Ethbox: NEVER send a wrong transaction again!

Hey guys, and welcome back to Box Mining. Today, I have the project EVEBOX here, and they're solving a very simple problem in crypto, but it's a problem that you guys have probably all encountered before, which is when you send a transaction in crypto, there's always this fear of sending it to the wrong address. I think this has happened to numerous people, almost like for me, that was the most, I was so terrified of that when I first started crypto. Sometimes it's a copy paste problem, sometimes it's just a slight miscommunication issue, but they're building a project that directly solves this and relieves a lot of anxiety in the space. So we're talking to the folks at EVEBOX. We have two Lucases, so Lucas Schaefer and Lucas Prashner, and we also have Paulson Mode, and they're all joining us to talk a little bit about EVEBOX, making transactions a little bit simpler. So I guess start off, but it's just kind of an introduction, how this all came about, what's kind of the problems that you're solving and directly tackling here. And let's just start off with that. Okay. My name is Lucas Schaefer. Very excited to be here on this channel. Thank you. Yeah, my crypto journey started that way. One of my first transactions, it's a little bit stupid or funny story. One of my first transactions was a lost transaction. I was very hyped at this time, and wanted to deposit some money and called Paul to send me the money to my Ether address. I copy-paste my address, and Paul sent me the Ether, and I started to wait and wait and wait. And I actually could have waited much longer, because, yeah, I copied the wrong address. Oh, wow. Yeah. Yeah. So that was one of my first transactions. So besides all of the positive effects from blockchain, and why we love the blockchain thing with BeOnBank, I already knew all the risks blockchain is bringing to us. But at that time, I haven't any clue about smart contract or other platforms, and I accepted it. But in the following years, we heard from different people losing transactions because of copy-paste mistakes. And together, Luke, Paul, and me, we sat together and talked a little bit about it, had different conversations, and to find a solution to this problem, to this worldwide problem. And, yeah, after some meetings, we got our solution, and Paul started to dig into blockchain and develop our code. And Luke and me, we were in blockchain several years, and our part was to make a great token model besides our product. So you guys described the problem about, you know, how sending transactions and making sure that's the right address. So, I mean, ultimately, you want to have a solution where even if you send it to the right address or the wrong address, there's a problem of reversal. So how do you solve this problem? What's your solution? Yeah, so we came up with this really simple thing, actually. It's pretty damn straightforward. It's the whole essence of ETHBOX. Normally, when you send funds on the ETH blockchain, it goes from A to B directly, from my address to your address, for example. But if something goes wrong, that's exactly the part where, you know, like where things go wrong, where the funds just go poof, and that's that. Now, I figured, once I got into smart contract developing and I saw the possibilities you had there, I realized, it's super simple, just deposited the funds inside the smart contract and then just grab them out of there, like just deposit and then withdraw. So instead of directly sending funds from A to B, people are just relaying them through our ETHBOX smart contract, which in turn enables the user to get the funds back if they haven't retrieved by the recipient yet, haven't been retrieved yet, you know. So basically saying, I'm A and this is B, but not the B I'm supposed to send something to. And instead of sending the funds directly, making them go poof, I put them in the ETHBOX contract and now I would be waiting for B to come and pick up those funds and no one's coming and whatever, why is no picking up the funds. But hey, no problem. It's my funds being deposited inside the ETHBOX smart contract so I can just take them back anytime I want. The biggest issue, of course, is that if you send the transaction to the wrong address is that no one has the key to that address, right? So no one has access to it. You're sending it to God knows where. You don't know because it's the wrong address. It's gone forever, right? So the solution here is quite simple and I think it's pretty self-explanatory where you just put it into a smart contract where you know the address and if someone comes and picks it up, that's great. They can complete a transaction. They just come there, pick it up. Or if no one comes to pick it up, you sent it to the wrong person, you approved the wrong person. Well, you can just take it back or you can harvest it back. So you give a way to do this. A little small thing about that because even if you like, imagine you send it to a wrong address where there's no one behind. Okay, no problem. Imagine there is someone behind that address. Maybe a malicious party, someone who wants to take away your cash from you. The way we just explained it would kind of make it sound like that would work but that doesn't work because on top of authenticating with the address, so basically I send you funds and then you have to go there with your Metamask address so ETHBOX actually knows it's you and not someone else. You also have to have a passphrase. So whenever you deposit funds inside the ETHBOX smart contract, you choose a passphrase, anything basically. And you give that to the other guy, to your B party and only with that passphrase and the correct address, you can come and pick up the funds. So on top of this too, I think kind of something amazing that because we had a little bit of a