Blockchain Application in Counos All-in-one Platform

Blockchain Application in Counos All-in-one Platform

Counos platform can be known as one of the all-in-one financial platform based on Blockchain technology across the world. Besides creating a stable and permanent ecosystem, this platform is able to benefit from all capacities of Blockchain technology to develop its financial and environmental structure through employing important features of Blockchain technology; however, before discussing about Counos ecosystem, it would be very effective to investigate all-in-one applications of Blockchain in financial and social subtypes.

It can be said that the advent of distributed ledger technologies has been one of the most important events in the past decade in the field of developing related technologies to the digital data. Although primary conceptualization related to the distributed ledger technology has been for developing financial systems, now this technology and different forms of distributed ledger such as Blockchain have found such extensive and various applications that imagining them wasn’t almost possible.

The distributed ledger is a decentralized technology which is not managed by any specific foundation, organization, or person. All information in this technology, including financial data, non financial data, or the users’ information is distributed among numerous variable systems. In fact, distributed ledger acts as a database; the only difference is that this network can be composed of many systems and computers around the world and all information is up-to-dated and saved through the users’ consensus.

Considering all the points, it can be understood to what extent can applying forms of distributed ledger technology, especially Blockchain, solve the problems of foundations, organizations, and different enterprises. 

Presently, businesses rely on big centralized databases for storing and processing a high amount of data. These databases can be used to strengthen organizational functions such as financial affairs, human resources, marketing, sale, and performances, or even financial transfers. Anyway, centralized databases entail big security risks, since due to central information being centralized, in many cases a weakness situation in the system can jeopardize all central information such that even the best cyber-security alternatives fail in protecting them. We have observed such attacks on big companies such as Yahoo, Equifax, and Target.

However, it does not mean that the technologies of decentralized databases don’t have any ambiguous point. It can actually be said that in some cases, using distributed databases separately is inefficient and inconsistent and has made sharing internal and external exact data difficult. Even using this technology increases transaction time in some cases and has not performed satisfactorily in offering a unique source capable of verification regarding providing data accuracy between some parties and reaching an agreement.

However, applying Blockchain technology in each business correctly can lead to the emergence of dramatic developments and so, attempting to offer and implement Blockchain technology in businesses, and even startups has changed into one of the most important concerns in the organizations’ development.

Blockchain and Significant Advantages for the Organizational Use

One of the largest problems in the modern economy today is the information insecurity. The Internet has enabled all companies to proceed their businesses in a wider scale concomitant with faster speed; although, it has created an unprecedented opportunity for hacking, fraud, and scam. Even the companies which handle their affairs with more care and attention, face undeniable risks in the section of online business. 

Blockchain technology can decrease these risks greatly. This method of recording and maintaining information keeps all personal data connected to each other. Therefore, if any part of data is tampered with or changed, the whole chain will be changed, and all will notice it. This feature causes unauthorized users not to be able to get access to the data easily, and the risk of robbery and sabotage will be lowered strongly. Although Blockchain technology makes a revolution in the whole digital economy, through raising information security, it will have influential effects in some areas.

Affiliate Marketing or Cooperation System in Sale

Affiliate marketing plays an important role in introducing valuable but unknown products. In this model, a trader gets help from publishers to sell his products through search engine ads, emails, online content, and other advertising methods. Instead, the trader compensates the publishers’ help by introducing more customers.

Unfortunately, because of information insecurity, the publishers and traders encounter problem in using this marketing model. The publishers worry that the developers cannot pay the commission fee of the new customers, and the traders are afraid that these publishers have an unreal claim about the history of previous successes. In addition, both parties should accept unclear and ambiguous contracts that this very issue will increase controversies, even if all try to show their goodwill.

