The rapid advance of globalization has certainly left its mark on the global economy and financial trades have become closely tied with each other wherever in the world. As such, today, more than ever, people need to be able to exchange their currencies as fast as possible and of course in the safest manner possible, no matter where they are in the globe. Of course this need has gone beyond the mere exchange of fiat currencies and now also includes digital currencies, whether people want to convert their fiat money to digital currencies or if they want to convert cryptocurrencies to fiat currencies. So, it can be seen how the need for the exchange of currencies has clearly evolved past the initial idea of an exchange should be. Users need a one-stop and also reliable platform that can take care of all their exchange needs and online payments. This is exactly what M.Credit offers. M.Credit is a decentralized exchange (sometimes referred to as DEX) that allows users to exchange their fiat money easily and like never before. But what is specifically different about M.Credit? Imagine a user lives in the US and wants to exchange dollars and send Turkish lira to someone in Turkey. Now, on the surface such a transfer of fiat money almost literally across the globe seems such a daunting task and quite a hassle. But it needs not be as such. Because with M.Credit you can provide your fiat money to this exchange with a simple bank transaction and then you or someone you choose will be able to receive your desired currency, in this case lira, anywhere you want, for instance in Turkey, in the form of a bank transaction with the fiat currency chosen.  In this way, you can easily send fiat money to anywhere in the world as easy as ever without having to worry about the difficulties of exchanging fiat currencies to one another. Just leave it all to M.Credit and it will be done for you. Furthermore, if the conditions allow for it, you might even be able to provide your fiat currency to the exchange in-person and also the delivery of the chosen fiat currency in the destination can also take place in-person, depending on the country of course. But this is only one of the services offered by M.Credit. Because with this decentralized exchange you will also be able to exchange digital currencies, more specifically Stablecoins with fiat currencies and vice versa. In addition, paying bills with cryptocurrency is also among the services that are made available to users, so that they would be able to pay their online bills without having access to any of the conventional payment methods such as credit cards without any worries.

Let’s first discuss the purchase or sale of Stablecoins in exchange for fiat money. This is one of the services that undoubtedly a lot of users around the world would really gain benefit from. Since essentially it is buying crypto with cash. Now before discussing any further, it must be mentioned that this process has two major advantages. First of all, you can purchase Stablecoins, which of course as you now are cryptocurrencies that through various mechanisms have come to have a fixed value on which you can depend, such as Tether or the Counos U (CCU) which is an algorithm-backed Stablecoin, ensuring that each unit will be equal to 1 United States dollar. Plus, you can exchange your fist currency with these Stablecoins. So what this means is that for a lot of people around the world where it would not be prudent to store fiat currency and invest in fiat currency, they can actually turn them into Stablecoins. Now keep in mind that with M.Credit the other way around is also possible, which means you can also sell your Stablecoins and receive your chosen fiat currency. This means that Tether to USD exchange is available in a smooth and straightforward process with this exchange. Of course, among other services that are offered by this exchange are PayPal payments. This is in fact one of the most prevalent forms of online payment across the globe in this day and age. Since the advance of various technologies have allowed for the creation of fields of work that had never existed before, and also a rather modern mode of working, which is of course remote. All of this has created a whole culture of freelance, remote work. The desired payment method in this ecosystem is almost always PayPal. But unfortunately in some countries people do not have access to PayPal and cannot have an account. But with this decentralized exchange now they can send and receive money through PayPal easily. The way it works of course is with the help of fiat money. You can provide fiat money and then send money with PayPal in another fiat money to anywhere in the world. Or you can receive your own money with the help of M.Credit in PayPal in your own fiat money in the form of banking transactions. So, this is another method that you can use to send and receive money globally with ease of mind and high speed with the help of this decentralized exchange. Last but not least, M.Credit also provides its users with extensive business consulting services no matter where they are in the world, so that they can carry out sound and proper business and commercial deals.

Version 1.9.50 of this crypto wallet debuted unique features; such as PIN code, the most secure way to encrypt your private keys; Email Transactions, allowing users to send crypto to the email address of other people; Invoice Payment, enabling users to send an invoice or payment order to someone’s email address; plus many other general improvements and bug fixes.

But, as with any other wallet, the most important part is the number of supported coins.

In addition to major cryptocurrencies that have always been supported by Counos, such as Counos X, Bitcoin, Ethereum, etc…

So many more coins and tokens have been added to the list of supported coins and tokens by Counos Mobile Wallet.

Among these are all major Ethereum tokens or ERC20 tokens, such as Chainlink, Uniswap, SushiToken (SUSHI), Graph (GRT), and Maker (MKR), and also all major tokens based on the TRC20 standard or otherwise known as TRON tokens, such as USDT TRON, and WINK.

The full list of all the tokens that have been added to the Counos Mobile Wallet’s supported list are as follows:

She mentioned, in some cases, Bitcoin is used for money laundering and criminal activities and it is essential to ban some possible ways of these kinds of use of Bitcoin.

This is not the first critique of a Central Bank senior official on the present digital currencies and Bitcoin, the most famous digital currency.

Some of the Central Banks have been negotiating on the issuance of their own digital currencies especially after Facebook announced it has decided to launch its own cryptocurrency last year.

Even the Bank for International Settlement (BIS) and seven Central Banks such as the Federal Reserve, the European Central Bank, and the Bank of England laid out a preliminary framework for digital currency during a conference in 2020 and by publishing a report announced some main essentials of Central Bank digital currencies.

As Lagarde has affirmed one more time in her latest statement, global Central Banks believed that common digital currencies, including bitcoin, are a really persuasive property that not only turned into a funny business but also became a tool for money laundering.

But why do global Central Banks basically disagree with wide-spreading the use of decentralized digital currencies?

Digital currencies may have huge effects on the role of the Central Banks. Nowadays, Central Banks have authority over publishing money and currency, and they use the monetary policy for applying economic penetration, paying bank credits, adjusting inflation, economic growth, and unemployment.

Central Banks also determine the way of transferring digital currencies and supervise the process of their transactions. In this way, Central Banks help the governments to be informed about the rate of people's income, businesses and to impose a tax on them. Their observation also can lead to identifying criminal activities like money laundering. All of these controls in these fields disappear when the nongovernmental organizations publish their own specific currencies. 

On the other hand, digital currency advocates believe that in the current situation, illegal actions like drug and people trafficking, and terrorism have found loopholes in the bank observation system and tax evasion is still happening around the world.

Therefore, banning the way of progressing digital currencies just because of making illegal money transferring and transactions more possible is not much rational, and it is an attempt to suppress legal gaps and corruption in the bank system, which is the consequence of their authority in publishing money process and determining the way of its transferring.

According to the European Central Bank report, Bitcoin is just one of the more than 1600 digital currencies in circulation all around the world.

However, some of the financial market experts with reminding failures of a lot of publishing decentralized digital currencies, know it difficult to gain public trust in this as an efficient way of trading.  

