Testing the Safebox — Component of the Bitbon System

News/Global News/Testing the Safebox — Component of the Bitbon System
26.11.2018 13:13

On November 26, 2018, a new term, Safebox, as well as detailed information about its properties was published in the “Terms and Definitions” section on the official website www.bitbon.space. We would also like to inform you that the comprehensive testing of the component is currently being completed by Simcord specialists. After the testing, the concept of a cold wallet will be implemented. All Bitbon System Participants will get access to the Safebox functionality in the next few months.


Safebox means a record (cell) with a unique alphanumeric identifier created by the Bitbon System User[i] in the Blockchain[i] for storing his/her own Bitbons[i], which ensures a high degree of confidentiality and security as well as allows providing access to another Bitbon System Participant[i] in accordance with the conditions established by the Safebox owner in order to transfer his/her Bitbons in full to this Participant.

Additional information

  • Each User can create his/her own Safebox by means of standard tools in the Bitbon System[i].

  • The User can assign a unique name (alias) to his/her Safebox, which can make it easier to remember the name of the Safebox.

  • In order to improve the confidentiality of the Bitbon storage, the Safebox owner can use the special function of visual hiding of his/her Safebox within his/her Account in the Bitbon System.

  • When transferring Bitbons to the Safebox, the User must specify the parameters and conditions under which it will be possible to get access to Bitbons stored in the Safebox.

  • Parameters and conditions:

Activation code means a unique alphanumeric identifier (password) automatically generated by the Bitbon System for getting access to Bitbons stored in the Safebox. For the convenience of remembering and storing the activation code, the User can create his/her own activation code (password), which should consist of a set of available characters in the number of not less than 24 and not more than 128 characters;

Date and time of providing access to Bitbons may be an additional condition fulfilling which the User is given the possibility of getting access to Bitbons stored in a specific Safebox if the correct activation code (password) is specified;

Date and time of the automatic Bitbon transfer means the condition under which all Bitbons stored in the Safebox are automatically transferred to the Assetbox[i] specified when creating the Safebox.

  • In the Bitbon System, the maximum period for storing Bitbons in the Safebox is set and is equal to 3652 days (10 years) since the moment of transferring Bitbons to the Safebox. If within a specified period of time Bitbons have not been used, then after 3652 days (10 years), all Bitbons stored in the Safebox will be automatically returned to the Assetbox, from which they were transferred to this Safebox.