Some platforms based on Blockchain store all information related to the customers’ rate and earned income and create a safe and immutable record thereto both parties can adduce. This technology automates paying commission bills, and on the one hand, it causes marketers to receive exactly their due fee. Moreover, it lets the developers investigate the publishers’ vocational field and make sure that they are able to offer reliable and trustful marketing services. Developing auto-run smart contracts which illuminate clearly the parties’ commitments, greatly lowers the potential of conflicts between publishers and developers.

Small enterprises often try for scalability alone and their strong concentration on the growth causes them to ignore basic processes of accounting, auditing, storing and also wage payment system which they have been committed to from the beginning. It will threaten the economic health of the organizations in the long run.

A smart contract is a more economical option which helps small businesses to proceed their basic flow of their activities more simply and cheaply. They use Blockchain to start, investigate, and fulfil the contract with the users (which might be trader, client, or the customer). Smart contracts can have a positive effect on the procedures such as invoicing, paying the staff’s wage or paying bills, regulating insurance policies, examining the inventory, and other trade activities.

Smart contracts can help businesses which require a perpetual cash flow to make sure about their on-time incomings. For small companies which don’t own extraordinary financial resources, delay in receiving debts is the distance between life and death. During last year, 40 percent of small companies have experienced some problems in their financial flow. With the help of Blockchain, there will be no worry about the time of receiving debts and the companies are sure that whenever they need their planned budget, they will get access to it. Except for the case of decreasing potential investment in these supportive activities, the effects of the total costs decrease are transferred to the customers and make the prices more competitive.

What has been recorded in the ledger makes the contracts undeniable and binding at the global scale. In addition, the managers and the staff are no more forced to waste their time proceeding legal issues, since legal processes will become automatic too. In fact, drawing up a smart contract between businesses and partners, shareholders, and stakeholders is a wise and stable move. Many business processes which later need the staff, intermediaries, expensive software licenses, or subscription right can be replaced cheaply. All these factors cause the companies grow in a healthy and competitive atmosphere through relying on Blockchain. 

Blockchain decreases the charges in sections related to customers’ services and complaints. Currently, most of the customers are not satisfied with these services, and the companies spend a lot of budget in controlling these sections, both of which are unavoidable. Immutable references of Blockchain cause chance mistakes be just on the part of the man. 

Revolution in the World of Financial Transfers

The entrance of Blockchain in the financial industry of the world led to some big events. The existence of a decentralized financial ecosystem by offering new solutions to protect the privacy of users of financial services has turned into one of the most prosperous financial ideas in the world in recent years. Even large private banks were against the existence of cryptocurrencies at first, but today almost hardly a day goes by when there is not a news about the attempts of banks to use the Blockchain technology to provide banking services. By combining joint databases and encryption capability, Blockchain enables different parties to have access simultaneously to a number of ledgers that are up-to-date and tamper-proof.

Central banks all across the world are evaluating the capacities of Blockchain in making a change in payment systems and even using it to launch cryptocurrencies. This is, to some extent, an answer to the challenge that says independent cryptocurrencies such as Bitcoin can impact their monetary control policies. Also, the use of Blockchain by central banks in different parts of the world indicates that these financial institutes have realized the potential advantages of using Blockchain as a payment system.

Foreign commercial investment is still based on paper; like the bill of lading or a credential that is sent around the world via fax or post and it seems to most bankers that this needs to be renewed fundamentally. Many people believe that Blockchain is an obvious solution, especially that many groups need access to similar information.

Authentication of customers and trade parties is very crucial in banking. Without this authentication, the loan providers quickly lose their role as the “trustworthy protectors of people’s money.” Moderators take banks responsible for analyzing whether customers are not criminal or illegal executors, and if banks make a mistake in doing so, they will be fined. Banks have tried for years to launch a joint digital application that records the identity of customers and keep them up-to-date. Banks that have not been able to solve the issue of “paradoxical demands and determining the amount of debt,” have failed to find the right formula. Some people believe that Blockchain can offer a solution due to the protection of encrypted currency in sharing always up-to-date registered data with other groups.

Counos and Blockchain

As it was mentioned, Blockchain has been able to create a revolution in all financial fields, and financial digital technologies and Counos platform implements all the capacities of Blockchain.