conversation beforehand about this and that was like, you can add some variations to this too. So one of the variations is having a password but we've been also saying, you know, this can be extended into more than just safe transactions but into more financial services as well, right? So something like we're talking about OTC transfers and some other kind of more core financial services, they can go through this type of system too, right? Yeah, exactly. So good thing that you mentioned the OTC trading because this is something we have up and running already. People can go check it out on our testnet beta. It's live at ETHBOX.org right now as we speak. Basically, this just adds another small step to the whole thing because normally just, you know, like you put in some funds, ETH where you see 20 tokens and then the other guy takes out the funds and that's that. But we just added another layer to that which is requesting tokens basically you can either don't put any funds in there but request something or you can put in some funds but also say whenever the guy comes pick it up, you want something in exchange and that makes for super simple decision. So you can basically just specify, hey, I'm giving you like what they need to or something but I want 1000 of this and that token from you. And if you don't give that, ETHBOX is not going to fulfill the whole thing. So ETHBOX smart product watches over that and only fulfills the trade when both, you know, like the requirements of both parties. There's no way to be scammed or to be like fall victim to fraud or whatever. That's the thing of the past. Before the interview, you guys said that you had a demo of everything working because it's all already built up. So Paul, do you want to show us a quick demo of what's happening and how this works? So I'm just going to share my screen right there. Hold on a second. All right. There we go. So people, you can just head over to ETHBOX.org, click the test data and you're good to go. So let's just say I want to send Lucas. Let's say it's Lucas. One of the Lucases here. Let's say I want to send him 10 ETH. How would I go about doing this? So basically, I'm just clicking send here and it asks you for the recipient address, the passphrase and the send it. Super simple, straightforward as that. So I'm pasting pretend Lucas's address. Using the passphrase. Okay. You can choose whatever you want, basically. It can be whatever. And I'm just sending 10 ETH. That's that. Let's give that a try. It was straightforward. Metamask pops up, asks for transaction confirmation. 10 ETH plus a small gas fee. That's that and confirming that. Now you can see, I can see on your screen that it's now 36 ETH in your wallet, which means 10 ETH is gone. So it started off for 46. Now it's 36. So 10 ETH is gone. It's already locked up. So what's going to happen on Lucas's end when he wants to receive this? Yeah. I'm going to show you what it looks like on the other side. As you can see, as you said, the whole thing finished up. Everything cleared up. You will have 36 ETH instead of 46. There's going to be a loading screen so people don't get confused if this thing doesn't change immediately. Give it like 30 seconds or something. Now I'm going to go ahead over to the other address and see what the weight says there. Changed. As you can see, we're connected to the other address now. And I'm just going to hit receive here and you see we have an incoming transaction. These are the ones I already did before. And this is a new one. It says you're from address, which is the other address I sent the 10 ETH from. So it's 10 ETH. Exactly. You just get one more confirmation. This time you don't have to send anything. It's zero ETH, just a small gas fee. And that's that. Confirmed. Now the same thing again. Wait for like 30 seconds or something and that ETH will pop up on your account. Got it. Got it. Okay. So this looks pretty easy to use. Pretty self-explanatory. You're sending through the smart contract. There's fail saves now because now you're using smart money and not dumb money. All right. So, okay. We just, we just passed that thing. The ETH arrived and that's cool. Cool. Works. Right. But, but obviously people aren't doing this now for every single transaction. And I think when I first heard about this, I was just like, oh, okay. That's cool. But there is one complication, right? So, which is it's more expensive to send this way. So right now, because you're using smart money, smart money costs a little bit more. So it's a, it's two steps. One is the sending process and the other was once the receiving process. So when, even when you receive, you're going to start having to pay gas fees. So I, I guess, I guess what are the advantages and disadvantages of this? Can this problem be overcome? You know, can we make it simpler? How can, how can this go on? Yeah. Like this is totally something we have on the later. Like the way you said, even when you receive funds, you have to have at least a little amount, a small amount of ether on your wallet because you have to pay the gas fees, which as you all know at the moment are, yeah, well, let's not go there. So we've been looking towards Polkadot and Binance Smart Chain, especially the latter because that, that was already released and it's really, really super simple to port Ethereum smart cards onto the Binance Smart Chain. So this is something to be looking out for. We have that on our radar and I think we'll be getting there pretty soon. And apart from that, obviously there's all this room for gas fee optimizations. Like when the whole thing is ready for mainnet, there will be like, you know, like fine tuning, making everything just in place so it costs the smallest amount of gas possible. And also on top of that, there's this nice thing of what's it called gasless transactions. Maybe you've heard