They believe the recent Bitcoin price rising that multiplied four times more valuable over a year, made this digital currency more famous as a persuasive property like gold, and the possibility of making micro transactions with it as a common currency becomes more difficult day by day.  

In fact, this new hard fork is a continuation of the Bitcoin chain. It splits from where Bitcoin network is right now and it will include all the recorded information and transactions on the Blockchain of Bitcoin.

Counos Bit Blockchain Network

Counos Bit (Cbit) implements SHA-256 algorithm and as it was mentioned, its Blockchain network is a hard fork from V 0.20 of Bitcoin Blockchain.

As stated above, the fact that this new chain is the continuation of Bitcoin’s Blockchain means that all the people who have Bitcoin at this moment, will have the exact equal number of coins (Counos Bit coins).

Additionally, everyone who has a Bitcoin wallet or any number of Bitcoins right now, will have the exact same wallet with the exact same private key on the new chain of Counos Bit. This means you can use the same wallet and private key to store, send, and receive Counos Bit coins.

This matter also holds true for other hard forks of Bitcoin's Blockchain network, i.e. those that at some point have shared the Blockchain network of Bitcoin; such as Bitcoin Cash and Bitcoin SV.

Furthermore, all the people who are currently using Bitcoin Blockchain network will also be on Counos Bit network. Also, this entails that all the Bitcoin community will be brought to the new chain of Counos Bit.

Based on this large community, many users can ask various exchanges to register and list Counos Bit. This way this large community of people can engage in trading Cbit with other coins and vice versa.

Another important feature of Counos Bit is that its Blockchain network as a public Blockchain and also its block explorer can be used to offer so many other tools and services.

For example, the Counos Layer protocol that is implemented on top of the chain will allow for the creation of various tokens. But as mentioned earlier, issuing tokens and digital assets is only one part of what can be done using Cbit Blockchain.

Counos Bit Cap

The total number of coins that can be mined in this network are a whopping 2,100,000,000 coins. Compared to Bitcoin’s 21 million, this is 100 times more coins that can be mined.

Now, keep in mind that this chain is a continuation of Bitcoin Blockchain network. This means the exact number of coins that have been mined in the Bitcoin network so far will also exist in the Blockchain of Counos Bit.

Therefore, given that about 18,600,000 Bitcoins have been mined so far and the exact number of coins will exist in the new hard fork of Counos Bit, then it means that about 0.88 percent of all coins in Counos Bit network have been already mined.

What this means is that we can say pretty much nothing has been mined yet and a vastly huge mining opportunity exists in the Blockchain network of Counos Bit.

Block Generation & Transaction Speed

Another unique feature of Counos Bit is that block generation time is set to be 30 seconds. This means that transactions will take place at a much higher speed and at the same time with a very much high volume.

Compare this 30-second block generation time to that of Bitcoin, which is about 10 minutes. This means that Block generation speed of Counos Bit is 20 times faster than Bitcoin.

Altogether, a 30-second block generation time means higher speed and higher volume of transactions that could take place.

Counos Bit Mining Process

The mining process of Counos Bit will take place in a totally different manner than any other cryptocurrency and Blockchain network available right now.

Essentially, all ordinary computers will be able to mine this coin. The reason is that a very low hash power is required.

This way the power of mining will be truly decentralized and there is no possibility for large mining farms to take over the mining process. The reason is that a hash power limit has been set. As such, mining farms with high hash power cannot connect to the mining pool and take over and create a monopoly.

When the required hash power is low and anyone with any type of home computer can mine Counos Bit, then the hegemony of mining will be taken out of the hands of those with power and money.

For instance, right now, with Bitcoin, all the rich and powerful people have basically all the mining shares in the world.

As such, in order to create a truly decentralized mining process where absolutely anyone can take part in the mining process, a maximum required hash power will be considered, which will not be exceeded under any circumstances.

Anybody can mine Counos Bit with their own IP address and their own personal computer.

Also, with regard to mining reward, at the beginning the reward will be 250 coins per block. Additionally, 20 percent of the reward for each new block will go to the development team. Keep in mind that the block reward maturity is set to be 100 blocks, like that of Bitcoin.

Given all these specifications and criteria put in place for mining Counos Bit, people can experience a free and powerful mining process. There are many people who wish they had mined Bitcoin when it first came out. Now they can have that chance.

Anybody can mine Cbit with low cost and a simple computer. In this way, the power is in the hands of the people and they are the ones who establish and build the network and ecosystem of Counos Bit.

Counos Bit is a public Blockchain for all the people.

Counos Bit Messaging System

The Blockchain network of Counos Bit will have its own messaging system, enabling users to use this chain and send messages to one another. All the messages, sent as a transaction and as part of a transaction will be recorded in the Counos Bit Blockchain network. Therefore, all messages are visible in the block explorer of Cbit.

This messaging system will take place in both a private and public manner. People will be able to send messages as long as a normal text message.

Public messages are not encrypted. In order to send a public message, the message or the transaction amount would be set at 0 and then sent to the wallet address of the chosen recipient. This way the message, as previously mentioned, is not encrypted and available to public access.

On the other hand, private messages are encrypted and sent from one wallet to another with a code. The recipient will need the code to read the message. This encrypted private message, along with all other messages are recorded in the Blockchain network of Counos Bit.

This decentralized messaging system can also be used for other purposes, such as confirmation issuing systems, such as a government organization. For instance, the healthcare department can announce its official wallet and then record all the necessary information, like vaccination records, as a public message or in the form of an encrypted one.

Release Date

Counos Bit and its Blockchain network will be released in about three months from now. However, people can now register in the mining pool.

We will announce the launch of the hard fork a few days early. So, to find out about when exactly Counos Bit will be up and running, follow Counos Platform on Twitter and other social media networks.

When the announcement is made everyone can start mining. Additionally, more details with regard to the mining process will be published at the time.

Final Remarks

Perhaps, one of the most important features of Counos Bit is that people will shape its market and form a community of and for this new Blockchain network.

With Counos Bit, a public Blockchain network is going to be used for the messaging system. Additionally, as mentioned, compared to Bitcoin’s network, 20 times more transactions with more volume, and also with higher speed will take place.

With the low hash power required, more nodes, which means more people, will be able to join the pool and be part of the mining process. No excessive hash power will mean no big mining farms. There is also an opportunity for people to join the project early.

Also, with a cap of 2.1 billion, there will be no market domination by only a small group of wealthy and powerful people. This means a truly decentralized network.

Lastly, all that it can offer, such as the Blockchain-based messaging system, can be further developed. For instance, the messaging system itself can be a way to decentralize already existing messaging services such as Twitter and other social networks in order to make them more reliable, and less prone to intervention and central authority.

This mining equipment company is called MicroBT and is located in China. MicroBT is currently preparing for this IPO in order to be part of Nasdaq in a few weeks.

The initial public offering of this company is truly a turning point in the world of crypto mining and people will be able to invest in this Chinese company.

However, this trend is not all new. Prior to this decision made by MicroBT, other famous mining equipment companies had already entered large stock markets around the world.