With respect to explanations about the advantage of distributed ledgers and Blockchain technology in providing different social, human, and economic needs, the all-in-one Counos platform has also used this technology in an innovative way. Counos uses a Litecoin-based source code for its Counos Coin and Counos X coins. Counos X has been designed based on the latest version of Litecoin, but there have been main changes in the privacy policy, and the mining of this cryptocurrency is completely different from similar cryptocurrencies. Counos Coin is attempting to enter different users from all across the world to the ecosystem of Blockchain via the Blockchain technology and also using a special ecosystem based on Blockchain. Other coins of Counos such as Counos Gold is a cryptocurrency backed by gold and other Counos stablecoins such as Counos E, Counos U, Counos CAD, and Counos Cash are all based on fiat money with stable value and ideal solutions for international and global financial transfers. Counos Stablecoins have been established as a solution to eliminate the instability of cryptocurrencies’ value, and even HuffPost introduced Counos to be one of the largest rivals of PayPal in the near future. These stablecoins have been designed and premined based in the source code of Litecoin and manage the value stability of coins via various methods such as bank support methods.

On the other hand, using the Blockchain technology and implementing the decentralized nature of this ecosystem, Counos has launched a decentralized exchange that is based on community and direct trade among users. To create the utmost security in the currency trades of this exchange, Counos Escrow system is used. In this service, users will be able to guarantee currency trade contracts in the presence of a third party or observer. By offering a three-part private key to the two parties of the contract and the third observer, Counos platform offers a very safe algorithm to exchange currencies. By submitting at least two parts of the private key, the contract will be finalized. In fact, the final satisfaction of buyer and seller or the guarantee of the trade of each party with the third party or observer will confirm the trade of currencies. This security feature is one of the best kinds of using Blockchain to develop the security of currency payments. Furthermore, Counos offers services to users in the field of converting fiat money to cryptocurrencies, cryptocurrencies to one another or converting cryptocurrencies to fiat money by offering a centralized exchange and by precisely overseeing the cryptocurrency transfers via the Blockchain technology.

Stakeholders, Communications and the Future of Counos

By final operationalization of Counos platform, this platform will implement various and different parts, yet the stakeholders of Counos platform will be its users, and ultimately, they are the beneficial owners of Counos.

By using all the up-to-date technologies and creating a unique ecosystem, Counos will be able to gather the information of users from all across the world in addition to establishing a large forum of users. On the other hand, by using the messaging systems and Counos digital wallet that has been launched and is run based on the Blockchain technology, users will be able to become familiarized with the ecosystem through various solutions and increase the security coefficient by using different communications. Counos Core Wallet can also be used as an infrastructure for communication.

The way Counos platform is controlled and valued takes place based on the Blockchain technology and can evaluate the performance of the ecosystem based on the defined standards. In the near future, Counos platform will unveil voting and survey systems based on the Blockchain technology for users. However, it needs to be kept in mind that the Blockchain technology is a young technology and is still changing, developing, and completing. Yet, the attempts of Counos platform will be in this regard to establish the most potentials by using an expert team in the field of developing communications in the Blockchain technology.

The idea of Counos platform has been developed and budgeted by MySelf Pooyan Ghamari. Counos intends to create an ecosystem similar to state and country society in the future. In this ecosystem, users can get shares from this platform by offering their abilities, and in addition to financial affairs, the right to vote, and the choice will be given to users. By creating a completely democratic atmosphere, this platform will be exactly like the country of Switzerland, and even the leaders of the platform will be chosen based on the direct vote of users. All the users will be able to benefit from proper share by offering their abilities to other users of the platform. By precise planning, the Counos platform will be able to have more than 10 million active users.

In the current stage, decision making is limited in the Counos platform. However, by final development, the election system will be actively implemented, and users will be able to decide based on their stakeholder rights in decision makings and strategic results based on communal interests.