The Essence Project is beneficial for both the auction industry and the
blockchain movement. The Essence Project will revolutionize the way that
auctionable items (i.e. fine arts, automobiles, real estate, difficult to value
commodities) are sold by consolidating mediary parties involved- allowing buyers
and sellers to be closer together than ever before. And, by making auctionable
items available for cryptocurrency, the Essence Project will legitimize the expanse
of distributed ledger technologies in a way that ethereal purchases never could.
The Essence Project exists to usher the millennia-old auction industry into
the future. Essence Token was created to address concerns that auction house
owners hold towards cryptocurrency (cryptographic keys are entirely recoverable
and every auction house on the platform accepts Essence Token, so using XES to
buy new inventory is easy and secure with deep integrations of smart contracts),
and the Essence Platform and Exchange make holding, accepting, and selling
cryptocurrency intuitive.
The Essence Project has a long-term roadmap to create the leading
peer-to-peer marketplace where real property can be traded for digital property.
In this marketplace, fractional ownership of art, antiques, and other auctionable
items will enable anyone with access to the internet to hold a stake in valuable,
tangible assets. The Essence Project will begin with antiques and fine art
auctions, and then advance other auction industries such as auto auctions, real
estate auctions, and livestock auctions.
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