There are many challenges in the way of mining cryptocurrencies, such as the high demand for natural resources as a result of the high electricity consumption by mining equipment.

Despite all these challenges, the interest in crypto mining has spiked to a great degree recently, as new records are being set for various cryptocurrencies and tokens.

At the same time, the lack of mining equipment around the world has caused the price of mining hardware, such as those made by the MicroBT, to increase rabidly. It is estimated that as the price of cryptocurrencies rise, so will the market for mining hardware.

There are many big steps taking place in the world of Blockchain and crypto. Just last year, the prominent American crypto exchange, Coinbase, had prepared its initial draft in order to be allowed into the U.S. securities and exchange commission, SEC.

This move by MicroBT gives assurance to all these estimations with regard to legitimization of crypto world more than before. Analysts expect the value of MicroBT IPO to be more than 28 billion dollars. This news comes out while the inclination of investors toward the crypto market has grown exponentially since the Covid-19 breakout.

This company was established in 2018 in Switzerland and so far has offered many services in the domain of blockchain and cryptocurrencies. Via offering many cryptocurrencies, stablecoins, and online financial services, Counos Platform provides safer and more reliable exchanges and investments to the digital market.

Apart from offering various cryptocurrencies and stablecoin, this blockchain-based platform also offers a variety of other services, including Decentralized Exchange (DEX), Escrow Service, Payment Gateway, Mobile & Web Wallet.

Currently, Counos X (CCXX) is on the rapid uptrend and with regard to increase in demand for this cryptocurrency, it is expected that the upward trend will continue with more intensity.

Following the increase in transactions during last week, Counos X price continued to rise despite the sharp drop in the price of bitcoin, reaching to $92, which is the highest price of Counos X in the entire trading period.

Counos X is yet a completely new cryptocurrency, but due to its capabilities and unique features, it has been welcomed by traders. This has led to a significant increase in demand for this digital currency and this is one the main reasons for its price increase.

What features in Counos Platform have made Counos X grow fast with a bright future? 

Bankability

Counos X is the first bankable cryptocurrency, meaning that Counos Platform is the first company that has developed a coin which can be bought directly from the bank. This unique feature has made it possible to buy Counos X anywhere in the world and in any banks using the Swiss ISIN number.

Precise Roadmap

Considering that there has been published a very detailed and precise roadmap for Counos X, it can be understood that this platform can provide special services for people due to its unique features. Counos popularity will increase steadily due to its commitment to offer safe and secure financial services. The existence of this roadmap ensures users of the existence of professional developers and a highly devoted executive management with sound and accurate planning. This roadmap also makes sure that a bright future awaits the Counos X.

Counos Layer

This protocol will be added to the Counos X blockchain network and according to this protocol, Counos X blockchain network will be able to create digital assets like tokens. Counos Layer source code is taken from Omni Layer code. 

Counos Layer will allow the creation of crypto assets such as tokens and other custom digital assets. Omni Layer is a software layer that can be built on top of the Blockchain network of cryptocurrencies.

Certificate Issuance System

With the help of this certificate issuance system, CCXX Blockchain Network can be used to issue all kinds of certificates, including university degrees, customs documents, transportation documents, identification documents, etc.

CCXX Blockchain Network will offer a decentralized public ledger that makes it possible to store different certificates in a secure, independent and unchangeable way.

Election System

Election System will allow election and voting mechanisms to be based on CCXX Blockchain Network. CCXX Blockchain Network enables elections to take place in the most reliable and transparent way possible.

Counos Election Systems functions in a way that each CCXX transaction is represented by a vote which is cast by the voters. For instance, each vote can be cast by making a transaction equal to 0.005 CCXX.

Therefore, equal to the number of voters, Counos X coin will be generated and each voter can send the due amount of CCXX to the wallet of his/her desired candidate. Via the means of Counos Election System, no information can be added or deleted.

Copyright System

With the help of the Copyright System, CCXX Blockchain Network will be used to register all kinds of copyrights. This system can be used to register all types of patents, intellectual property rights, music rights and other types of copyrights.

Each registered transaction contains specific information and IDs, including the exact time of registration. Therefore, when an individual registers copyright with the help of CCXX Blockchain Network, he/she will receive the document that contains completely accurate information about the time of copyright registration in an unchangeable manner.

Decentralized Finance

This system is in fact a modern decentralized banking system that for instance can be used for lending. Users who would desire to lend their assets or invest in various projects can store their assets in one wallet in the Crypto Pool.

On the other hand, users who are looking for a loan or to raise funds for their projects, can register their application in this system. All these processes are based on the CCXX DeFi System.

All these innovations and capabilities are based on Counos X (CCXX) cryptocurrency, because all of these features require Counos X in order to function properly.  For instance, ballots, documents issued, transaction fees for the Counos Layer Protocol, and as a whole all of these systems and features require Counos X in order to perform properly.

As a result, there is a huge and significant demand for Counos X. On the other hand, it creates more value and wealth. If we also consider the tokens that will be created by the Counos X Blockchain Network, we will see the creation of a huge financial network based only on Counos X.

Counos MultiSig Wallet

A Multisignature wallet, or commonly referred to as a MultiSig wallet is a kind of electronic wallet that requires more than one signature or private key in order to be accessed. 

The services provided by Counos Platform benefit greatly from MultiSig wallet technology, but in general this technology is used in Counos Escrow, Counos X, and Counos DEX.

MultiSig wallet technology offers a higher level of security and ensures that wallet assets will not be accessible with a single key. For this reason, MultiSig wallet is used in Counos Escrow and Counos DEX, because cryptocurrency-based exchanges take place in these systems.

Escrow Service

Counos Escrow Service is a cryptographic financial system in which a trusted third party monitors payments and transactions between two parties of a contract. Counos Escrow is managed by Counos OÜ exchange.

The company is registered in Estonia and has all the necessary licenses to provide cryptocurrency exchange services. Counos Escrow can be used in cryptocurrency peer-to-peer transactions, Bitcoin OTC, real estate transactions, and virtually any financial transactions.

Conclusion

As we have seen, Counos Platform has unique features that will facilitate transactions between people around the world and it will also enable the transfer of wealth on a larger scale.

The purpose of this platform is to create an economic system whose main supporter is the community and its people. The tools and opportunities needed for users are provided, so that they can advance their goals and create more wealth and value.

This whole economic community is based on a strong financial foundation that enables it to create more wealth and transfer it to other communities by means of the provided currencies. 

The mainland of this country covers an area of about 22,970 km² and a population of 419,199. Its mainland is about 290 km long and 110 km wide. It has the lowest population in Central America.

The European contact with the Belize mainland began in 1492 when Christopher Columbus sailed along the Gulf of Honduras. Then it became a British colony in 1840, known as British Honduras and a Crown colony in 1862. Finally, it gained independence from the United Kingdom on 21 September, 1981.

Belize has a diverse society that consists of many cultures and languages. This diversity reflects its rich history. Belize is the only Central American country where English is the official language, while Belizean Creole is the native language of over a third of the population. Over half the population is multilingual and Spanish is the second most widely spoken language in the country.

