Counos

Counos is a cryptocurrency  that’s similar to Bitcoin. The digital currency is based on a peer-to-peer payment network that’s powered by the user. The company is a purely peer-to-peer version of an electronic payment system,Creation and transfer of coins is based on an open source cryptographic protocol. The cryptocurrency (one of many!) forced a complex intersection of privacy policy, banking regulation, and technological innovation.

History

Creation

Counos Coin —a virtual currency, The domain name Counos.io was registered in 2018 by CSC Int. GmbH. It was a work like the Bitcoin client, differing primarily by having a decreased block generation time , increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256).

30.07.2018

Counos Cryptocurrency was released via an open-source client on ICO Lister website on July 30, 2018 by CSC Int.GmbH

Forks

Counos Coin:

This type of electronic coin has the same algorithm as the Bitcoin algorithm, and 16,800,000 coins are extracted, and alpha can extract the rest of the final 21,000,000 coins.

Counos Cash:

Another type of CSC currency, with all 21 million coins being extracted, is actually used for all commercial transactions and money transfers, at a constant price of 20 Swiss francs all over the world and the company itself, buying and selling It does not enter the market at all, which is faced with rising prices or price reductions, and is a surefire signal for money transfers and sales of goods and purchases.

Counos Gold:

This single currency has the same algorithm as the Counos Coin, and all 21 million coins are extracted and equivalent to one gram of gold Coin in Swiss Box as a backing for the supervised entity, which is what this means. The minimum price of this coin is equivalent to one gram of gold and is practically transferred without the transfer of gold with a digital currency.

Counos Silver:

This type of currency has the same algorithm as counos Gold. except that instead of gold, silver is deposited in Swiss banks as a backbone.

Design

The Blockchain  is a decentralized platform of transactions taking place across peer-to-peer network. By using this technology, participants are able to exchange transactions without the need of a central certifying authority. Blockchain is a technology that’s based on the virtual digitized decentralized network which uses information in the form of “blocks”. Blockchain is an open distributed ledger that records transactions. It functions as a decentralized database. Whenever a person adds any information in the network i.e. a transaction , the person adds the information in all the computers that are part of the network. But, if other users in the same network adds in their information and makes a new block after the person before them, the first person is unable to modify their block. However, individual blocks can be edited by their creator. This makes Blockchain one of the best technologies to secure and structure digital data. Since Blockchain technology works 24/7, this means the blockchain-based transaction  process is a lot quicker.

Units

The unit of account of the Counos system is depend on choose of Cryptocurrency of Counos Currency taken, for example Counos coin (CSC). Ticker symbols used to represent Counos Coin are CSC .

How does Counos Coin Work

Counos coin is completely virtual coins designed to be self-contained for their value, with no need for banks to move and store the money. Once you own Counos Coins, they behave like physical gold coins: They possess value and trade just as if they were nuggets of gold in your pocket. You can use your Counos coin to purchase goods and services online, or you can tuck them away and hope that their value increases over the years.

Counos are traded from one personal wallet to another. A portfolio is a small own database that you store on your computer drive (i.e., cold storage), on your smartphone, on your tablet or somewhere in the cloud (thermal storage).

Counos Coin are forgery-resistant. It is so computationally intensive to create a Counos Coin; it isn’t financially worth it for counterfeiters to manipulate the system.

Counos Coin Production Facts

Counos coin mining involves commanding your home computer to work around the clock to solve “proof-of-work” problems (computationally intensive math problems). Each Counos Coin math problem has a set of possible 64-digit solutions. Your desktop computer, if it works nonstop, might be able to solve one Counos coin problem in two to three days — likely longer.

Indeed, if you are a small-scale miner with a single consumer-grade computer, you will likely spend more on electricity that you will earn mining Counos Coin. Counos coin mining is only profitable if you run multiple computers and join a group of miners to combine your hardware power. This prohibitive hardware requirement is one of the biggest security measures that deter people from trying to manipulate the Counos system.

Counos Smartphone Wallet

For a broader coverage of this topic, see Cryptocurrency wallet.

A wallet stores the information necessary to transact Counos. While wallets are often described as a place to hold or store Counos Cryptocurrency, due to the nature of the system, Counos Cryptocurrency are inseparable from the blockchain transaction ledger. A better way to describe a wallet is something that "stores the digital credentials for your Counos holdings" and allows one to access (and spend) them.Counos Wallet itself is not actually “stored” in a wallet. Instead, a private key (secure digital code known only to you and your wallet) is stored that shows ownership of a public key (a public digital code connected to a certain amount of currency). So your wallet stores your private and public keys, allows you to send and receive coins, and also acts as a personal ledger of transactions.

Counos Security

Just like holding a bag of gold coins, a person who takes reasonable precautions will be safe from having their Counos stolen by hackers.

Counos Coin transactions are irreversible. Conventional payment methods — like a credit card charge, bank draft, personal check or wire transfer — benefits from being insured and reversible by the banks involved. In the case of Counos Coin, every time Counos Coin change hands and change wallets; the result is final. Simultaneously, there is no insurance protection of your Counos wallet: If you lose your wallet’s hard drive data or even your wallet password, your wallet’s contents are gone forever.

References

This article "Counos" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Counos. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.

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