RBX Network has launched a cutting-edge on-chain security suite, RBX Reserve Accounts, revolutionizing the way users manage and secure their digital assets and funds. The update, as part of the latest Spartan Wallet, provides unprecedented self-sovereignty and self-custody, ensuring complete protection against theft, hacking, and accidental transfers.
RBX Reserve Accounts, operating separately from RBX instant settlement addresses, provide the security of cold storage and the functionality of on-chain escrow. These accounts enable users to recover stolen or misplaced funds or establish trustless escrow within 24 hours or a preset time defined by the user. Significantly, the recovery and callback features are entirely on-chain, ensuring full transparency and awareness among all peers.
Activation of the RBX Reserve Accounts requires a deposit of five RBX, of which four are burned upon activation, contributing to a deflationary mechanism. The accounts are password-protected, and the system offers robust tools to manage password visibility for enhanced security. During the setup process, the system provides data needed for account restoration and recovery, which users are advised to store securely.
Funding these reserve accounts requires a minimum of five RBX, a process facilitated by the system's GUI if users already have a wallet on the account. Notably, reserve accounts can be easily identified by their unique addresses starting with 'X RBX' and are color-coded in purple throughout the GUI for quick differentiation from standard wallets.
Transferring funds from a reserve account to a standard account requires password input and the setting of a time lock duration, with a minimum of 24 hours. During this time, funds can be recalled to the reserve account, providing an additional layer of security.
While RBX Reserve Accounts do not mint their own NFTs, they offer significant protection for NFTs minted by a different account or those sent to the reserve account. Similar to the fund transfer, these NFTs can be transferred to other addresses with a 24-hour time lock duration for recall if necessary.
One of the standout features of the RBX Reserve Accounts is the recovery feature. It empowers a user to move all of their outstanding transactions to their recovery address, along with their current available balance in one on-chain transaction, in case their keys have been compromised or their computer has been hacked. This process requires the input of a restore code and password, and it's recommended to perform this action on a new machine.
The launch of RBX Reserve Accounts is a significant milestone in the blockchain space, offering users a high level of self-sovereignty and self-custody, revolutionizing the security landscape for digital assets.
ReserveBlock RBX is an open-source peer-to-peer layer 1 blockchain, built in C#, that is fully autonomous, decentralized, and governed by validators through on-chain voting. RBX was developed with a specific purpose: to democratize mining without the complications and friction of Proof of Work (PoW) or Proof of Stake (PoS), instead utilizing a liquid Proof of Assurance (PoA) consensus while earning randomized block rewards in a carbon-neutral environment, such as a laptop machine, with voluntary participation. The network is gasless, with no lockups or holding periods, and does not consider a user's balance. The RBX network is a complete self-management ecosystem, providing users with on-chain tools and features to tokenize any digital or physical asset through native minting via self-executing NFT smart contracts (SENs). RBX SENs can be deployed natively with peer-to-peer transfer of the underlying media and files associated with any NFT, through a non-custodial core-wallet, without any third-party application.