Belize is known for its September Celebrations, its extensive coral reefs, and Punta music.

Economy

Belize has a small and mostly private economy which is mostly based on agriculture and merchandising. Tourism and construction has recently gained popularity in this country. It is also a producer of industrial minerals and oil.

Since 2017, oil production is about 2000 barrels per day. In agriculture, like colonial times, sugar has remained as the chief crop which include half of the exports. Banana industry in Belize is the largest industry.

The government has serious challenges to keep economic stability. Infrastructure poses a great challenge to economic development and it is said that Belize has the most expensive electricity in the region. Its major trade partners are The United States of America, Mexico, Britain and European Union.

Belize has four major commercial bank groups of which the largest and the oldest is Belize Bank. The other three are Heritage Bank, Atlantic Bank, and Scotiabank.

The official currency of this country is Belize Dollar which is pegged to the US Dollar. Belize banks also allow non-residents to establish bank accounts.

Cryptocurrency Regulations

Belize does not appear to have any legislation that specifically regulates cryptocurrencies. Trading businesses are regulated by the International Financial Services Commission of Belize. The given commission does not appear to issue licenses for companies to engage in cryptocurrency exchanges.

This news comes out after some regulations have been set by the central bank of this country. As a result of these new laws and regulations, if and when banks recognize that the owner of an account is in anyway using the account for cryptocurrency transactions, then the bank has the power and authority to close the said account.

In this announcement, the central bank of the Russian Federation has stated that usually the money transfers that take place using bank accounts and are in some manner related to the crypto and Blockchain world, are done so in large amounts. Additionally, such transfers take place mostly just once.

Therefore, the central bank has defined such transactions that mostly take place only once as “high volume non-recurring transfers.” They believe that such transactions are rather suspicious in nature and thus can raise some questions.

Given this nature of crypto-related bank transactions, they are now being considered among suspicious transactions related to money laundering and funding terrorism.

The new laws and regulations that have been set by Russia with regard to cryptocurrencies and Blockchain were set in place since late 2020. The draft of these regulatory measures was written only a little prior to the Judicial branch of the government had confirmed the laws. After the confirmation by the judicial body in charge, the regulations were set in place and took effect.

This is not the only news coming from Russia that shocked crypto enthusiasts. Before these regulations were put in place, the Russian government had officially announced that using cryptocurrencies in payments were banned.

Therefore, not only is it illegal to use cryptocurrencies to make payments in Russia, people cannot even use their bank accounts to make money transfers that are in any way related to cryptocurrencies.

The move is so that this team could conjure up a new source of income for itself. The team has recently announced that through a partnership with Moonwalk, which is a company whose specialization is digital economies for well-known and famous brands, it will introduce a marketplace for its fans which is run based on the Blockchain technology.

The fans of Dynamo Kyiv will then be able to gather digital tokens by performing social actions, for example taking part in prediction games or getting involved in the social media of the club.

When the digital tokens are collected, they can then be used in order to be redeemed for club’s merchandise, going to VIP events, or getting discounts when they want to purchase goods at the club’s stadium. Users can also use these tokens to purchase collectible items at the marketplace of the team.

These digital token can be used via a mobile phone app both online and offline.

This decision has been made by the Dynamo Kyiv in order to ameliorate some of the damages that have been sustained by this club during the Covid-19 pandemic and quarantine. Given the fact that limitations and lockdowns still persist in many places of the world and especially Europe, footballs clubs are seeking various ways of gaining revenue.

As previously mentioned, the Coronavirus restrictions have forced many football clubs to shift their focus toward new means of income. Dynamo Kyiv is not the only team that has started its route toward new and alternative methods to gain revenue.

Previously, other well-know and prominent football clubs such as FC Barcelona, Atletico de Madrid, Paris Saint Germain, Juventus, and Bayern Munich have launched their similar programs utilizing digital tokens and Blockchain-based platforms.

The government of Ukraine has always had a positive and welcoming attitude toward the Blockchain technology. The Ukrainian Digital Transformation Ministry has been working on creating regulations for Blockchain that are by and large positive and straightforward.

Dynamo Kyiv is one of the two biggest football clubs of Ukraine along with FC Shakhtar Donetsk. Even though it succeeded in winning the 2020 premier league of its own country, Dynamo Kyiv failed to advance in Europa League and also to quality for the UEFA Champions League.

Inspired by the article published by The Economist on Jan. 9th, 1988 (See below for reference)

As we can see, using national currencies poses some problems, such as the exchange rates on money exchange or money transfer abroad. So, there is no way to duck this question; why not have an ideal world economy, where there is only one supranational currency to manage all the transactions; instead of numerous national currencies?

Having one world currency seems unavoidable and worth considering. Perhaps sooner or later, all the people in the world, in rich countries or maybe some poor ones, will be using the same currency to trade or purchase the items they need. There will probably not be any of the national fiat currencies in different countries; instead, there will be only a single currency that is way more convenient to use than national currencies.

Why a world currency?

In the early 1970s, the most significant change in the economy happened when trading goods were replaced by money, and it is now handling and directing the exchange rates. Over the past decades, there were some attempts to solve the exchange rate problems. More than thirty years ago, the governments wanted to adjust the exchange rates system to have a more controlled one.

However, they did not think of the underlying economic policies. There was no policy co-operation, that is why the Black Monday stock market happened in October 1987. The Black Monday stock market crash had a devastating impact on the financial world by increasing interest rates. This stock crash is known as the biggest single-day market downturn in history.

After this massive stock crash, the exchange-rate reformers recognized that without any policy co-operation, the plan of securing currencies is not possible. For making this happen, governments must surrender some of their economic sovereignty.

Nowadays, despite the discrepancies in national economic policies, cross-border transactions are yet still happening. This is due to the world’s financial markets integration.

But, what is the problem of cross-border transfers?

These transactions can influence exchange rates indirectly. Because they can alter the trade revenues and different currencies' demand and supply, and as a result, stability of exchange rates. Besides, telecommunications improvements help to make these transfers even faster and less expensive over time. All these together produce huge volatility in national currencies along with breaking down the national economic boundaries.

In this way, the necessity of forming a single currency across all countries in the world becomes more plausible. By creating a universal currency, all the economic problems will be resolved and adjusted automatically. There will be no currency risks. Instead, there will be significant improvements in employment, investment, and trade.

Probably there would be a central bank, descended from The International Monetary Fund (IMF), for supplying this global currency. Also, national monetary policy or numerous national government-related rules will be abolished. As a result, the inflation rate in each country would be resolved or at least minimized. As there would be a worldwide central bank, countries cannot print money to finance their budget deficit; alternatively, they can borrow money from the central bank. In this way, governments will lose their economic sovereignty in any case. This is what makes this international currency more appealing.

So, as we can see, this economic union is literally irresistible, and governments can either accept it and follow this trend or find a way to bypass it. But, the question is, how can this integration be achieved? The most fundamental element is real policy agreements.

