- essence, substance, being, actuality, essential thing
- existing entity, whole
Long before the ‘crypto-craze’ lit the explosion of blockchain-based initiatives, a small group of early Bitcoin miners and investors got together and hashed out what problems affected the industry the most.
Just because the technology existed, they could not assume it’s applications would implement themselves in real world scenarios. All drawing the same conclusion, they realized that the new internet would require interoperability and cohesion in order to reach its true potential.
Imagine if you lived in a town with zero cohesion. Let’s call it Blockchain city. Your local café makes the best coffee in the world – but the barrister only takes USD. The supermarket houses fresh food all in one place, but they only take Euros – and to top it off, your hairdresser says they will only accept GBP. You then go to the bank who tells you the exchange rate has crashed and still charges you a fee.
Blockchain city has many individually useful resources and services, but they don’t work together. The truth is – our digital lives don’t have to be so fragmented… And thus, Essentia was born.
Essentia enables you to create your own digital town, and it gives the keys of the city only to you. You are the sole proprietor – you can choose who can gain entry and when to kick them out. All your favourite resources and services are there and they accept one currency; the ESS token.
Two core components make up the fabric of your new decentralized town:
- Essences: Everything from bank accounts, exchanges and IOT devices to your personal information, identities and documents. They go with you everywhere you go, but they are decentralized, encrypted, and only accessible to you.
Synergies: The powerful interactions which open up through your Essence. It allows smooth, private interactions with third parties and dApps that were never before possible.
Example 1: You visit the consulate to apply for a travel visa. They ask for your Essence generated by a QR code. An approval request is carried out for specific data:
– The amount in your bank account or just a proof that you have enough to sustain yourself.
– The flight booking information as proof of which dates you plan to enter and leave.
– Your credit rating.
The immutability of the blockchain means that information can no longer be forged. Visa processing times will speed up to a point where they can be issued in an instant. It saves us time, and saves governments money. It’s no surprise that Essentia has received great interest from national institutions.
Example 2: Checking into a hotel could never be safer or easier. All your personal and financial details are stored within your Essence.
– Credit card details
– Dietary requirements
– Personal preferences (restaurants/travel/sport).
– Drivers license and insurance.
The hotel can utilize synergies to completely cater to your preferences, all without accessing or storing unnecessary information. Your credit card details are verified by the blockchain, and if the hotel was to rent a car, they can validate your license and insurance through the chain. Simple as that.