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Essentia ICO Review

10 april 2018, 23:33

General Idea

With the development of blockchain technologies and may projects that are being built upon it, data and platforms are scattered all around. The developers behind this project have noticed that different pieces of the new Internet are born as building blocks, however there is no convenient way for them to work together, yet.

Essentia is a modular decentralized interoperability and data management framework. Which means, that it can work as the connector between various blockchains and projects.

Main features

First of all, Essentia aims to be easy and convenient to use. The user should be able to connect with his favourite decentralized applications with only few clicks. One secure seed would then store all of the important information and access to numerous applications. A significant focus is put on the security and convenience of the data stored within the Essentia platform. They believe in the full decentralization, as well as anonymity of the users. With data being a constantly tracked and high paying commodity on many social platforms in the mainstream world, they want the user to have the full ownership and control over what happens with the information and with what applications or platforms it is shared.

Essentia ICO Review

Scalable modules

The framework is built with numerous smaller modules, which can deploy, scale and configure its infrastructure to fit custom or specific setups in applications.

Essentia ICO Review

The user generates his ESS-ID, which allows to save his data within the blockchain, as well as generate Sub-IDs with partial information needed for specific apps for example. The data is encrypted and stored on decentralized storage where it becomes persistent, censorship-resistant and always available. At any moment, the data can be changed by the user or he can limit particular apps from accessing it.

Use Cases

The first and simpliest feature is the possibility of accessing all of the needed dApps conveniently from one place. However, it the benefits from having your personal information and data stored in one place are much more extensive. You could login and access other platforms without need for special registration or filling forms manually, as you could easily grant such platforms permission to access particular information from your digital ID. Moreover, users can setup these IDs for multiple cases, for example one to connect to his bank accounts, one for web shops or one for games. Each one with different sets of information. That way you don't have to worry about sharing too much to a place that you don't trust with such data or they simply have no reason to access all of it.

Essentia ICO Review

The Token

The tokens will be mined with the PoS algorithm using masternodes run by the users, who will then be rewarded with the tokens proportional to their stake and level of participation. The ESS token will be used as the primary payment option within the whole ecosystem connected to the Essentia. There is also an idea to use the tokens in a reputation system, which will encourage positive activity from the users to help benefit the platform. It is, as most other tokens, based on the Ethereum ERC-20 standard, which means it can be stored alongside other ICO tokens in most of the popular Ethereum wallets.

Essentia ICO Review

The Team

The team behind Essentia is undoubtedly a huge advantage of the project. It is very broad and consists of many experienced and skilful members, managers and developers. Project founders have been active in the cryptocurrencies scene for many years and have previously developed few successful projects. The technical part of the platform is being taken care of by almost 20 developers, programmers and designers, which shows that they will be able to deliver the technologies that they've promised. Moreover, there is also a whole team responsible for running the business side and staying in touch with the community.

Essentia ICO Review

Among the advisors, we can find Moe Levin, who is a CEO of Keynote and has been an active and early investor of projects like RSK Labs or Dropbox. There are also people like Yann Marston, who has been responsible for Srategic sales at Motorola Solutions and his 20 years of experience in the technology industry. In case there is any need for advisor on running the crowdsale, there is also a founder of AidCoin, which has raised over $19 million with his charity project.

Final Thoughts

To sum up, the first emphasis should be put on the quality of the preparation of the project, as the whole documentations is very detailed and all of the features and use cases are transparently mentioned and explained in the whitepapers. The team is the strongest part of the project and can guarantee proper development and deliverance. The sole idea opens open many possibilities not only for this project, but also for other blockchain and smart-contract based applications. It can lead to a development of the whole decentralized world. It's also worth noting that projects like Ethereum, Bitcoin, Gnosis, Status, EtherDelta and Flyp.Me or Mysterium have already been integrated with Essentia.

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