of it. It's basically when someone else pays your gas for you. So when someone deposits funds into ETHBOX and someone else comes to pick them up, the one to pick the funds up has to have at least some of them. And with this gasless transaction thing, you can like pay the fee in advance for the other. So someone with zero ETH can come up, come and pick up your funds. So this is something we also look forward to. Okay. What's the roadmap like for everything going on here? Yeah, we got a lot of great updates coming up. At first, the whitelist for our IDO will start on 18th of March and will open till 23rd of March. Our IDO will be on Duck Starter. Thanks to our partner, DuckDow. And the IDO will be take place on 25th of March. And after that, the listing on Uniswap. Then we got some great development updates like Paul already mentioned the Binance Smart Chain. And we develop a lot of other stuff. We got a lot of stuff to involve our community and to give them a chance to grab some ETHBOX. And yeah, our mainnet will come up in Q2 rather sooner than later. And we have some the staking program will be activated right after the IDO for the near distant future. It's going to be busy. It's going to be busy. So a key point to here is that you need to whitelist to be on this. So guys, if you guys are interested in something like this, make sure you guys get on the whitelist early. So that's required to go for the Duck Starter launch. I think Lucas wanted to fill us a little bit in on the kind of the future vision of this as well. So starting, like, you know, this project started off with simplifying transactions. But what are the future visions and the kind of overall objectives for this project? The vision for the project is to make crypto user-friendly. So we will add features to make it mainstream ready. That's the dream of everyone. Me and Lucas, we started as a part of the crypto community. So we were blockchain fans from day one. So maybe not Lucas from day one because he lost he lost some money or some funds on day one. But the vision is to make it user-friendly and to get it mainstream ready. So that's the simplicity on the side. You see it. It's really easy to explain it to a non-coiner. The second point is privacy. It's important for everyone. So we had it now. Powell sent me 10 ETH on Ethereum blockchain. Everything is transparent. Everyone can track this transaction. Everyone knows. I received 10 ETH. one thing to say there is no such thing as 100% privacy on the blockchain. This is per definition something that is impossible. But you can try getting there and you can get pretty close actually. We have an upcoming privacy feature for ETHBOX which will be an optional thing. You can enable it or not. Which basically obfuscates the recipient and the sender address. Because when you send a transaction through ETHBOX, it has to save the addresses of sender recipients so it knows which one is the right one. And it does so in clear text. So basically everyone going through ETH scan and everything, through Blockchain Explorer, you can read those values if you know where they are and what they look like. And with the privacy feature enabled, the whole thing gets hashed. So that means nobody knows nothing. Except for a smart contract when you come with the right address, it's you, that's the right one. But other than that, it doesn't know anything. And we can also expand the whole thing in such a way that the whole thing gets mixed up. I don't want to call it a mixer, but it doesn't mix up things. So that's, for example, I'm sending 10 ETH to someone and instead of just sending 10 ETH to a smart contract and the guy gets 10 ETH, you can send like 10 times one ETH to a smart contract and the guy gets 10 times one ETH. And if enough people do the whole thing, you know, like it has that crowd effect, like 100,000 people a day or whatever do that, who is sending money to who? It's like one ETH going in, one ETH going out, again and again and again. Who's transacting with who? You don't know. that's also important if you combine these two features. So if you're a business and you start a payroll, pay your employees via ETH box and they can, on payday, they can receive it, they can receive their money they work for. That's one thing, like the banks, you don't know who sent me money over traditional banking, but that's, I think, the same kind of thing, on the blockchain. And if someone wants to pay his employees on Ethereum and other chains, I think that's one combined effect so that the payroll via ETH box and the added privacy, I think that's a good use case for the payroll itself, for paying employees, not customers. For people who are interested more to find out more about ETH box, what's the best way to find out more about ETH box? Yeah, so obviously you've seen the test and beta, go to eatbox.org and have a look at our test and beta, play around with that, all you can, all you want, check out the beautiful features we already have going, have a look at the white paper, it's also right there, like when you go to eatbox.org you have the test and that's the white paper, there's all the information there, we have disclosed as of now everything you need to know, and obviously go to our Telegram channel, we have an announcement channel, we have a community channel where there's a lot of incentive for people to come, participate, mingle, and get to know the Facebook community. Awesome, so I'll be looking forward to check you guys out there, and guys, thank you guys so much for taking the time to talk a little bit of eatbox, good luck on the launch, and if you guys are interested, of course, make sure that whitelist is there, so I hope you guys can see you there on the Telegram, and I hope you guys can join on the whitelist as well, and good luck on the launch. Bye, thank you for having us. Cheers, thank you.