Different countries have different types of currencies that they use. However, regardless of the difference in currency, money can be sent from one country to another over the internet. Cash transacted in this manner is called virtual money.
These transactions require the supervision of an intermediary company like PayPal. Transfer of money is in the form of a cryptocurrency, and Counos is an example of such cryptocurrencies.
What Is Counos?
Counos is an entire set of digital money. In Counos, each user powers a stable and secure peer to peer payment network. Counos employs an algorithm and structure similar to that of Bitcoin. The only difference is that Counos has a separate policy and design for each algorithm.
What Is Counos Coin, Cash, Gold & Silver Tokens?
Counos has four different types of counos digital currency. These are:
Electronic payment method in a peer to peer network only allowed payments to be made from one person to another directly without the supervision of a financial institution. Due to the effects of double spending, a solution was needed to avert the problem, hence the introduction of a peer to peer network.
The peer to peer network hashes transactions into continuous chains of proof of work. This hashing method then creates a record which cannot be changed without reproducing the proof of work. Transfer of messages within the network is by a best-effort, and all nodes that associate with the message can enter or leave due to the minimal structure of the network.
Counos coin has same similarities as the bitcoin algorithm. More than 16.800.000 coins have been mined. A distinguishing feature is that Counos has no middlemen, thus reducing the cost of double expenditure. However, for it to be useful in the coming days, Counos supports a team of professional.
Another pre-mined cryptocurrency is the Counos cash. It has a total estimate of 21 million coins in its network. The price of these coins is fixed and guaranteed by only CSC Int GmbH. Counos cash is introduced with the aim of making business payment cheap, faster, and more secure. Also, its target is to enhance the use of a safe payment system which has its coins as real money.
For Counos cash to work efficiently, it will need representatives in different parts of the world. The role of these representatives will be selling of Counos cash to customers in every part of the world. These customers will then be transacting using a minimum transaction fee.
Bitcoin and Counos gold are similar in that they use the same algorithm. In this network, there will be more than 21.000.000 coins, although there is no way to mine these coins as they all are pre-mined already. However, people can buy these coins, and their Gold will be deposited in one of the Switzerland Banks, although it can only be for private use rather than public use.
Counos silver is similar to Counos Gold only that it supports Silver but not Gold deposits in the bank.
When deposited in the bank, it is for private use only.