Counos - Eliminating the Challenges of Conventional Electronic Transactions
SWITZERLAND / ACCESSWIRE / October 13, 2018 /Financial institutions are the primary third-parties responsible for processing electronic payments for online trading. The system offers many advantages such as fast fund transfer, mobility, convenience, etc. However, pitfalls including a lack of irreversible transactions, security risks, high transaction fees, etc., resulting in a downcast experience for users. These setbacks can be avoided by implementing digital currency and better communication, but there is no reliable mechanism to transact over a communication channel without eliminating the financial third parties.
Counos - Rendering Effective Solutions to the Masses
Counos is an open-source decentralized application that focuses on providing buyers and sellers with a platform to transact and communicate with each other seamlessly. It allows sellers to create, authenticate, and manage their listings. Moreover, a systematic series of open-source protocols are incorporated into the platform that defines the standard functionalities of the market.
Counos Coin - The Core of the Network
The Counos Coin offers users on the platform the freedom to easily and safely perform financial operations from anywhere around the world. Presently, the network holds around 21 Million coins and over 16,800,000 coins are minted. Users have to create a Counos wallet where they can easily perform transactions using these coins. Additionally, the wallet is also compatible with other cryptocurrency coins, thereby, providing much-needed flexibility. Each coin owner transfers the coin to the next one by digitally signing the hash of the previous transaction and the subsequent owner's public key. The receipt of the payment can authenticate the signatures to verify the owner of the chains.
Execute a Secure Transaction in Record Time
Generally, on other bitcoin networks, it takes a minimum of 10 minutes to verify a transaction. Additionally, these transactions cannot be reversed and users have to wait until more blocks are incorporated in the chain. Counos platform, on the other hand, validates a transaction within 2 minutes and 30 seconds, thereby, facilitating fast electronic transactions.
The platform uses the timestamp server, which takes a single block from a hash of timestamp records and publishes it widely. This proves that data existed at a given point of time. Each timestamp has the prior timestamp in the hash, forming a chain where each additional timestamp reinforces the previous one.
Strengthening the Process by the Proof-of-Work
Counos has developed peer-to-peer distributed timestamping servers that leverage the proof-of-work system. It initiates a nonce in the block until it detects a value that offers the hash of the block with the required zero bits. Once the CPU successfully executes proof-of-work verification, the block cannot be created without running the entire process again. The platform also solves the challenge of determining the majority in voting. The majority in the Counos system is based on one vote per system rather than one vote per IP address.
A Decentralized Solution for Digital Transactions
Counos is a decentralized platform developed with an objective to offer users an interactive ecosystem where they can transact without the need of any third-party financial institution. The network has leveraged Blockchain-based technology to eliminate the fundamental challenges of third-party institutions and provide reliable and secure transactions.
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SOURCE: Yahoo Finance