The ICO will run for 15 days, ending on May 15, and the team hopes to raise $30 million (approx. £21.8 million) in Ether, Ethereum’s native currency.
The platform’s native currency is called Essence (ESS) and one ESS equates to $0.046, or 0.00007 ETH.
Internet of Things
The idea is to organize and collate data from a variety of digital sources in order to simply the user experience.
Essentia’s impressive offering couple prove to be a driving force behind the growth and development of the Internet of Things (IoT).
Although the technology to facilitate the internet of things, i.e., the idea of having you physical devices and appliances and even vehicles all synced up digitally, already exists, nobody’s been able to come with a go-to platform or interface to allow ordinary people to take full advantage of it.
Essentia hopes to change this...
How does it work?
The idea is pretty simple, though admittedly it doesn’t sound simple. The Essentia team has created a master-noded, multi-chained set of protocols connecting centralized and decentralized resources.
So, what does that mean? Well, basically the platform takes all of a person’s data, i.e., their logins, preferences, settings etc., and stored them in one place. That way, instead of having to login into multiple websites and platforms and applications, a user can control everything from one place.
It’s a bit like a universal remote control but as well being for physical devices such as phones, music systems, and televisions, it’s also for a person’s digital presence, or ‘essence’, as the team puts it (hence the name).
Find out more on Essentia’s website
“The new paradigm-shift driven by blockchain technologies enables everyone to access a higher level of decentralization and privacy further to giving them the ability to build up and enjoy a completely new ecosystem.
“With Essentia we build and offer a complete modular framework at the user’s fingertips. The framework empowers the users with the full control and ownership over their data, IDs, information, privacy and assets.
“The Essentia framework, which also works as a decentralized Operating System, can be used indifferently by humans, machines, IoT devices and more. It integrates decentralized and centralized resources in one single ‘place’, while it also safely connects and relates the user/machine’s anonymous, pseudo anonymous or public digital IDs with their multiverse of data which is encrypted and stored on decentralized resources or locally.
“Only the user has access to their personal data, IDs, setups, preferences, wallets and more, from anywhere on the planet. Empowering him to easily connect and use on-chain, off-chain and cross-chain services or resources in a secure, private and reliable environment. Essentia is the multi-asset and multi-chain decentralization Swiss army knife that everyone can use and own.
Meet the founders
- What is Essentia?
- Essentia is the trustless modular framework allowing users to operate with their digital decentralized identities and data by creating their operating system with on-chain capabilities that can be accessible from all the devices in the world. It empowers users with the full control and ownership of their data, IDs, information, privacy and assets, while being applicable in every device in the world, dApp, blockchain and third party service that an user wish to control in a decentralized manner.
- How is Essentia different from Civic, The Key, SelfKey, Remme, or uPort?
- Essentia Identities don't require any centralized app, email or phone number. The examples mentioned do. In Essentia you just sign and verify messages to handle authorizations and you can use it from any device, UI or even command line. Doing that in the examples mentioned is not possible.
- What are the key features of Essentia?
- Full ownership and control over your own identity, digital life and personal data
- Minimum piece of information that the user/machine needs is just his seed. The whole framework or just parts of it can be always loaded/bootstrapped from the seed, that can be safely stored on the hardware-key too (keyware)
- Anonymous, pseudo-anonymous and real-world-compliant IDs and subIDs at your fingertips
- Solving the problem of having any intermediary own or view your data
- Ability to operate with multiple blockchain under one ecosystem, but keeping everything decentralized and in your full control
- Ability to keep everything decentralized, but under one ecosystem only
- Ability to keep everything private related where desired, by seamlessly creating sub IDs when needed
- Making the accessibility easy to users that wish to utilize decentralized systems and technologies, by Essentia integrated modules and dApps Store
- Integration with native Essentia hardware devices, to improve security and relate the digital to the physical world
- Smooth private login, interaction and interoperability to multiple blockchains, third party services and decentralized applications
- Dedicated and expandable open-hardware machines able to run the whole framework or just part of it, if not just a standalone module like a full Ethereum node
For more information, please refer to Essentia's whitepaper