The blockchain project which recently announced a new verification procedure for its ICO managed to reach its hard cap by raising over $20m during its pre ICO phase after all tokens were allocated.
The public sale beginning on June 7th and lasting until July 7th is the final phase for Essentia with 595m ESS tokens allocated. According to co-founder, Matteo Giancarlo Zago the ICO marks the next ‘exciting phase’ for Essentia.
What does Essentia do?
The technology addresses the need to protect data and privacy on ever expanding blockchain platforms that require extensive use ahead of global adoption.
It is considered a protective framework which is integrated into existing blockchain ecosystems. On it, users have control and ownership of their own assets, data and personal information and privacy, which only they have access to. Users can also switch between centralized and decentralized resources.
In its business plan it states: “The primary objective of the Essentia Foundation is to foster accessibility and usability in decentralized technologies. The aim is to provide a very simple, cohesive, yet complete set of instruments which facilitate interoperation between humans and machines with security and ease in a decentralized permissionless world.”
The business plan estimates platform development costs to be in the region of $40.8M USD over the next four years which will be paid with the income from retained ESS tokens, as well as from their distribution.
Projects already integrated with Essentia include: Ethereum, IPFS, Gnosis and Mysterium. It also recently announced it is working with Finnish organisation, MTK (the Central Union of Agricultural Producers and Forest Owners) on an e-government blockchain platform addressing unemployment rates.
Essentia’s tokens are ESS tokens and are developed on the Ethereum token standard which are used for incentives and third-party payments. If you want to contribute more than 10 ETH further residency details are required according to the new verification process.