Counos Escrow Service on Blockchain

Last Modified:11 Nov 2020 09:52:52
Counos Escrow Service on Blockchain

Want to Secure Your Online Purchases or Sales? Just Use the Counos Escrow Service on Blockchain!

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