How Essentia is Powering the Future of data with Blockchain Technology and Cryptocurrency.


One of the most important benefits of the digitalized world is the accessibility of information. On a yearly basis, over $1 trillion worth of digitized data is collected and mainly utilized by big companies and organizations in the industry. So here’s the deal, this collected data is created by random individuals – just like you and I – on the internet and given away for free even without an awareness to these companies who incorporate information from the data into their algorithm to make profit. In essence, you create the data while they take it for free and profit off it.

It is to solve this problem that a group of experts came together to form a team committed to creating an open-source mechanism that will give users total ownership and control over their online profile and all its related components and how it can be utilized in a censorship free and decentralized world. This platform is built on the blockchain technology, an innovation that promotes decentralization, privacy and security of data in the fintech marketplace. The team headed by Micro Mongiardino created what is known today as Essentia.

Essentia

Essentia is an Amsterdam based company that provides individuals and corporations with the modular framework to create, access and control their own data on the blockchain technology in a decentralized marketplace. Basically, Essentia gives its users full ownership and managerial rights over the their identities, assets (cryptocurrency) stored in wallets and whatever data they create. Third parties and dApps can access and operate these available data to create data exchanges, data management tools, identity solutions etc. Essentia was founded in 2017 by a non profit organization known as Essentia one. So far, nine projects have already implemented the Essentia framework in its operations. These platforms are Bitcoin, Ethereum, Gnosis, Status, Mysterium, EtherDelta, Aragon, IPFS and Storj.

How Essentia works

To simply put, Essentia is a provides a single secure digital ID that can be used across multiple platforms – application-wise and device-wise to access owned data, control and manage it with no censorship rights. This digital identity can be used by humans and smart devices alike.

Features of Essentia

Some of the main features of Essentia are elucidated below;

Essentia grants users instant access to dApps via a crypto-login protocol that disables the use of insecure passwords. Additionally, security and privacy is guaranteed as the platform doesn’t save passwords.

The ESS tokens that power the Essentia platform can be exchanged for Ethereum and cryptocurrencies with the help of the exchange tool on the platform made available through the integration of systems like Flyp.me and Ether Delta.

With Essentia, users have access to decentralized storage dApps and systems like Storj, Swarm and IPFS. The stored data is encrypted, censor free and immutable as a result of the integrated blockchain technology. Users can also upload and download all types of documents, text or graphics, to the storage.

Essentia gives users total control over their online reputation and whatever details they want to display. Users are at freedom to choose if they would like to be anonymous and if not, what details they would like to share and the information they would like to have extracted from systems.

In addition to providing storage for data, Essentia provides storage for a wide range of cryptocurrencies from Bitcoin to Ripple in a single Essentia wallet. It also enables users access cold storage (wallets without an internet connection like the Ledger Nano S hardware wallet) that are not available on the platform. Furthermore, the wallet will also provide a history of previous transactions conducted on the platform.

ICO of ESS tokens

ESS is an ERC-20 token based on the Ethereum blockchain that powers the Essentia platform. The token will be used to facilitate all transactions on the platform and can be exchanged for other cryptocurrencies. The Essentia team is issuing ESS tokens in a token sale in exchange for Ethereum. The exchange rate is set at 8000 ESS to 1 ETH with a hard cap of $32 million. For now, there is information concerning when ICO will commence.

Conclusion

The Essentia project was developed on the seed metaphor – the fact that one seed holds a realm of limitless opportunities. One seed grants access to data, identities, wallets and dApps on any platform – web browser, app (mobile and desktop) – on any device from anywhere in the world. In their own words ‘Essentia is the framework for your decentralized digital life.’

Website : https://essentia.one/