The governments have to let the international money be used alongside mainstream national currencies so that people could themselves choose moving forward to a single universal currency. But is there any alternative? There is one option, and that would be increasing certain restrictions and controls on trade and capital flows to protect policymaking independence. In that manner, governments have enough time to control the variations of exchange-rate, deploy financial policies without any interference, and overcome the inflation sudden jumps.

Final note

This world currency can have goods for everyone. By creating this global currency, there would be no currency risk in international trades and no fear of currency fluctuations for cross-border traders. It can eliminate the international transaction fees. Therefore, this plan of a world currency is worth contemplating and implementing. Nowadays, cryptocurrencies are literally making this possible by presenting themselves as a secure, easy, and quick mode of financial transactions. Finally, the concept of global currency is inevitable; therefore, it is better to embrace it with an open arm and appreciate the convenience.

Reference: The Economist

 Hence, governments have started contemplating using digital currency payments in their financial systems to advance their economy. Plus, the covid-19 pandemic plays a significant role in hastening the move towards cryptocurrencies. Several countries have explored issuing state-backed crypto. According to BIS, the Bank for International Settlements, 80% of central banks are working on national digital currencies.

China is the first country that started testing its central bank-backed digital currency, known as DCEP (Digital Currency Electronic Payment). It has been about six years that the People’s Bank of China (PBOC) is working on this project. Sweden, the Bahamas have progressed to conduct phase soft launch. Russia is also considering launching a digital version of the Ruble. And recently, Turkey has announced that they are set to pilot a Turkish central bank digital currency (CBDC) in the second mid-2021.

The country’s central bank has been dealing with high inflation levels in recent years. Besides, 20 percent of Turkish citizens own cryptocurrencies, and society welcomes this approach. The President of Turkey, Recep Tayyip Erdoğan, has been trying to improve the country's economy. It has now been revealed that one of his decisions for this purpose was piloting central bank digital currency (CBDC). Naci Ağbal, the Governor of the Central Bank of Turkey, declared that “There is an R&D project initiated on digital money. Currently, the conceptual phase of this project has been completed. We aim to start pilot tests in the second half of 2021.” The detailed information has not yet been public.

This announcement came as a surprise to some as there is no record in the Bank for international settlements (BIS) that Turkey has been investigating its own CBDC. However, shifting towards the CBDC project may help Turkey to be able to attract global investors and strengthen its national economy.

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There has been some great happenings in recent times and the policy of Protectionism has been on the rise. Recent US-China Trade war and Middle East Crisis have inculcated fears in the financial markets and lots of uncertainty prevails. All eyes are on the World Economic Forum in Davos to get things sorted out for the Global Community. 

Whether the above-mentioned issues will be sorted out or not, but positive outcomes related to Blockchain are anticipated by all of us. There will be discussions held on the future of Digital Economy during the Summit meetings. 

Since China is ready to introduce its digital currency in 2020, Facebook had created its own and traditional cryptocurrencies have also been part of this revolutionary process. The US and other world leaders need to seriously think and formulate policies on Blockchain technology because the future of the digital economy rests upon this. 

Most of the investors have experienced what it feels to be part of Blockchain technology backed platforms and it gives rise to endless possibilities in the digital world. Some of the Global Trade has already shifted to Blockchain like Tradelens- IBM and Token Offerings comprised of more than $10 billion during 2019. Facebook’s Libra, People Bank of China, India’s Jio Reliance and many giant corporations have now implemented Blockchain Technology. 

The need of this hour is for Worldwide recognition and national level government regulators to recognize the future of Digital Economy backed by Blockchain. If corporations are able to maneuver themselves to shift their technologies, governments should also integrate them into their economies. 

Central Bank policymakers, economists and Blockchain Experts are now gathered at this World Economic Forum and we are expecting a major policy shift related to Blockchain and crypto world. It might be true that this challenges the already established structures and makes it difficult to overlook things, but an effective solution can be crafted when experts sit together. 

The world community at large is yet to experience the Blockchain technology. Decentralized platforms and Distributed Ledger Technologies provide immense opportunities to make things more transparent and convenient. Secure storage, independent operating networks, the power to operate is decentralized, quicker information sharing and more reliability are the core features of the Blockchain-powered platforms.   

In the recent middle east war-like crises, crypto was more resilient than traditional financial markets. This has increased the confidence even more of the investors and more people are looking to become part of it. 

The digital economy is on the boom and people are looking to get cash-less while carrying out transactions from reliable platforms and new technologies. The process of evolution is continuous and we can be sure that some really great prospects lie in this coming year. Some of the US states have already legalized digital assets and smart contracts and corporations are already embracing this. 

 All eyes on the experts gathered at this prestigious World Economic Forum in Davos 2020 and we expect some great news coming out.

Practically, the corroboration of the Counos Coin is generated via Proof-of-work technology in the contour of a user to the user network.

The incentive of Counos Coin is to give the highest standards from a reliability perspective for financial undertakings and payments inter continentally.

Why is Counos Escrow the Safest?

As you know the buyer needs a guarantee that genuine services will be provided and the seller or service provider needs a guarantee that the buyer will pay him exactly what he is entitled to.

Counos escrow accesses peer to peer connection, one party should approve to receive money or goods than another party gradually finished the contract. The important thing is counos escrow agent always controls each comes in between.

It takes money from the client, holds it, informs the provider that money is received and gets the work done and after that, a safe transaction is made. The best part is that each party can introduce a new agent to control this contract.

The conversion of cryptocurrency to fiat and transferring them to your digital wallet is a super easy task with the Counos Platform. They have the license to perform all the transactions such as cryptocurrency to fiat money as well as wallets.

In the case of a big amount of money is intricate, the Counos Escrow is very utilitarian. For example, when somebody wants their goods or services but it is unenthusiastic for them to convey before making sure of payment being made, and on the other hand if somebody wants to buy services and is also grudging to make the payment before making sure of pronouncement.

By using all the major cryptocurrencies, Counos Escrow gives online payment services like Bitcoin, Litecoin and Conous own reliable currencies.

Why Counos Escrow Service?

Counos Escrow Service has one of the main characteristics of cryptocurrency trading. It aims to give the users a top-level of a pledge to manage payments to be secured against any delinquency and the crypto boom to be safeguarded from any expropriation and embezzlement.

The Escrow is a third party that is taking over the role of a warrantor for another third party. The agent of the Escrow safeguards the strength of each party.

The agent also dominates to check that the contractual obligations and fidelity have been satisfactorily fulfilled by following the instructions received.

What currency does the Counos escrow support?

Currently, Counos Escrow supports cryptocurrency trading

Cryptocurrencies involve

• Bitcoin
• Litecoin
• Counos coin
• Counos E
• Counos X
• Counos U

You can buy these currencies in return for fiat cash. To do as such, the digital currency holder makes an agreement as to the purchaser. In the agreement terms, the purchaser determines the sum that ought to be sent to it.

