In recent months, with cryptocurrencies such as Ethereum and Bitcoin being huge news, every day there are more and more transactions taking place. While the blockchain provides countless cash sending advantages, these transactions do not always run smoothly. In fact, some individuals have lost millions in crypto just sending money to the wrong wallet address.
Wrong addresses are a problem that is easily solved by ethbox, the Ethereum blockchain’s smart contract protection framework.
We’re going to look at how users with ethbox can stay safe and how all the Ethereum transactions can be secured for better peace of mind and a low cost (it’s always free).
Ethbox functions by confusing ETH transactions so that they are not clear to the public as trackable transactions (when the privacy feature is enabled). To shield them from malicious intent, both their source and destination are concealed.
Ethbox will encrypt the wallet addresses of both the sender and recipient locally, ensuring that no data is either exchanged or publicly distributed on the blockchain. This approach also helps users to stay anonymous from each other. Ethbox makes reconstructing a user’s transactions virtually impossible.
In depth, how Ethbox functions
Users begin by depositing their ETH funds into the ethbox smart contract to send or retrieve funds that another user has previously sent.
The Ethbox smart contract takes the wallet address of the recipient and authenticates it with MetaMask. The recipient must be linked via MetaMask with the correct address in order to receive funds and must also know the passcode set by the sender. This two-factor authentication ensures the funds can be retrieved by only the right recipient.
Some very significant data, such as fund number, depositor and recipient address for whom the funds were intended and what the passcode is, must be monitored by the ethbox smart contract. All of these are essential, as they add to Ethereum transactions several additional layers of security.
Obviously, passcodes can not be stored in clear-text, but with industry-leading and unhackable hash protection protocols, they are encrypted. These passcodes can, theoretically, be cracked with brute force, but this is practically impossible in practice. Estimates indicate that doing this with even the most advanced technologies will take about 10,000 years. In the real world, this makes cracking ethbox nearly impossible and protects the transactions better than any other strategy.
Ethbox also provides technology for Over-The-Counter (OTC) encrypted transactions. Ethbox is backed by its own deflationary coin, EBOX, which provides daily stake payouts and benefit shares.
Ethbox is an incredibly inexpensive security solution for those making smaller transactions, providing free protection. There is really no better choice than Ethbox if you need to encrypt your transactions on the Ethereum blockchain. To ensure your funds are safe and your transactions go through smoothly, it is extremely simple to use and provides industry-leading security.