Emerging as a new innovative fundraising system in the financial world in recent years, Initial Coin Offerings (ICO) provides a new means for projects to raise funds. It is the biggest trend in cryptocurrency in the recent times and fast becoming the conventional method to raise funds for a cryptocurrency.
For instance, you have a great start-up with a brilliant idea for a new cryptocurrency system and want to rationalize the system so that it can be encrypted, fast and decentralized. Now, there is a need to give off shares to raise money for the startup normally. This is what is unique to an ICO, the buyers just own the token and do not get a share in the company.
One such ICO project is Essentia.
Essentia aims to develop a modular decentralized framework for users. It allows users to have full control over their online identities, personal information, and assets. Essentia can be used by humans, machines and even IOT devices!
It is more of a digital ID that can be used across various platforms and environments. Projects such as Ethereum, bitcoin and other major block chained based platforms are already integrated with Essentia.
The platform’s functionalities are built using the “seed” and have various cryptographic features like a sign, verify, encrypt, and decrypt. The seed refers to the user’s data wherein the user is given the full control over it. It is used differently by humans and machines.
The modules in Essentia include IDs, login, KeyRing, wallet, and account-less exchange, decentralized exchange, decentralized storage and much more!
What if you were creating a valuable resource and actually not aware of it? And you’re giving away all of them for free of cost. Will you believe if I tell you, you can make millions of money every day? Yes, Digitally collected data generates revenue of about trillion dollars annually. Data is what drives most of the advertising companies like google and facbook, which is why the value.
Essentia provides you the complete ownership of your identity, assets, thereby creating a new way to interact with the web, preserving full control. This framework is easily accessible with any device application.
Features
· Modular: The framework expands to fit the enhanced decentralized life. The apps and the wallets are customized with the click of a button.
· Scalable: Essentia supports millions of users simultaneously because of its high throughput
· Complete Ownership: It gives you full control over your data and digital identity.
· Compatability: Essentia supports different block chained based technologies like bitcoin, Ethereum and many more.
· Secure: This platform is trustworthy as the data is backed by strong cryptography.
· All in one: It provides you a single customizable environment where the user can manage and interact with multiple IDs, data, assets and much more.
Competitors
While the data management framework market hasn’t been heavily populated, Apex has created a NEO-based decentralized data exchange platform where firms can get quality, verifiable and secure data, also benefiting consumers when their data is used. A similar concept is followed by Essentia where users have control of their identity and thus is a direct competitor.
Datum is a Ethereum-based decentralized marketplace for social and IoT data. Datum is already live and doing well although they haven’t quite grabbed the cryptocurrency market by storm. This indicates such data framework management ICOs will take it’s time to reach it’s potential and can be seen more as a long-term investment.
Conclusion
In short, a layman’s idea of what Essentia is that it gives you an identity can be accessed in various applications and devices — similar to a social network on your smartphone and a decentralized exchange on your desktop. Through Essentia we can embrace the spirit of early decentralization which is secure. I will be keeping an eye out for Essentia with it’s great technical capabilities and detailed whitepapers providing a positive start.
Other Details
Website
https://essentia.one
Whitepaper
https://essentia.one/whitepaper_draft.pdf
Profile
neverloggedin
https://bitcointalk.org/index.php?action=profile;u=1457262