At that point, the purchaser moves the measure of cryptocurrency he needs to sell into the MultiSig wallet.

How to Use Escrow Service Effectively?

The service is exclusively limited to the Escrow of cryptocurrencies. When you use Escrow Services, you are capable of summoning parties into a transaction, make a legal unalterable contract and execute payments via the use of Blockchain technologies.

The Escrow Service giver, the buyer and seller create a new shared wallet with their private keys. The new wallet is expanded using Multisig capability.

It will only permit the withdrawal of a balance subject to Escrow when at least two out of three of its creators confirm the outgoing transaction.

Just three signatures are created and the entire trade fee will be deposited in this wallet. In case the buyer and the seller come to final terms with the balance transfer, the cost will be transferred to the seller’s account without the need for a traditional and costly Escrow system.

How Counos Escrow is Different from other Escrow Services:

Counos Escrow differs from various existing escrow services. It is because Counos Escrow gives an increased level of security through the MultiSig wallet technology, which operates the escrow check with three private keys.

The goods will be sent to the buyer, the money will be sent to the seller, who wants to sell their goods or services.

Cryptocurrency trading allows customers to trade cryptocurrencies or digital currencies for other assets. The makers of digital currencies are often independent. Digital currency providers are businesses that keep and administer accounts for their customers.

In the case of transactions, Escrows are very useful. The traditional escrow service is quite difficult and must be obtained through banks and lawyers but Escrow service provides online escrow services at affordable rates. The transaction is safely carried out without the risk of losing money or merchandise due to fraud.

Advantages of Escrow Services:

Escrow services provide a host of advantages for people who choose to transact with it. Escrow ensures that all buyers and sellers are protected equally and their disputes dealt with the utmost concern.

Escrow verifies the funds sent by the buyer and keeps them secure trust escrow account for the seller. The seller ships the merchandise when the buyer has made complete payment to Escrow.

Escrow also tracks your merchandise to make sure that it is delivered in time according to the conditions mentioned in the agreement.

There is no chance of uncertainty or worries as the entire transaction is conducted under the supervision of Escrow’s honest and diligent professionals.

With Escrow’s reliable brand shielding transaction, one can rest assured that their funds are in safe hands, free from fraud.

The buyer always needs a guarantee that he will get the purchased goods or services. And the seller wants to be sure that the payment will be received on time and in full. So the special type of a secure financial arrangement was created, in which an independent third party acts as a guarantor between two parties from the deal. The Counos Escrow service provides the secure and safe online trades based on cryptocurrency payments.

 
What Is the Counos Escrow Service and How It works?

The Counos escrow service is a special type of financial relationship in which, in addition to the two parties to a deal, an independent third party is involved (escrow agent). 
 
As in Any Escrow Service, There Are 3 Main Roles in Counos Escrow:

1. Seller, who wants to sell goods or services through the escrow service.

2. Buyer is the person, who intends to purchase some goods or/and services offered by the seller.

3. Escrow agent is an independent party admitted to the transaction, which ensures that the contract is executed properly by both the seller and the buyer.

Counos Escrow differs from many existing escrow services because it provides an increased level of security through the MultiSig (Multisignature) wallet technology, which uses the escrow check with 3 private keys. In other words, the goods will be sent to the buyer (or the online services are transferred), and the money will be sent to the seller only after the following condition is met - all three signatures are received: from the buyer, seller and from the escrow agent. This is a completely new level of protected deals provided by unparalleled security of Counos Escrow.

The Main Stages of the Counos Escrow Procedure:

The First Step. The seller and the buyer enter into a contract, using the Counos escrow service. At the same time, they do not necessarily see each other, but they can be sure that the whole process of buying and selling will be held in strict accordance with the requirements of the contract. This will be taken care of by the escrow agent and the Counos escrow system based on the Blockchain technology. At this stage the seller sends the buyer all the necessary goods or provides a list of services specified in the contract. 
 
The Second Step. The buyer’s payment is held by the escrow agent, until he is satisfied that the promised goods or services will be delivered to the destination in full. 
 
The Third Step. As soon as the goods or services are received by the buyer (what he confirms using his private key), the previously frozen payment from the buyer will be sent in full to the seller. If the seller is also satisfied with the completion of the transaction, he confirms this using his private key. All the steps listed above are under the strict control of the independent escrow agent, who also uses his own private key as evidence of satisfaction with all stages of the deal.

 
The Top 3 Reasons Using the Counos Escrow Service:
1. Secure online purchases and sales, thanks to the MultiSig wallet innovative technology and the blockchain-based Escrow system with encryption.

2. Customer (buyer and seller) satisfaction guarantee through the provision of a simple, convenient and secure service for selling or/and buying.

3. One of the most important nuances is that final approval of any transaction requires private keys and confirmations from all parties involved in the 
contract, as well as confirmation from an escrow agent who has access to the deal. 
Want to take full advantage of modern safe escrow deals? Then try Counos Escrow

www.counos.io 

VTS (Value Transfer System) refers to a network and a mechanism that provides the possibility of exchanging money, cheque, or any other trading tool. The payment is made to the amount equal to the received money to the third party in a different geographical location in VTS. Such systems play a significant role in the financial network of the world. Today, different companies, organizations, governments, or even people personally use VTS in various forms to transfer money or any trading tool in the boundaries of a country or out of it. VTS is created and applied formally and informally around the world. In its informal model, there is the possibility of exchanging money out of the banking network or any other financial institute be an intermediary person or organization. Even the main business of that intermediary person or organization might not be money transfer. Informal systems are generally used by migrators to transfer money to their families or receive it from them.

Formal VTS networks have been compared to each other in case of capacity and transfer speed and implemented in different forms. So of them like SWIFT work at the global level and some such as Fedwire, have limited activity just in the U.S. Some of these networks, like Paypal offer services on the internet. A network like SWIFT is used to transfer money in commerce among different countries, while the Paypal network is a suitable option for interpersonal transfers. There are also old methods like using the post besides current developed methods to transfer money.

Through introducing and developing Bitcoin in the last decade, Blockchain technology has drawn the attention of startups as one of the tools in VTS systems to offer services in the field of money transfer in a way that today Blockchain is known as one of the serious rivals for present systems.

Transparency, performance, reliability, decentralization, transfer fee, and security are among the features currently discussed in comparison to Blockchain-based systems. Each of these features will be investigated in the following parts.

Transparency is one of the most important features in Blockchain-based networks. This feature in Blockchain has been implemented in such a way that all the events of the network would be available for all the users while their anonymity and privacy are preserved. In the Blockchain network, every user can generate one or some addresses to send or receive the digital token. Each user’s address is the result of hashing his/her public key. So, there is no mechanism to correspond network users to the addresses.

On the one hand, the blocks chain is available for all the network users, and it can provide the possibility of observing all transactions and checking the balance of all accounts for every user. The possibility of generating many addresses further helps network users’ anonymity and protecting their privacy. There is no transparency and at the same time, anonymity in the current VTS mechanisms; in other words, no user of the systems like Paypal and SWIFT is able to observe network transactions and their status. This feature can attract network users’ attention and allow them to assess the network status.

