Firstly, this has spoilers to Back Cover and KH3. Here we go!
All we know about its contents are
-The contents are so important, both Malificent and Pete along with some Organization look for it
-Only Luxu/Braig/Xigbar knows the contents
-He sounded surprised when he was told the contents
-Luxu describes the black box as "A long story"
From here, I know what it most likely is... the full Book of Prophecies!
Firstly, that book (called BoP for convenience) was debuted in Back Cover, as the five leaders were given the exact same book, telling all the events up to the Keyblade War (maybe KH3?), with one page missing, with one member getting the page, which foretold a traitor. The only issue is... the book ends too quick. At the earliest, it ends around a decade after the game, when the first Keyblade War occured, to more than 100 years afterwards, in Kingdom Hearts 3's finale.
How the BoP worked was that the Keyblade named No Name had the "eye" of the Master of Master, which allowed him to foresee any event the wielder of No Name sees.
Now, why would I think that someone like Malificent would look for it, but it's obvious. If she had foresight the book sorta provides, she could logically outsmart each foe as she knows what they would do weeks in advance. In KH1, she is shown to have a desire of destroying all worlds, by getting heartless to the keyhole of the world, so something like the ability to know where many worlds' keyholes are would be amazing for her.
Hope you guys like this odd theory. Hope you comment if you agree or disagree. Like and follow if you want to.
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