What Is ethbox (EBOX)?
ethbox provides a unique solution to a problem in cryptocurrency trading that is as devastating as it is widespread. Accidentally sending funds to a mistyped or mistaken recipient address has already been the cause for hundreds of millions, if not billions, of financial damage. Harnessing the cryptographically unbreakable safety of the underlying Ethereum blockchain, ethbox provides a smart contract based digital escrow service to completely alleviate any risk of loss while sending cryptocurrency
Sending funds through ethbox disrupts the chain of transparently trackable blockchain transactions, thereby obfuscating their origin and destination. For situations where discretion is required, users have the option of wrapping ethbox transactions with an additional layer of privacy, for a small increase in service fee. When using this added privacy feature, both sender and recipient addresses are encrypted locally on users’ computers. No clear-text addresses are ever transmitted into the internet or stored on-chain, and users may remain anonymous to each other. Any attempt to reconstruct added-privacy transactions between ethbox users becomes tremendous effort, if not impossible.
On top of securing transaction, ethbox offers an easy and convient way of trading Ether and ERC-20 tokens. Funds can be sent & requested a single transaction, which may only be fulfilled once both the sending and receiving party have put in their part. This gives users a safe, reliable environment for OTC trading that is immune to any form of fraud or scam. Safeguarded by the ethbox smart contract, ethbox OTC transactions are guaranteed to take place in the only way that is acceptable, being fair and mutually beneficial for both parties
- Reducing fee’s
Users can use ethbox service with a huge discount in fee’s
- Deflationary token model Part of the fees generated are used to buy back EBOX tokens. These tokens that are bought back are then burned
*Payout from fees EBOX holders will gain a share of fees earned by ethbox as regular payouts
*Staking for passive income EBOX can be staked for the first four years to generate passive income. 18% of the token supply of EBOX is reserved for staking rewards.
- Governance Used for governance votes to determine different company relevant decisions
For transactions below $300, ethbox is free to use
Holding Regular service Using added privacy OTC No EBOX 1.5% 2.0% 3.0% 5000 EBOX 0.8% 1.0% 2.0% 15.000 EBOX 0.4% 0.8% 1.0% 50.000 EBOX 0.3% 0.6% 0.8% 100.000 EBOX 0.2% 0.5% 0.6%
Service fee will be used for: 25% Profit 25% Marketing of ethbox 25%Buyback & burn 25% Payout to Tokenholders
Launch of Mainnet: Q2 2021
What makes ethbox unique?
Users can either deposit funds inside the ethbox smart contract (“send”), or retrieve funds that have previously been deposited by another user (“receive”). In order to guarantee that only the designated recipient of a transaction is able to receive the funds, the ethbox smart contract takes the recipient’s address (authenticated through MetaMask) as one part of a two-factor authentication.
The other part is a passphrase, that is arbitrarily chosen by the sender of a transaction.
This means that for retrieving funds, the recipient has to be connected to ethbox through MetaMask using the address that was specified by the sender as recipient, and know the correct passphrase.
For all of this to work, the ethbox smart contract has to keep track of what is going on – Who deposited how much, for whom, with what passphrase?
The passphrase part is critical about this, as it can’t be stored in the smart contract in clear-text for obvious reasons, given that any data on any smart contract can be viewed by anyone at any time.
Therefore, the ethbox smart contract stores merely the Keccak-256 / SHA-3 hash value of each transaction’s correct passphrase.
Hashing is one of the basic underlying concepts of blockchain technology in general, which implies that the safety and reliability of ethbox goes hand in hand with the blockchain itself, making it just as unbreakable.
Mode of operation Applying this knowledge to how ethbox stores transaction passphrases, this means that ethbox can validate any passphrase that it is told by a user trying to retrieve funds, without actually knowing what the passphrase is.
In order to retrieve funds, users are required to enter a passphrase, which is then submitted to the ethbox smart contract. The smart contract then computes the hash of that submitted passphrase, and compares it to what it has stored inside its memory, which is the hash of the correct passphrase (but not the actual correct passphrase itself).
Who Are the Founders of ethbox?
Ethbox was founded by Lukas Schiefer, Lukas Pratschner, and Paul Simone, who knew each other for more than 15 years before starting the project. Together, they bring decades of experience and activity in the crypto space as well as knowledge in different areas.
Lukas Schiefer studied renewable energy at University of Applied Sciences in Vienna and has been a community manager in crypto for several platforms, as well as a long-term evangelist of the industry.
Lukas Pratschner is an experienced cryptocurrency angel investor and researcher who has been active in the community for a big part of its history. He has worked in different areas like chemical process engineering and laboratory technology, as well as in certification, auditing, and inspection.
Lastly, Paul Simode has been interested in technology since he was a kid, using C/C++ and Assembly languages in his incursions in cybersecurity. He is a software developer who is in charge of the technical aspects of Ethbox.