If we want to define the safe escrow service in a simple sentence then we can put it this way: safe escrow service is a three-person contract in which other than the buyer and the seller, the escrow agent from Counos Platform oversees the contract.
You can trade anything in the safe escrow service, but before starting the deal, you should pay attention to the terms of the contract, because illegal items will not be approved by the contract agent. In the safe escrow service tutorial we attempt to explain how you can create a contract. It needs to be mentioned that this process is very complex and there may be many steps before a contract is completed and the payment is made, but also keep in mind that you can go through each step easily, so don’t worry about the difficulties of working with this service.
Skilled and powerful developers who are currently working on the services of Counos Platform have tried to design a simple system for users which is at the same time very safe and fast. In the safe escrow service tutorial we will show you how you can trade your goods or services in Counos Escrow.
Surely this has happened to you when you want to sell your property or trade an item with someone but you cannot be in a notary’s office in person or you don’t have someone you trust to be the intermediary. Safe escrow service will now help you to complete a smart contract with high speed and precision. This safe escrow service tutorial is such that the buyer and the seller know each other and want to trade an item remotely using the smart contract service with no concern.
This service will also be used in the decentralized exchange service of Counos (DEX) in which you can trade cryptocurrencies and fiat money with ease of mind. You can read more about trading cryptocurrencies in Counos DEX in the main webpage of Counos.
Creating an account in the escrow service
In this safe escrow service tutorial we presume that you have already created an account in Counos SSO and have been verified successfully. You can find out about the verification process in this article and then create an account in escrow. It needs to be mentioned that the verification process will reward you with free Counos Coin and you will have the chance to be part of the big lotteries of Counos Platform.
In order to login to the escrow system, you need to be verified. By entering the account that has been verified in the Counos SSO, you can login.
Main page and explaining different buttons
In this part, by clicking on the left button you can see the history of your contract transactions, or view your profile by clicking on the right button and edit it if you want.
In this part you can view the history of your contracts and by clicking on each one of them view their details. There is a button for creating a new contract at the top, and by clicking on it you can create a new contract.
In this page, you can view the contract agents approved by the Counos Platform and by clicking on each one view their details so that you can choose the best agent for your contract. It needs to be mentioned that all the agents chosen by the Counos Platform are all competent to review high volume contracts. This will assure you that you can create any contract at hand with no concern and complete it in escrow.
Create New Contract
You need to go to this section if you want to create a new contract and then you can complete your contract step by step.
At first you need to specify with what kind of cryptocurrency you want to make the payment of the contract. Choose the cryptocurrency. Then you need to specify whether you are the seller or the buyer, if you are the buyer you need to enter the seller’s email so that an email is sent to him containing the contract information and if needed an invitation to create a new account. Any contract in the escrow needs to have an agent, so pick your agent carefully and proceed to the next step.
(if the email you have entered does not have an account in the Counos Platform, you need to send them an invitation to create an account and get verified and if in the system the email you have entered is verified, then you can go to the next page)
In the review participants section you can view the information of the other party involved in the contract. You can review the information and evaluate them for authenticity. After reviewing the information, you can go to the next step.
In order to finish creating a contract with the other party involved, you need to complete the terms of the contract so that the other party can approve the contract by reading the terms you have specified. So specify the terms of contract carefully and pick a title for your contract. Make sure all the details of the terms of contract are carefully written so that the other party will approve them.
Important point: make sure to enter all the terms of contract in full detail and go over them carefully so as not to forget anything. You can get help from an expert to write a contract that is legally binding.
After you specified the terms of contract and entered the text to be signed in the terms section, it is time to specify the installments mentioned in terms of contract in milestones. If you have specified installments in the terms, then you need to enter them and their dates in this section. You can set an infinite number of installments. But be careful, if you set one installment, then it should be equal to the entire contract amount, and if you set a number of installments, their aggregate should be equal to the entire contract amount.
The title of the installment, date and the amount should all be specified. If you need to create another installment then click on the plus button and enter the information carefully again, otherwise go to the next step.
(in the image, the entire contract amount is set in one installment, and also the time for the smart contract payment has been specified)
In this safe escrow service tutorial, the attempt has been to explain everything simply and with examples, so that you can create your own smart contract easily and enjoy trading with Counos Escrow.
After you specified the installments, you can go to the final check step to review your contract one last time. All the information of the smart contract will be shown to you here so that you can review them and finally create the contract. Make sure to review all the information and be sure you have chosen everything you want. In the end, after the final review, you can create the contract.
You have successfully created a smart contract. By clicking on the contract you have created, you can print it and send it for the other party after signing it. Now it’s the other part’s turn to sign it and send it back to you. It is now the agent’s turn to sign the contract in order to set the installments in motion. The date of the installments are clear based on the contract terms.
The steps of the contract and completion of each one of them will be emailed to you, and you will be able to review each step and then go to the next one. You can easily complete any deal using this safe escrow service and never worry about the safety of your assets.
Important point: during the smart contract, you need to be in contact with the other party. You need to know that the chat section will only be reviewed by the arbiter if necessary. So it’s better to have any conversation with the other party in this chat system, so that if necessary they can be used. Otherwise, the conversations that take place outside this chat system are not legally binding and cannot be used as evidence.
In this page you need to enter the address for each coin, so that you will be able to use them to withdraw the contract amount. Enter the addresses carefully by clicking on add receiving address.
You can view your deposit or withdraw history in the safe escrow service here, and by clicking on the eye icon review their details.
Your general information and the scores you have gathered from contracts will be shown here, and you can make changes here such as choosing your profile picture or choosing your time zone.
In the end you can exit your account by clicking on log out.
Important point: in order to withdraw from the safe escrow service, you need to have your mnemonic passphrase. Therefore, when this passphrase is generated for you when you create your account, try to save it somewhere safe. If you lose this passphrase, it will never be generated again or restored and only you have access to this passphrase.
The contract amount is kept in the escrow system until such time that the contract is fully and properly completed by both sides. If there are any disputes, the contract agent will intervene and negotiate with either parties, and then decide whether the contract should be announced null or should it continue. This is the method used in prevalent financial and banking systems in the world and also notary’s offices, and for this reason, the surest method for smart contracts is the safe escrow service.
Keep in mind that the contract agent will consider the chats taken place between the two parties and also the contract terms for arbitration. Contract agents are aware of all the legal systems of countries and will refer to the laws of any country should they deem it necessary.
We hope that this safe escrow service tutorial has been beneficial for you and you can use this article to create smart contracts. This system can be considered the future of financial and cryptocurrency transactions, and a new method of contracts with high security. In this article we have used images and examples to better explain the safe escrow service and its environment. To find out more about how the safe escrow service works and the benefits of using smart contracts, please go to the following link:
Finally, we have also made a video tutorial for the safe escrow service, and we hope it can be useful for you.