Ethbox is a smart contract-based digital escrow for transferring Ether (ETH) securely and easily on the Ethereum Blockchain. The project’s development was the result of feedback from crypto users who lost funds due to transaction errors and other types of issues.
The inception of Cryptocurrency and Blockchain Technology with Bitcoin’s launch in 2009 opened the world to developers and users to whole new possibilities by removing the need for trust from applications that had historically required it.
This trustless trait of the technologies was possible not only due to the decentralization they provided but also because of the security, transparency, and accessibility they brought to the table to allow whole communities to participate.
What is Ethbox?
Unlike other projects that offer similar features, Ethbox is intended to be used by those looking to perform large and small transactions alike with ETH or any other ERC-20-compliant tokens.
The platform not only limits itself to facilitating transactions to prevent errors but also offers staking and revenue sharing features that allow users to generate passive income and gain governance rights over the platform, further improving their experience in the crypto space.
While the crypto ecosystem has continued to evolve and grow in popularity ever since, adding millions of new users and billions of dollars in market capitalization, there are still many barriers preventing it from achieving mass adoption.
Solving Usability Issues
One of the biggest barriers for new investors is not only the level of abstraction and technical knowledge required to understand how blockchain and crypto work (most people don’t need to know how money works to use it, after all) but the usability issues that most platforms present.
From using basic functions as sending and receiving digital assets, investors find themselves having to understand multiple new concepts and choosing from a myriad of options like network, priority, etc.}
These usability issues do not only intimidate new investors due to their complexity but also create negative experiences by increasing the chances for costly errors to take place despite developers following good practices to try to help users avoid them.
While projects have tried to make the process as earlier a possible, these eros continue to occur and cause great losses to investors of all levels. Ethbox is a new project that aims to end the risk of lost crypto transactions, removing this key obstacle to wider crypto adoption.
DuckDAO & Investors
In the crypto world, projects are known for developing partnerships with other projects to provide more functionality and facilitate innovation.
Ethbox is no different from other projects in this regard, having established partnerships with other projects and companies to provide a better platform to its users.
DuckDAO, a community-backed incubator with thousands of members, partners with Ethbox back in 2020 to facilitate the development of the platform which saw the coding completed in the summer of 2020.
The project has raised the attention of multiple investors in the space beyond DuckDAO, they also received early funding from KVestor, VEntadetta Capital, Boxmintin, Orion Protocol, Nabais, VYSYN, and More, reaching over $900k in funding
A Public Token Sale for the platforms token (EBOX) is planned to take place in the future, allowing more investors to participate in the project to help its future development.
The Founders
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 is a graduate of the Technical University of 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 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 Simone 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.
EBOX: The Heart of the System
EBOX Token
EBOX is a deflationary token that is used to pay the fees in the platform, its governance, and as a reward to EBOX holders. EBOX can be staked for 10 days to generate passive income as rewards and get voting rights, while also providing reduced fees.
A total supply of 65 million EBOX will be minted, with 35% being allocated to token sales, 16% for marketing, 2% to marketing bonus /bounty /airdrop, 2% to liquidity pool bonuses, 2% to the referral system, %3 for advisors, %12 for the team, 10% as a backup, and 4% for liquidity.
While the EBOX token will be used to pay for transaction fees, EBOX nor other cryptocurrencies will be needed to pay for transactions below $300 as they are free.
The deflationary nature of the token is reached by using part of the generated fees for buybacks, as well as the burning of part of the tokens to increase scarcity and increase the token’s value.
Using Crypto Doesn’t Need to Be Hard
Cryptocurrencies were created to facilitate financial and other types of transactions, not to make them more complicated. Ethbox aims to be a perfect platform for a wide range of crypto users.
Crypto beginners, users looking for OTC security features, those looking for investment opportunities, or projects looking to integrate the platform’s services into their own products can all use the platform.
Making the System Better for Everyone
By launching Ethbox, the team expects that crypto enthusiasts will stay safe by preventing errors that could result in massive losses.
It is helping users to navigate cryptocurrency and generate passive income at the same time without the need for technical knowledge or use of complex platforms.
As security is not paramount only for newcomers to the crypto space, Ethbox can also be used by businesses and crypto veterans to secure their transactions and increase the privacy of their transactions.
Crypto was created to make things easier, not more complicated. Ethbox could be the project to make this principle a reality as it aims to expand its platform to include the most popular cryptocurrencies in the future.
The post Ethbox: Making Crypto Transactions User-Friendly & Safe appeared first on Blockonomi.