Although it cannot be said generally that the security of Blockchain-based networks is higher than current networks for transferring money, different mechanisms are predicted and used to avoid disclosing sensitive information like the private keys, impersonation, Blockchain manipulation, the presence of a trespasser to sabotage and the like.

Decentralization and distribution of the Blockchain network are its two other remarkable features compared to current VTS networks. Blockchain is a distributed network, and its different parts can continue working without the presence of other parts. On the other hand, Blockchain doesn’t own a central management and storage while you can see such centrality in the existing value transfer mechanism such as SWIFT and Paypal. The blockchain network has been designed in such a way that it is able to offer services without reciprocal trust among the users. In the centralized networks, there is always the risk of information manipulation by the central management; however, using hash algorithms in the blocks chain guarantees not facing any information manipulation in the Blockchain network.

Today with the development of Blockchain, we can see the networks such as Tangel and ideas like Lightning Network being introduced, which have made transfer fees zero or minimize them to the lowest level possible and have found a relative advantage over VTS systems in this regard. Through removing intermediaries and middlemen, Blockchain networks create an appropriate infrastructure for the people’s personal financial transfers, especially in cases where economic sanctions and issues like this bring about some barriers.

Transfer speed is another important parameter in VTS systems. Although many common Blockchain networks in the world like Bitcoin and Ethereum don’t have acceptable speed in comparison to the internet systems of money transfer like Paypal and Visa, it has not been limited to these cases and entered the competition with such systems via introducing networks such as EOS; however, in general, it can be said that Blockchain has a higher speed than traditional methods of currency transfer and global systems with great capacity like SWIFT.

For instance, Ripple is among successful Blockchains, which could facilitate financial transfers between the banks and decrease its fee through introducing products like xCurrent and xRapid.

All in all, Blockchain features have sufficiently drawn the attentions in the field of value transfer in a way that current famous businesses like SWIFT and Visa have moved toward Blockchain technology to maintain the competition and make benefit from these features. In 2017, SWIFT moved toward adapting its network with Blockchain through introducing GPI, Global Payments Innovations. Presently this platform makes connecting to Blockchain networks possible. Visa is also developing a Blockchain-based platform to make up the weaknesses in value transfer as one of the fastest value transfer systems.  

References:

[Hackernoon] “How Blockchain is Changing Money Transfers”, November 14, 2018

[Investopedia] “Does Blockchain's Popularity Mean the End Of SWIFT?”, Rakesh Sharma, Jun 25, 2019

[Forbes] “Visa Enters The $125 Trillion Global Money Transfer Market With New Blockchain Product”, Jeff Kauflin, Jun 11, 2019

[Coindesk] “SWIFT Gives Blockchain Platforms Access to ‘Instant’ GPI Payments Following R3 Trial”, Daniel Palmer, Jun 25, 2019

[Ihodl] “SWIFT vs Blockchain — Overthrow of the Almighty?”, Ekaterina Ulyanova, 28 Nov, 2018

[Deloitte] “The Internet of Value-Exchange”, Jeff Garzik

[101blockchains] “Blockchain vs SWIFT: The New Banking!”, Hasib Anwar, June 6, 2018

Written by:

Dr. Pooyan Ghamari

https://www.linkedin.com/in/counos/

https://www.instagram.com/pooyanghamari/

www.counos.io 

With the advent of Bitcoin in the last decade and the development of the Blockchain technology, many studies have been done in applying this technology in order to solve different challenges. As a result of these studies, a number of frameworks have been developed for different purposes.

Among the most important features of Blockchain that have made it suitable for the development of practical frameworks with different practices, are the following:

The lack of need for reciprocal trust between uses: different frameworks of Blockchain are designed in a way that there is no need for reciprocal trust among users, and each side has trust in the mechanism of the Blockchain.
Preserving integrity: due to the use of hash algorithms and the chaining mechanism of data blocks, the tamper-proof feature of stored information on the infrastructure of the Blockchain could be investigated and guaranteed.
Transparency: Blockchain is not stored centrally, and all the members of the network will have a copy of it. Easy access to the information stream in this infrastructure will be accompanied by transparency. While in the centralized storing mechanisms, there is always hesitation about its central authority.
Preserving anonymity: in the infrastructure of Blockchain, each user is identified with his own address. This address is achieved by applying the hash algorithm on the public key of the user. On the other hand, there is no mechanism that would keep track of this correspondence between the identity of users and the addresses. Also, by creating a couple of public and private keys, each user can create different addresses for himself.
The system is distributed, not centralized: Blockchain-based infrastructures do not need central management. As such, there will not be related challenges. In this infrastructure, anybody can enjoy the services or offer services. Also, the different parts of the network interact independent from each other, and if one part is disabled, the system will continue its work.
Perhaps it can be said that the most important and the most preliminary Blockchain framework is the financial payment and value transfer framework. Cryptocurrency is a concept offered on the infrastructure of Blockchain and is used as a tool for trading. Among the most prevalent cryptocurrencies are Bitcoin, Ethereum, and Litecoin. Currently, different centers all across the world are offering services in order to exchange common national currencies for cryptocurrencies. Some cryptocurrencies like Tether have been defined equivalent to a stable amount of common national currencies like the U.S. dollar, which are technically called Stablecoin. Each Tether is equal to one U.S. dollar. At the same time, many cryptocurrencies like Bitcoin do not have a stable value with respect to national currencies and are turbulent given supply and demand. These turbulences have led to the entrance of investors in the field of buying and selling cryptocurrencies. Blockchain-based payment frameworks have challenged the financial mechanisms of banks and financial institutes from the perspective of trust and transparency. This has led to the operation of reputable financial institutes on an international level like SWIFT, JPMorgan, and VISA in the field of Blockchain in order to gain its benefits.

The smart contract is one of the most important offered practices of Blockchain. In general, it can be said that any smart contract is a function to execute a series of planned orders that are tamper-proof. This function will only be executed when the occurrence of a certain event or a series of events is authenticated. The most common feature of this framework is transferring a specific amount of digital tokens to defined address (addresses) in case of a certain situation. Smart contracts on the infrastructure of Blockchain are compatible with the general concept of contract and offer a conflict-free mechanism for the parties of the contract. In today’s world, it is always possible to infringe upon a contract, and incompliance of the sides of the contract is also ever-present.

On the other hand, legal investigation of such matters requires time and money, while in smart contracts, there are no such problems. Among the Blockchain networks that have implemented successful frameworks for smart contracts are Bitcoin, Ethereum, and Ripple. One of the challenges of implementing smart contracts is implementing a reliable mechanism for correct identification of necessary events in order for the contract to be executed.

Today, one of the hot fields in the domain of IT is the Internet of Things (IoT). IoT is connecting the sensors and objects of everyday life of man to the network of the internet, which will revolutionize industry, commerce, and the everyday life of man. Currently, different studies are being pursued in this field, and different businesses are offering their services and products. The features specified at the beginning of this article have turned Blockchain into one of the efficient solutions to implement IoT. One of the main challenges in IoT is the creation of a great volume of data whose privacy and integrity is of utmost importance.

