Counos X is quite a young cryptocurrency. The project was funded in 2018. It refers to the so-called stablecoins, which are used to store fiat money in digital form. Buying Counos X coins for USD, EUR or CAD means getting the digital equivalent of the specified currency. There are digital equivalents of gold and other precious metals in the Counos X system. There are convenient and private payments in Counos X, the ability to store the keys to their funds in digital form, and other benefits of cryptocurrency. For the storage of Counos X coins, there are both mobile wallets and PC wallets. Each installed wallet program becomes a lightweight Counos X node.
How do you use Counos X?
Like many other cryptocurrencies, Counos X also has mining. Miners check transactions and write them to a distributed ledger. The program code is inherited from Litecoin. A total of 18.6 million Counos X coins may exist. Of these, 18.3 million coins are the premine, which is already used for payments within the network. The remaining 300,000 coins will be awarded by miners. The mining process will last 20 years from the moment the project was launched, and the reward for the calculated block signature will be constantly logarithmically reduced. The process of getting profit from mining is as complicated as possible – also due to a long time of coins maturity.
Which technologies does Counos X support?
Counos X is based on a distributed ledger, i.e. a set of peer-to-peer crypto nodes. A blockchain is used as a distributed ledger. The Proof of Work algorithm and Litecoin fork are selected as proven technical solutions. Counos X nodes support SegWit and Lightning Network technologies. Further, it will reduce transaction time, which is now 2.5 minutes. Developers regularly release updates for free nodes and wallets of Counos X to make this cryptocurrency even more convenient, fast, and secure.
How does the Counos X mining work?
The developers try to make the mining of Counos X as complicated as possible so that the possession of Counos X coins is more profitable than an investment in mining equipment. For those users who want to profit from owning Counos X coins, there are several tariff plans. At the same time, there is no need to list the coins to the remote Counos X node, all funds remain in the user's wallet. At any time, the plan can be interrupted by returning your funds. There is no profit accumulation in this case. All the coins blocked on the user's wallets are associated with the mining pool and allow them to turn it into a trusted Counos X node. The reward received by the coin owners using the Proof of Stake algorithm is thus a part of the miner's reward. When adding a block to the network, the trusted Counos X node, in the system, is a mining pool, divides the reward between miners and the owners of the coins blocked on deposit.
What applications does Counos X have?
Cryptocurrency Counos X is in demand in both centralized and decentralized exchanges. To exchange another cryptocurrency for Counos X coins, it is enough to use Counos oU services. There is a decentralized exchange at Counos.world for direct exchange. Since transactions between Counos X nodes happen quickly and anonymously, this means of payment finds popularity among businesses. An important advantage of this cryptocurrency is that it can be officially purchased through a bank in almost any country. In total, the Counos X cryptocurrency is available for purchase in 248 countries.