Ethbox Token (EBOX) — a digital escrow service for peer-to-peer cryptocurrency exchange, based on smart contracts, which aims to solve the growing problem of cryptocurrency users who accidentally sent their funds to the wrong addresses.
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About the project
ethbox works by requiring a two-factor authentication system via MetaMask and an arbitrary passphrase for transactions. The fund sender first transfers them to escrow, which is an ETH Box smart contract.
To ensure that all transactions in the application are safe, ETHBox implements a decentralized structure that allows the platform to keep a transparent record of all transactions. Smart contract codes are also protected, using blockchain cryptography technology. No one can change the smart contract code.
Why should you trust this project:
| Reduced service fees | The presence of EBOX tokens guarantees a discount on service fees. For transactions below $ 300, ethbox is free to use. |
| Deflationary token | The smart contract logic ensures that 25% of the generated ethbox commission will help to buy back and burn EBOX tokens. All EBOX holders benefit from the reduced supply of tokens. |
| Regular payout | The developers share a portion of the generated ethbox maintenance fee among all EBOX holders. |
As far as passphrases are concerned, ETHBox makes sure they don't just come in plain text. Instead, they generate hash values that users also need to provide to validate their transactions. And while these forms of infringement also require expensive resources to conduct, every blockchain opportunity cannot be discounted. This is especially important when we are talking about cryptocurrency transactions, which in most cases can bring in large amounts of funds.
Attributes
ETHBox has other use cases besides simplifying transactions on the Ethereum blockchain. Although transactions on the platform are transparent and can be viewed by users at will, ETHBox ensures that senders and recipients cannot be traced. ETHBox has also made over-the-counter (OTC) trading much easier. On many centralized and decentralized exchanges, there is always the risk of peer-to-peer transactions. There are many reports of cases where attackers trick other users. Because the ETH Box functions as an escrow smart contract, the likelihood of someone taking advantage of other users to steal funds from them is greatly reduced. Any deadline specified in the contract must be met before the transaction is closed.
What else should you know?
You can get more detailed information about the project on the main page of the site. There is a general description, main benefits, and more. Future updates are in the RoadMap section.
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