TimeBox is a decentralized custody service for digital assets. Find out ho wit works today in our review.
What Is TimeBox?
TimeBox is a blockchain-based custody service for memories.
TimeBox was co-founded by a guy named Jason. Jason’s mother was diagnosed with cancer 15 years ago. Treatment went well and she was beginning to recover. Unfortunately, she unexpectedly passed away without a single word just before she was due to be released from the hospital. After this experience, Jason wanted to create a simple, effective, and affordable platform where anyone can store memories from friends and families, then send those memories to friends and family at some point in the future.
The end result is a system that works as the world’s first decentralized custody service for digital assets.
Some of the digital assets mentioned by TimeBox include photos and letters from loved ones, final wills, and cryptocurrencies. TimeBox will store all of these digital assets in a secure way.
TimeBox can be seen like a time capsule: a smart contract automatically delivers assets at some point in the future. Blockchain technology can store digital assets forever on the internet – as long as the internet exists, those smart contracts will execute at a future date and time.
Use Cases For TimeBox
The ability to store data, memories, or cryptocurrencies long-term can lead to a number of powerful use cases. Some of the use cases mentioned in the TimeBox whitepaper include:
- Cryptocurrency owners can securely store their cryptocurrency long-term to ensure their cryptocurrency gets passed to their family if they unexpectedly pass away. Today, many cryptocurrency owners would simply lose access to their funds if they died.
- The elderly or terminally ill patients can record memories for loved ones. The TimeBox whitepaper mentions a terminal cancer patient who wants to record a “happy birthday” message for a child. TimeBox’s smart contracts can deliver that happy birthday message every year.
- Anyone can pass on relevant digital information to loved ones in the event of an unexpected passing. Someone might leave information about a bank password or bank account number in their digital message, for example, in the event of an unexpected passing.
- Parents can store precious photos in TimeBox without fear of ever losing access to precious family memories.
- Students, groups, or workplaces can store memories in TimeBox, then open it together 20 years later. A group of students might agree to open their TimeBox together 20 years from now to remember memories from graduation, for example.
Ultimately, there are a wide range of uses for a decentralized digital asset storage solution like TimeBox.
TimeBox was designed with all of the following features in mind:
- Permanent Storage: TimeBox will provide permanent storage with blockchain technology.
- Invisible Identification: Personal data can be securely stored using TimeBox.
- High Security: Decentralization makes TimeBox impossible to hack. There’s no centralized servers someone to target to steal digital funds, for example.
- Convenient and Beneficial Trust: Store text, audio, photos, videos, and digital assets like cryptocurrency into your TimeBox. TimeBox will distribute these digital assets at a future point based on the conditions outlined in the blockchain smart contract.
How Does TimeBox Work?
Each registered user can receive a TimeBox once they’re registered on the platform. You can store cryptocurrencies, text, audio, photos, or videos in your TimeBox. Digital assets will be stored using smart contracts and distributed across the TimeBox blockchain.
Here’s the basic process used:
Step 1) The user loads digital assets into the TimeBox
Step 2) Setup your smart contract then pay for it using TB Coins
Step 3) Execute the contract using TimeBox’s “Decentralized Asset Trust Network” (DATN) technology
Step 4) Setup your TimeBox backup pass phrase
Step 5) Retrieve digital assets using the original wallet or passphrase, or wait for the smart contract to automatically transfer assets based on the smart contract terms
TimeBox TB ICO Details
The TimeBox ICO is scheduled for February 20 to March 9, 2018.
The company is distributed TimeBox Coin, or TB Coin, during the crowdsale.
There’s a hard cap of 42,000 ETH or $20 million for the entire ICO. During the ICO, the exchange rate is set at a base rate of 1 ETH = 1200 TB Coin.
There’s a total supply of 200 million TB Coins. 86 million (43%) are reserved for the ICO, 14 million (7%) for the pre-ICO, 30 million (15%) for the TimeBox Charity Foundation (scheduled to launch in 2019), and 70 million (35%) for partners, bounties, and the team.
TB Coins will be used for transactions on the TimeBox network. You’ll need to secure your smart contract with TimeBox Coins.
Who’s Behind TimeBox?
TimeBox was co-founded by Jason Hung, Alex Chang, and JC Lin. The team founded TimeBox in Taipei, Taiwan in August 2017.
Hung is one of the industry’s top ICO advisors on ICOBench. He’s previously been involved with ICOs like BitRewards, BlockLancer, Datarius, ICONIC, Suchapp, SafeCrypt, and others. He’s also a serial entrepreneur who co-founded Treascovery and Chidopi.
Chang, meanwhile, is the co-founder and CEO of Gravity Wave Hong Kong. He’s also an expert on ICOBench. Lin, meanwhile, is the CEO of Zagama Cloud Service and the CTO of Game Heaven.
TimeBox’s ICO is underway throughout February and March 2018. The beta version of the platform is scheduled for release in Q3 2018, with the full version of the platform expected before the end of the year.
TimeBox aims to provide secure, convenient storage for digital assets – including cryptocurrencies, memories, photos, videos, and text. You can use TimeBox to setup a smart contract-based time capsule. That smart contract will distribute the digital assets at a future date and time based on certain terms and conditions.
There are all sorts of different ways in which TimeBox can be used. One example in the whitepaper is that a terminal patient could setup a smart contract that distributes a happy birthday message to their child every year on their birthday, for example, allowing the child to hear their parents’ happy birthday messages throughout their lives.
To learn more about TimeBox and how it works, visit online today at TimeBox.network.