Essentia: Gateway to a Decentralized Tomorrow
This blog was originally published on my website, TechBlogChain.net
The rise of the internet and web-based platforms and applications more than two decades ago changed the way we do business, changed the way we communicate and changed the way we live. With the internet and the web, we were able to send instant message effortlessly, share our thoughts, experiences, and events via social media and blogs, buy goods and products online, find information with a search engine, and so many more. Using this web platforms and applications requires a submission of our personal information and data with a promised of security and privacy. The question is, are they really safe and secure?
A decade ago, a new technological innovation was born, the Blockchain which its first application called Bitcoin. Since then, the blockchain has been used to numerous form of digital applications. It has been used to solve problems and create new applications in industries like finance, medicine, logistics, education, arbitration, business, communication, entertainment and so on. Blockchain applications intend to provide features to applications like transparency, privacy, immutability, and integrity. And there are so many of them as of this writing and many more to come. The question is, how can we use them efficiently?
The problem with old model web or digital platforms is security and privacy. It is evidently clear that old model platforms suffered from countless of frauds, data breaches, data leaks, digital scandals, and so on. These problems were addressed by the integration of blockchain into these similar form of platforms. But blockchain platforms are scattered, fragmented and making it harder for a mainstream mass adoption. One example of this is you have to sign up or do KYC for numerous platforms separately. Unlike old model platform that you could simply authenticate your login with Google, Facebook, Twitter, LinkedIn account easily, click log in with this platform and voila, you're in. But those are not decentralized platforms, yet, and you don't have full ownership of your personal data. This is where Essentia should come in, the framework that will address problems with interoperability and data management among centralized and decentralized platforms.
What is Essentia?
Essentia is a masternoded multi-chained set of protocols connecting centralized and decentralized resources to create new powerful interactions and experiences. It's a modular decentralized interoperability and data management framework. Essentia is like a swiss army knife for the blockchain, a protocol you always wanna keep in your pocket for easy, safe and secure access to numerous centralized or decentralized platforms or protocols resources, assets, dApps and so on. And with Essentia, you still have full ownership of your personal information and data.
Take your time to read Essentia whitepaper to learn more about more about technical details of the protocol. Draft information about Essentia's Token Utility, Roadmap and Business Plan might also interest you.
What do I like the most about Essentia?
Protocols like Essentia visibly showcase solution to problems in data management and interoperability among various platforms (centralized or decentralized) that will undoubtedly deliver a scalable, private and user-friendly framework. After months of slow assimilation of the Essentia concept and idea, I finally come up with key ideas I do like the most about the protocol.
Token Utility. Yes, you read that right, that's the first. Why? Unlike any other platform or protocols out there, Essentia native token ESS has a lot of functions. It can be used to stake for masternode which can add to the scarcity of the token. An anti-spam/anti-abuse measure to avoid the network being swamped by unnecessary request. It is used as a fuel within the ecosystem to keep everything moving, like calories to a body or gas to a vehicle. It can be used for distributed governance where you have a say to what decisions to be made in the platform and its future. It can be used also for determining reputation and incentivizing users.
Use Cases. When I first saw this project months ago, I thought it was just another decentralized KYC platform in the blockchain, but I was wrong this is more than just KYC platform. As the framework can work as a bridge to almost every application, be decentralized or centralized. A bridge to past and future. Read the whitepaper and you'll believe what I'm saying.
ESS is enough. Have you ever had the feeling of inconvenience and intricacies acquiring different dApp tokens to use in different dApp platforms? Well, you know what? Essentia can interoperate with dApps' native token. No need to carry multiple tokens for different dApp integrated with Essentia, all you need is ESS and you're good to go.
I am in Control. What's the use of decentralization and blockchain when you don't actually have the control over your personal data or information? Right? With Essentia, you have all the ownership of your data and information, Essentia has no way to know what's your seed or private key is and the framework is tailored for you to choose your degree of privacy.
Beta Platform. I am not kidding, they already have a working beta. Unlike the other blockchain full of theoretical idea and too good to believe promises that sometimes flop in the delivery of the actual product. The professionals behind Essentia set a high standard on delivering the product.
This article may have been written in the perspective of generic or ordinary user like me to express what Essentia framework offers for the general public. Essentia offers also a wide range of use cases for companies like GDPR compliance solution and oracles for smart contracts.
Essentia has conducted a private sale and will open a public sale for whitelisted participants on June 7. It will have a total token supply of 1.7 billion ESS tokens with 40% available to the token sale, 15% allocated for masternode rewards, 15% for the reserve that will be used to compensate users in the platform
You can sign up for whitelist on their website, read publications on Medium and Bitcointalk, join their community chat on Telegram, subscribe on their Reddit thread, like them on Facebook and follow them on Twitter to get a timely update from the team, developments, news and token sale.
Notes from the author:
The contents of this blog is an opinion, commentary, and informational purposes only, and should not be considered financial advice. I am an independent blogger, not a financial advisor. Investing in blockchain projects and cryptocurrency is risky. I am not held liable or responsible for any loss or damage you may suffer for trading or investing in blockchain projects and cryptocurrency. Please conduct your own due diligence before investing in ICO, ITO and blockchain projects.
Additional Info from the author:
My Bitcointalk username is "normensky012"