ethbox: Securing Blockchain Transactions

The blockchain technology that gave birth to all of cryptocurrency is built with cryptography in such a way that it becomes practically impossible to break. However, on a more basic, day-to-day level, transactions can easily go (very) wrong as a result of simple human error. The Ethereum ecosystem alone saw at least 12,600 ETH (currently valued at over US $21 million) lost by 2018 as users sent ETH to wrong or nonexistent addresses. Given the irreversibility of blockchain transactions, losing funds to incorrect addresses is one of the main problems that blockchain transactions have to face — but not anymore.

How ethbox Works

ethbox is a platform providing a smart contract-based digital escrow service, to ensure that transferring funds between two or more parties takes place without any chance of failure. For this purpose, ethbox transactions are secured with two-factor authentication using MetaMask and an arbitrary passphrase. Once senders deposit funds into the ethbox smart contract, recipients can only retrieve the funds if they meet these two criteria: They connect to ethbox via MetaMask using the sender-specified address, and they are in possession of the correct passphrase. The ethbox smart contract only executes the transfer upon all conditions being met.

Currently, ethbox’s main functionality is to secure peer-to-peer cryptocurrency transactions in the Ethereum network, supporting the transfer of ETH and ERC-20 tokens. In the future, the platform will expand to blockchain ecosystems other than Ethereum.

ethbox Security Framework

Built on the Ethereum network, ethbox is decentralized to ensure that all activities on its platform are transparent, visible, and accessible to everyone. In addition to its open-source code that helps advance its decentralization, ethbox deploys the fundamental cryptography integrated into blockchain technology. This feature makes it impossible to tamper with the smart contract code, ensuring that all transactions are executed as desired, without compromise.

Since smart contracts are transparent and ethbox needs to verify passphrases before executing code, ethbox does not store the passphrases in plain text. The platform generate hash values using the very cryptographic algorithm that is used by the Ethereum network itself (Keccak-256 / SHA-3) for the passphrases, which are then used to verify the validity of passphrases entered by recipients. Coupling MetaMask with irreversibly encrypting (= hashing) passphrases provides two layers of security that create a robust and practically unbreakable system to conduct blockchain transactions.

ethbox Features

Anonymity: Despite smart contracts being powered by a decentralized system thereby making all activities transparent and even traceable, ethbox sets itself apart by concealing blockchain transactions, making the sender and receiver untraceable. ethbox provides users with much-desired anonymity, together with transactions that are guaranteed to be flawless and worry-free.

Simplified OTC Trading: ethbox gives users additional functionalities within the Ethereum network by allowing to trade ETH and ERC-20 tokens. Using the smart contract’s features, over-the-counter (OTC) trading is vastly simplified, as the transfer of funds can only be completed when all terms are satisfied. This feature shields traders from projects and other traders with malicious, fraudulent intentions.

EBOX Token Utility

ethbox’s token, EBOX, is a deflationary token, meaning that tokens are removed from the market over time. This is advantageous to users, as the limited supply in the future drives the token price up and thereby improves the token ecosystem’s health and integrity. EBOX is deflated through buy-back and burning part of the generated fee. Those who hold EBOX will have access to exclusive services on ethbox, and subsidized fees for common services.

Other benefits are:

· Staking will generate income to EBOX holders for four years following the token generation event (TGE).

· EBOX holders will receive regular payouts of profit shares.

· EBOX holders will actively participate in the development of ethbox and decision making for upcoming project milestones.

EBOX holders will receive additional rewards and fee discounts by holding the DDIM and / or DUCK tokens of ethbox’s strategic partner organization DuckDAO.

Roadmap

Check out completed tasks in our Whitepaper here.

Check out completed tasks in our Whitepaper here.

  • Definition of token metrics
  • Beta release on Rinkeby Testnet, including OTC feature
  • Lightpaper release
  • Code audit #1 with CertiK Foundation
  • Sale round #1 — Strategic sale
  • Marketing offensive #1
  • Sale round #2 — Private sale
  • ”Ask Me Anything” with DuckDAO & others
  • Code audit #2 with CertiK Foundation
  • Token generation event
  • Listing on DEX
  • Start of liquidity provider bonus program
  • Mainnet release
  • Marketing offensive #2
  • Gas fee optimization
  • Privacy feature upgrade
  • Implementation of staking
  • Chain extension via PolkaDOT
  • Address book implementation
  • Development of payroll features
  • Further expansion of the roadmap

Summary

ethbox completely eliminates the possibilities of losses that would arise from mistyping and miscopying recipients’ wallet. By its nature, ethbox conceals transactions by interrupting the chain between sender and recipient, and on top of that adds a privacy feature that ensures transactions are completed accurately even with no clear-text addresses being saved inside the ethbox smart contract.

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Escrow service. Your home for safe #OTC trades, privacy, & safer TX on #ETH #Polygon #Reef #BSC. https://www.ebox.io