Essentia is building a multi-chained set of protocols connecting centralized and decentralized resources to make different pieces of the new Internet, which are continually being born as building blocks, work together. The problem they aim to solve is data and platforms being scattered all around. Essentia wants to provide a new cohesive framework that will put data and platforms where it is stored together and facilitate comfortable and quick interactions.
Key Features
Data Management Framework
In terms of technology, Essentia is a modular decentralised interoperability and data management framework, composed of two components:
- Essences, in which entities own their data, interlinking them across multiple services. They can be of individuals, companies, groups or organizations, effectively creating decentralised internet users, making interoperability between them also possible by subIDs, permissions and self-triggering, information related, smart contracts.
- Synergies, the connective tissue of operations. They link different platforms, resources and modules together for them to be able to interoperate.
Customizability
Developers can build on top of the two components and users can pay for leaner, more powerful and efficient applications on the Essentia framework that run across all the best technologies around the globe, opposed to a single one.
Expandability
The Essentia framework expands to fit users’ ever growing decentralized life. Users can easily add dApps, platforms, and wallets.
All-In-One
By expanding, Essentia allows users to access all of the blockchain-based tools they have added from one place.
Multiple Blockchains and Device types
Various blockchains are supported by Essentia, including Bitcoin, Ethereum and others. It can work on any device, IOT or CLI.
Data & Privacy Safety
The safety of companies’ and users’ data and privacy is enhanced with verification procedures. KYC and GDPR are set to be completed before gaining access to the platform.
Roadmap
Team
The Essentia team is based in Geneva, Switzerland (according to the address on their website). It is lead by four co-founders:
- Matteo Gianpietro Zago, the Project Lead. His background features a success story of building and developing his own business from scratch, working now with Fortune 500 companies such as Uber, Alphabet, Facebook, Tencent and more. Matteo wrote two Amazon bestsellers, the Facebook Bible and the Twitter Marketing Guide.
- Mirco Mongiardino, the Product Lead. Experienced in web entrepreneurship, Mirco discovered Bitcoin in 2013 and has been passionate about the blockchain technology ever since. Starting building companies from a bedroom when he was 16, he now manages more than 40 people spread across seven countries, with offices in Amsterdam, Lviv and Dubai.
- Vladimir Holubovych, the Operations Lead. He began his career creating viral advertising for Italian companies initially and for international ones when he was 19. Vladimir took a great interest in blockchain and began to develop this direction in Eastern Europe from 2014 to today.
- The Blockchain and Architecture Lead, who prefers to stay anonymous.
The Essentia design and development team features 21 specialists. Nine others are working on the business and communication side of the project.
Advisory Board
The advisory board of Essentia includes six experts. Among them you fill find:
- Moe Levin, the co-founder of the first accredited Blockchain Academy.
- Erik van der Staak, an advisor to the European Commission and a certified business coach for innovative startups in the European Horizon 2020/EASME program.
- Thomas Graham, a Managing Partner at TLDR, a crypto advisory firm and hedge fund that works with ICOs like Quantstamp.
- Yann Marston, an ex-Strategic Sales Lead of Motorola Solutions, with 20 years experience in new markets with explosive technical growth.
- Ismail Malik, a Member of the board of Icon Foundation featuring over 20 years experience in technology-related startups and entrepreneurship covering cryptocurrencies and mobile payments in the City of London, working with leading firms such as Vodafone, Cellnet and News International.
- Francesco Fusetti, a serial digital entrepreneur who raised $19M with his charity project, AidCoin. He is also the CEO and co-founder of CharityStars (€3M raised from VCs), Aidcoin and of ScuolaZoo.
Token Sale Summary
Project name: Essentia
Token ticker: ESS
Token type: ERC20
Website: https://essentia.one/
Whitepaper: https://essentia.one/whitepaper_draft.pdf
Requirements: Whitelisted
Pre-sale: N/A
Sale period starts: Q1 2018
Sale period ends: N/A
Total token supply: N/A
Available through pre-ICO/Presale/ICO: N/A
Hard cap: N/A
Soft cap: N/A
Initial value: 1 ETH = 15000 ESS
Unsold tokens: N/A
ESS Token Allocation
- — Essentia will implement masternodes with a total block reward corresponding to 10% of the total supply of tokens ever existing to be PoS mined over the course of the next 7 years, plus the fees for each block.
Use of Proceeds
Not specified
Media Coverage
There is no section dedicated to media coverage on the Essentia website. Most of the publications about the project on the Internet are those on websites that provide ICO reviews and listings. Their Twitter account has 15.2K following, and their Telegram group is read by 26,606 users.
Competition and Risks
We couldn’t find any mention of how the Essentia team is going to handle the competition or their vision of the business risks they are facing. The whitepaper focuses solely on the technology side of the development and does not go into business development details. This could mean that either they so firmly believe that their product is unique enough to break through, or have just been a bit careless. Nevertheless, this seems quite unusual for this kind of project.
Conclusion
The problem that Essentia aims to solve exists, but they are not the only ones working in this direction. We would therefore love to see better understanding of the competition and risks. Normally, similar projects provide a bit of analysis and research on this part. Another thing we would expect to see from Essentia is how the token sale proceeds will be used. Last but not least, we couldn’t find the exact date of the token sale. The roadmap mentions that it is scheduled for the first quarter of 2018, and today is April 13th, which means there are already 13 days overdue, and they won’t be able to stick to the schedule. According to this post by the Essentia Project Lead, Matteo Gianpietro Zago, the pre-sale has been live since the beginning of April (meaning that it did just about achieve the "first quarter" target), but this is the only source of the information. We saw similar projects provide such details with their official resources quickly before launching the sales process. Let us hope that Essentia will do exactly that.
On the positive side, their whitepaper describes the technology and development process in 34 pages, which gives the impression of technical expertise and a thorough approach to technology.
Links:
Website: https://essentia.one/
WhitePaper: https://essentia.one/whitepaper_draft.pd
Telegram: https://t.me/essentia_one
Facebook: https://facebook.com/EssentiaOne
Twitter: https://twitter.com/essentia_one
Medium: https://medium.com/@themorpheus/
ANN: https://bitcointalk.org/index.php?topic=2704531.0
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer:
Please note that this review by Bonanza Kreep is all opinion and analysis, not investment advice.