DeBox (BOX): The Web3 Social Platform Revolutionizing Digital Identity
What is DeBox (BOX)?
DeBox (BOX) is an advanced social platform designed for the Web3 era, leveraging Decentralized Identity (DID) technology. It’s built within the Ethereum ecosystem and incorporates additional technologies like Layer2 and the Cosmos Inter-Blockchain Communication (IBC) protocol. If you’re familiar with WeChat, DeBox aims to be its Web3 equivalent, providing a similar experience but with enhanced security and privacy features inherent to blockchain technology.
The platform offers a range of functionalities including one-on-one and group chats, DAO management, and asset handling. It’s especially suitable for managing KOL fan groups and other communities where access can be controlled and monetized.
Who Created DeBox (BOX)?
DeBox was founded by Blackiron, a company that began developing the platform in 2021. The Chief Operating Officer (COO) of DeBox is Fang Kuai, who has experience working with humanDAO, a global decentralized autonomous community that integrates Play-to-Earn mechanics. The management team, with a background in major tech companies like Alibaba, is currently based in Singapore. However, the founders have chosen to remain anonymous, with only the COO’s LinkedIn profile available to the public.
What VCs Back DeBox (BOX)?
DeBox has attracted significant attention from venture capitalists, reflecting its potential in the Web3 space. The platform has completed five rounds of financing. Notably, it secured 2 million in seed funding on January 9, 2023. In subsequent strategic rounds, DeBox received additional investments from notable firms including DWF Labs and OKX Ventures.
How DeBox (BOX) Works
DeBox is designed to tackle several pressing issues in the digital and crypto communities:
● Bots and Scams: The platform addresses the rampant problem of bots and phishing links that plague social media and crypto forums. By using DID and advanced identification algorithms, DeBox minimizes the impact of malicious actors.
● Centralized Control in DAOs: Traditional DAOs often face criticism for centralized control, where a small group of individuals or entities holds significant power. DeBox aims to democratize DAO governance by involving community members in decision-making and ensuring that asset management is more transparent and decentralized.
DeBox operates on a foundation of decentralized identity, which is a significant departure from traditional centralized systems. Here’s how it works:
1. Decentralized Identity (DID)
DID technology is at the core of DeBox. Unlike traditional systems where identities are managed by central authorities, DID allows users to control their own identities on the blockchain. This enhances privacy and security, as personal data is not stored in a centralized database but rather in a decentralized manner.
2. Integration with Ethereum and Layer2
DeBox is built on the Ethereum blockchain, leveraging its robust infrastructure for dApps. It also utilizes Ethereum Layer2 solutions, which help in scaling and improving transaction speeds. Additionally, the platform incorporates the Cosmos IBC protocol, allowing it to interact with other blockchains seamlessly.
3. Box Feature
One of the standout features of DeBox is its “Box” functionality. Each Box is a digital asset that can be used in various ways. For instance, it can function as an entry ticket to exclusive groups or be used for managing DAO assets. The Box has a fixed floor price of 0.01 ETH during the presale stage to ensure that users are protected from significant losses. During the public sale, users can trade these Boxes, with a transaction fee of 10% distributed between the creator, holder, and platform.
4. Community and DAO Management
DeBox enhances community management through its DAO capabilities. DAOs are decentralized organizations governed by their members. In DeBox, DAOs can manage group assets and make decisions through proposals. The platform uses DID to verify the identity and eligibility of members, ensuring that only those who meet specific criteria can participate. This helps in reducing the risk of malicious activities and spam.
5. Combating Phishing and Bots
The platform addresses issues like phishing and bots by implementing advanced identification algorithms and community governance principles. For example, if an account is reported by multiple groups, it may face a mute period to curb spam. Additionally, NFT holders on the platform have the authority to judge and vote on reported content, ensuring that the community plays a significant role in maintaining the platform’s integrity.
BOX Goes Live on Bitget
DeBox is carving out a niche in the Web3 world by offering a comprehensive social platform that leverages decentralized identity and advanced blockchain technologies. Its innovative features and commitment to security and privacy make it a noteworthy addition to the digital landscape.
BOX is the native token of DeBox. As a versatile asset, BOX plays a crucial role in various aspects of DeBox, including payments for game items, premium features, and more. It also offers opportunities for staking rewards, lending through the DeLend protocol, and participation in governance decisions. With a deflationary model that reduces total supply based on ecosystem activity, BOX is designed to provide long-term value.
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BOX on Bitget PoolX
BOX will be a part of Bitget PoolX, a platform for users to earn new tokens for free on an hourly basis. Join now to get the best out of it!
Lock SOL to get BOX airdrop: Users can lock up to 400 SOL in Bitget PoolX to earn from a 1,400,000 BOX pool, from 16 September, 12:00 – 26 September, 12:00 (UTC)
To use Bitget PoolX, follow these simple steps:
● Step 1 - Coin Locking: Begin by selecting a pool from the available options. Choose the cryptocurrency you want to lock and the duration of your locking period. Once selected, confirm your amount to join the pool.
● Step 2 - Coin Distribution: After locking your coins, you'll automatically grab a share of the prize pool based on the proportion of your locked amount compared to the total pool amount. Airdrops are distributed hourly, so you can expect to see your earnings accumulate over time.
● Step 3 - Results Display: Keep track of your rewards by checking the 'PoolX History.' Here, you can view the distribution of airdrops and monitor your locking progress.
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How to Trade BOX on Bitget
Listing time: September 16, 2024
Step 1: Go to BOXUSDT spot trading page
Step 2: Enter the amount and the type of order, then click Buy/Sell
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Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