On the other hand, the centralized keeping of such data will be accompanied by different challenges. Many of the commerce models in the IoT businesses need a reliable mechanism for financial payments, which will be easily provided in the IoT by implementing Blockchain. IoTA, IBM Watson IoT projects are among the prominent frameworks in the field of merging Blockchain and IoT. Of course, the IoTA project does not use Blockchain to store data. By implementing Tangle, this project has created a different mechanism of Blockchain in order to create a distributed ledger technology (DLT) that covers all the features proposed at the beginning of this article.

Due to offering a mechanism that could prevent tampering, deleting, and adding fake information, Blockchain has also come under attention as an infrastructure for storing data or a series of events. Among the frameworks that are implemented for this purpose are the Kodak company Blockchain that is used for storing copyright and different Hyperledgers used in the supply chain.

References:

[Medium] “Blockchain Business Models for Autonomous IoT Sensor Devices”, Philipp Sandner, Apr 16, 2019

[IBM] Information from the official website

[Hyperledger] Information from the official website

[Coindesk] “Kodak Launches a Blockchain-Enabled Document Management System”, Daniel Kuhn, Jun 7, 2019

 Written by:

Dr. Pooyan Ghamari

https://www.linkedin.com/in/counos/

https://www.instagram.com/pooyanghamari/

www.counos.io 

Counos Decentralized Exchange

Counos platform has unveiled its decentralized exchange service in recent weeks. It is some time that the attentions to cryptocurrency decentralized exchanges have dramatically increased. It can be said that the speed of ongoing welcoming of decentralized exchange has been so high that many critics believe that in the foreseeable future, an extensive volume of cryptocurrencies in the world will be conducted through decentralized exchanges. But what is the reason for the high interest of many users in decentralized exchange?

So much new about hacking, illegal measures, and money laundering at centralized exchanges has been so high that they have encouraged the users to apply various methods of cryptocurrency exchange. The volume of stolen cryptocurrencies through centralized exchanges has been estimated more than 1.5 billion dollars. Of course, it does not mean that centralized exchanges are unsafe for the cryptocurrency trades in all cases. The fact is that with the development of security cases and also adopting anti-money laundering policies, the world’s credible centralized exchanges have been successful in maximizing the security level of cryptocurrencies transfers.

All in all, decentralized exchanges donate high advantages to users. At decentralized exchanges, the users can be in touch with the other users directly and transfer their cryptocurrencies to each other’s wallet without transferring to a central wallet. In this transfer method, in addition to removing the cryptocurrency change fees at the centralized exchanges, due to the lack of storing cryptocurrency assets in a centralized wallet, the security level of cryptocurrency exchange significantly increases.

Decentralized exchanges have demerits, such as the limitation in the amount of cryptocurrency change and fake financial trade requests. Counos platform has resolved many of decentralized services through offering a new decentralized exchange.

1.     The Possibility of Changing Fiat Moneys to Cryptocurrencies

In many decentralized exchanges, there is not the possibility of exchanging cryptocurrencies with fiat money or buying cryptocurrencies through them. It causes many problems for the users, since many users are willing to buy cryptocurrencies directly through valid currencies such as U.S. dollar or euro. Counos decentralized exchange has made possible changing cryptocurrencies to fiat money or vice versa for the users.

2.     Supporting Major Cryptocurrencies of the Market

Counos decentralized exchanges supports many credible cryptocurrencies of the market. Cryptocurrencies like Bitcoin, Ethereum, Counos Coin and many other cryptocurrencies have the possibility of being exchanged at Counos decentralized exchange.

3.     No Limitation in Volume and the Number of Trades

At Counos decentralized exchange, the users are able to create the number of sale offers they will. Moreover, the possibility of buying cryptocurrencies is there without any limitation.

4.     Avoiding Making Fake Sale Offers

One of the biggest criticisms at decentralized exchanges has been the existence of fake and unreliable offers. To avoid creating fake sale requests, Counos has created deposit payment algorithm. With this algorithm, the users who create a new sale offer should put 3% of the total amount of their cryptocurrency exchange request as the deposit in a safe shared wallet. It will remove the possibility of making fake sale offers.

5.     Using Escrow Service

Using Escrow service has got the users assured. Via Counos Escrow service two trade parties get engaged in a wallet with three safe private keys concomitant with an agent. The existing assets in the shared wallet will not be unblocked for both parties unless they verify at least two private keys from three ones. Hacking the users’ asset and internet fraud will be avoided using Escrow service.

www.counos.io 

The newest version of Counos X has been released. Counos X is a secure, fast, and pioneer cryptocurrency that has been developed according to the new version of Litecoin. With increasing the level of the users’ privacy, this cryptocurrency has created many expectations according to the newest methods of cryptocurrency technologies and also increasing the efficiency and the speed of transactions transfer.

In the new version of Counos X, from Block 73000, just the Valid and Trust miners will be able to mine newer blocks. With these changes, the security level of the Counos X network will raise to higher levels. Valid miners at Counos X will be the miners which will not receive any reward for the mining process; however, they can receive the transaction fee through mining new blocks. On the one hand, Trust miners will receive the block reward as per the blocks, which they have mined 2.5 minutes after the previous block.

Releasing the newer version of Counos X was followed by a 40% increase in Counos Coin price in the last month. Counos platform has recently launched its decentralized exchange for the users’ P2P trades.

www.counos.io 

On Saturday, October 5, Counos Coin Network came under a 51 percent attack. Even though Counos Coin has been introduced for a short period of time, it has been able to increase its trade volume to a proper extent. In addition to being introduced in important exchanges like IDAX, Counos Coin has been able to experience a suitable price increase.

The increase in the trade volume and multiplying of the price of Counos Coin in only a matter of months have attracted the attention of users in the economic field of cryptocurrencies. At the same time, this high increase in the price has also enticed the hackers.

Counos Coin announced that it has fully eliminated the 51 percent attack on its network. Eliminating the 51 percent attack on the network of Counos Coin has been accompanied by updating its network nodes and increasing its security coefficient. It seems that the elimination of this attack in only two days will increase the security credibility of this cryptocurrency.

The Blockchain network, with respect to its democratic structure, is prone to the emergence of some issues in its network. In the 51 percent attack on Counos Coin, some reverse transactions entered the network and tried to invalidate it, all of which have been managed by Counos Coin.

Many of the reputable cryptocurrencies like Zencash, Monacoin, Litecoin Cash, and hard forks of Bitcoin like Bitcoin Gold have already been targeted by the 51 percent attack.

Controlling the Counos Coin network and full elimination of the 51 percent attack will guarantee that its increasing price will continue onward. A price that has been able to attract the attention of many economic activists in the field of cryptocurrencies. Having applied the changes in the field of transactions, Counos Coin will also get the users informed about it.

www.counos.io