Essential is a framework that offers a decentralized digital system. It is a network that enables the relationship between the personal details of a user and the digital identity. It provides decentralization and also re-centralization targets. It also provides an operational relationship between users, machines and third parties.
Outstanding Features of Essentia
Users can assess their codes and data from anywhere, as they are available via decentralized storage. Users do not need to relate with third parties when discarding or evaluating their digital belongings. Essentia creates, assess and keeps users’ digital details.
Flexibility and reliability
Essentia is a platform that offers efficient incorporation of centralized and decentralized sources. It keeps user’s details private. The seed which is also known as the primary user has full access to their data. Essentia takes full control of ownership, digital life, and personal data.
Safe and well-secured data storage
With Essentia, users’ personal information and digital life are kept safe. It provides means to decentralize your identity; it also helps users to know the entities that have access to their data. Users can view their data and can solve any issue without a third party. Every data is kept confidentially and privately.
Provision of integration with various blockchain
It provides a relationship with another significant blockchain such as Ethereum, Gnosis, Etherdelta, etc. This has helped in developing blockchain operating systems which are very effective. The fact that it is a multi-chain and multi-asset framework make it accessible to various types of users.
Easy to customize
It is straightforward to customize for people who want to use it. Essentia safeguards machines/users’ identity. Each user/machine will be required to customize the Essentia system, so that specific needs are met.
Fault and future proof
It is designed based on open source standard, implementation, and codes. Users can recover, remove, assess their data, IDs, assets, etc., with the use of customer code. There is no issue of data loss, regardless of what occurs in the future. Commitment and efforts are put into providing future-proof and fault-proof remedies.
Essentia ICO and its token
Essentia tokens are called ESS tokens; it is an ERC-20 token. A module called ESS-fuel module manages ESS tokens. These tokens encourage users; they can also be used to build a reputation and also to make third-party payments. The token is distributed by given 40% to crowdsale, 10% to advisors, 18% goes to the founding team and 5% to promotions. The ESS tokens can be utilized for extra internal resources payment; the company can pay for hiring decentralized third-party resources related to Essentia.
Users also compensate people with ESS tokens. For instance, if someone gives extra resources to the network, users can compensate such people with ESS tokens. These tokens will be collected like fees and shared equally according to the stakes of owners of ESS token. Users with a minimum stake of coins are allowed to have access to exclusive resources.
The pros and cons of Essentia
Non-profit making platform
Easy to customize
Well secured and reliable framework
It is restricted to some countries
The founding team of Essentia
The three co-founders of Essentia are Vladmir Holubovych, Micro Mongiarclino, and Mlatteo Zago. It was developed in 2017 in Amsterdam. Essentia is made from two basic components which are Essencies and Synergies. Synergies interconnect modules and operation between various platforms while Essencies connect data from multiple sources to a decentralized identity
Essentia is a reliable and flexible modular framework which enables users to carry out transactions in a decentralized system and also gain access to their details with all devices. Users also have the choice to either share or not share their data. Essentia has a great technology that seeks to solve real-world issues, but its technology is very confusing and not easy to understand. Essentia is restricted to countries like US, Korea, and China.
The platform has sought to solve problems that majorly arise in today's world. It provides a framework which ensures that users can be anonymous if they want to and also enable users to keep their data private.