Through this service, ebox offers a smart contract based escrow service to completely alleviate any risk while sending and receiving funds.
The ebox On-Chain Escrow enables reversible transactions, DeFi OTC trading and increased privacy, offering an unprecedented level of comfort and safety in everyday crypto transfers.
Users wanting to send funds simply choose a recipient address, an asset to transfer and an arbitrary passphrase. The assets are then safely stored inside the ebox On-Chain Escrow contract.
If a mistake was made, such as sending to a wrong recipient address or transferring an incorrect amount of funds, the sender can cancel the transaction.
Aside from sending funds, the ebox On-Chain Escrow also allows requesting funds:
This works one-way (only requesting) and both ways. The full potential unfolds when using this feature in a send-request manner, allowing 100% DeFi over-the-counter (OTC) trading.
The transaction is only fulfilled when both parties have put in their tokens, and can be cancelled by the sender at any point before that.
Simply transferring funds through a smart contract already disrupts the chain of transparently trackable blockchain transactions, obfuscating their origin and destination.
For extra discretion, users can enable an additional privacy feature, which encrypts sender and recipient addresses locally before storing them into the ebox On-Chain Escrow smart contract.
The computational effort required to reconstruct sender/recipient addresses grows with increasing number of transactions being done through the ebox On-Chain Escrow service.
Exending the ebox On-Chain Escrow v1, the upcoming release of v2 will introduce new features together with optimization of existing code, making it a more complete user experience.
- NFT support ERC-721 and ERC-1155
- Payroll Send recurring transactions
- OTC Market Send to unspecified recipient - Anyone can trade
- Send / request multiple assets
- Send / request to / from multiple addresses
- Market value trade Sell assets at current market price (useful for OTC Market feature)
- Partial transacting Only fulfill part of a transaction, not the entire amount (useful for OTC Market feature)
- Code optimization
- Gas fee optimization