Counos Escrow to make complete transactions and payments, and complete your contract overseen by agents.
Users can use the services offered by Counos Escrow for high volume peer-to-peer cryptocurrency deals, Bitcoin OTC, real estate, and basically any kind of financial deal.
Using Counos Escrow, transactions can be made in a safe and secure manner with no risk of fraud. You can complete safe and secure payments with your coins (cryptocurrencies) using Counos Payment Gateway. While making the payment, Counos Escrow will not disburse any funds (held in Multi signatures Wallet) unless both buyer and seller are fully satisfied.
Crypto escrow is considered the most secure method of payment with no risk of fraud and scam. All the crypto that is transferred with Counos Escrow is kept in a secure Multi signatures Wallet which has 3 private Keyes one for Buyer, one Seller, and one for Escrow Agent. This whole process happens with the help of escrow agents.
Counos Escrow has individual agents who are responsible for overseeing and observing the accurate completion of a contract. These individual agents are comprised of legal firms and attorneys. One of the escrow agents of this crypto escrow is the Counos Escrow Company itself, having a legal license for exchange and wallet. 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 does it work?
For an elaborate explanation on how Counos Crypto Escrow works, let us suppose that for example you want to hire a coder and you intend you pay him in Bitcoin. You cannot just find someone online and transfer the Bitcoin to him without being sure if he is a good coder or even if he will complete the task that is required. And the other party, the coder, in this case, cannot trust you enough to start the work without being paid anything upfront or in advance, being assured that he will be paid when he delivers the project accurately and completely. This is where a Crypto escrow can be very beneficial. You can use Counos escrow to do this.
First, you go to Counos escrow website and create an account and get your full KYC . After signing in to Counos escrow you can go ahead and create a contract, a smart contract. Then you are able to pick a name for it and set all the terms of the contact. You specify all the things you want the coder to do. Also, you specify that you want to pay with Bitcoin. For example, you want to pay 0.25 Bitcoin for this job. You can create all of that detail and you can also create some installments known as milestones. Then your contract is completed. After that, you take a look at it to make sure everything is exactly as you want them. You enter the email of the other party, in this case, the coder you want to hire and start a contract with. You will also choose an escrow agent who will oversee the proper and legal completion of the contract.
After you approve the contract created, Counos escrow will send an email to the other party, which is the email address that you provided previously. It is okay if they are not a member of Counos Escrow. Because this contract invitation email will also include an invitation for them to create an account 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. After the other party accepts the contract created, then the contract agent to approve and then the contract will get started.
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 coder who is selling his services will start working because he is assured that he will get paid. You as the buyer, buying the services of a coder, 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 held 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 it cannot be accessed by one person. In order to withdraw from this wallet, two parties need to approve it. In this way, all the parties involved in a Crypto escrow contract can be sure that they will receive the assets or services they are entitled to. For example, in the case above, the buyer will be sure that his project will be done properly. And the coder can be sure that when he delivers the project, he will be compensated as promised. All of this process is overseen by the Crypto escrow and the escrow agent. Therefore nothing can go wrong in a Crypto escrow like Counos Escrow!