By using the multisig wallet, Counos Escrow provides a secure way for buyers and sellers to make contracts and engage in trades.
Counos Escrow provides a powerful dashboard to manage contracts and contact the other party directly.
You will be notified of any change and progress in contract or message from the other party by email and notifications.
An outlook of how Counos Escrow works
A contract is created by the buyer or the seller. The other party agrees to contract terms, and as such a contract is created between the two parties.
Buyer funds multisig wallet and payment details will be available for the other party as assurance.
Seller delivers goods or services to the buyer, and notifies the buyer of the transaction taken place.
Buyer approves the goods or services that he received from the seller and notifies Counos Escrow of the delivery.
Counos Escrow releases payment to seller and then contract will be completed, after which the two parties can submit feedback about each other.
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, called escrow agent, holds on to 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 agent transfers the already made payment by the buyer to the seller’s account. So, in an escrow arrangement 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.
By using Counos Escrow, you are guaranteed to be provided with a measure of protection, so you can safely buy and/or sell goods and/or services online. Counos Escrow uses MultiSig (Multisignature) wallet technology, which is a digital wallet that requires three signatures (buyer’s, seller’s, and the escrow agent’s) to release the funds, to guarantee the safety of the buyer’s financial assets and also to guarantee that the seller is fully compensated after the delivery of goods and/or services.
In any escrow arrangement, there are three main roles; seller, buyer, and the escrow agent. Seller is the person who is willing to offer specific goods and/or services to be sold. Buyer is the person who wants to purchase the goods and/or services offered by the seller. Escrow agent is the entity that oversees that the trade is done properly, the seller is compensated fully, and the buyer has received the promised goods and/or services.
For now, Counos Escrow only supports cryptocurrencies. These cryptocurrencies are as follows: Counos Coin (CCA), Counos E (CCE), and Bitcoin (BTC). Other cryptocurrencies will further be added to the Counos Escrow.
If the other party with whom you want to engage in a financial trade is not a member of the Counos Escrow, you can easily invite them to engage in the contract with you. Counos Escrow will let them know via email that they have an invitation in the Counos Escrow to be part of a contract. Thus, you can engage in financial contracts with anyone, already a Counos Escrow member or not.
No, the buyer is not required to make the entire payment at once. The buyer can come up with some agreements with the seller through which they can set some milestones. Each of these milestones will enforce the buyer to pay a proportion of the entire payment, and at the very last milestone the entire amount of payment will be made.
Escrow agents at Counos Escrow are some people who have been verified by the Counos Escrow platform through some verification and authentication processes. However, Counos Community members can also become escrow agents after some time has passed from their membership and also after they have gained a certain amount of scores.
MultiSig or Multisignature wallet is an electronic wallet that requires, as the name suggests, multiple signatures to open. A MultiSig 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.
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.
You can buy and/or sell anything you want using Counos Escrow, including: all sorts of vehicles, all sorts of services, real estate, jewelry, antiques, electronics, general merchandise, etc.
Yes you can purchase all the coins that Counos Escrow supports in exchange for fiat money. To do so, the cryptocurrency holder creates a contract as buyer. In the contract terms the buyer specifies bank account info and the amount that should be sent to it. Then the buyer transfers the amount of cryptocurrency he wants to sell into the MultiSig wallet. The seller (the one who pays fiat money in this case) transfers the amount of money stipulated in the contract terms to the bank account of the other party, after he receives confirmation from the system that cryptocurrency was deposited, and then he transferred the amount transfer document to the buyer. After buyer receives confirmation of the amount that was paid, the cryptocurrency deposit will be transferred to the seller. In this structure, you can easily buy the cryptocurrency of your choice from any anonymous seller.