ethbox: Ethereum’s first escrow community
What Is ethbox?
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.
Why Is Even useful?
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.
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.
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 for the passphrases, which are then used to verify the validity of passphrases entered by recipients. Coupling MetaMask with hashing passphrases provides two layers of security that create a robust and practically unbreakable system to conduct blockchain transactions.
Over the Counter Trading
ethbox gives users additional functionalities within the Ethereum network by allowing to trade ETH and ERC-20 tokens peer-to-peer and trustlessly. 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.
This feature would be very interesting if in the future it could be possible to trade let’s say an ERC-20 as USDT for and ERC-721 as a rare NFT.
ethbox sets itself apart by concealing blockchain transactions, making the sender and receiver untraceable. This provides users with much-desired anonymity together with transactions that are guaranteed to be flawless and worry-free.
The approach is similar to that of a mixer (for example Tornado or Blank): all funds get mixed together making it impossible to link a sender to a recepient.
Token Utility and Tokenomics
ethbox’s token, EBOX, is a deflationary utility and governance token. 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.
EBOX holders with more than 5000 tokens automatically participate to the staking program (read below).
EBOX holders will actively participate in the development of ethbox and decision making for upcoming project milestones.
The share rate is used for calculating each user’s individual share among the entirety of EBOX tokens that are being given away as staking rewards.
Users holding 5,000 EBOX or above are assigned a base share rate of x1. Users holding 50,000 EBOX or above are assigned a base share rate of x2. Users with less than 5,000 EBOX do not participate in the staking reward.
Staking period (from one payday to the next) is one month, during which the minimum of 5,000 EBOX / 50,000 EBOX needs to be held at all times.
18% of the total EBOX supply (65,000,000) have been allocated for staking, which makes for a total of 11,700,000 over a period of 4 years, equaling 243,750 EBOX being given away as staking rewards each month.
These monthly 243,750 EBOX are split among all participating users proportionally to the amount of EBOX tokens being held, multiplied with the user’s respective share rate.
There are additional bonuses for LP providers, more info can be found at the following link: Introducing Staking Rewards.