ESSENTIA: REDEFINING DECENTRALIZED DATA MANAGEMENT ON BLOCKCHAIN
Introduction:
Do you know that the data you have on several digital platforms is not owned by you? Do you know that your personal data on these platforms have no security? Have you ever wondered how the data is stored on a decentralized platform? Today, the world is changing at a very fast pace and we need to be up to date with the latest technologies. With the use of technology, Essentia is working on a platform that will solve all such problems faced.
Begun as a pilot project long ago in Amsterdam. Essentia is a modular framework which allows you to play with your data on the decentralized platform. It provides full ownership including control over the identity of both individual and corporation. In the Essentia framework, the personal details are not stored with any third party provider. Rather, it is encrypted and stored securely. Thus, removing the security concern of the data.
About Essentia:
Essentia is built on the modern technologies and thus it can be enabled in any modern browser, operating system, Android phone and even on your desktop. The essential framework can be understood better in the image given below:
Essentia framework has several important components.
a) User – The user or machine which can generate their own ESS-ID to be able to link, abstract, register or save ID as well their data on the blockchain or the decentralized platform.
b) ESS-ID – It is like a box which stores the private-keys. These keys are the way to manage the public identity of the user or the corporation.
c) ESS-Home/OS – It is a highly customizable data environment that is user-friendly as well as developer friendly. The data is stored in the decentralized platform. ESS Home is basically a pathway between the user and the decentralized blockchain platform.
Salient Features of Essentia:
a) Identity – The user will decide what he wants to share.
b) Integration – The Essentia platform is being built taking in consideration that it can be easily integrated into other projects.
c) Security – Essentia has a powerful decentralized storage system such as IPSF and Storj which gives you really good storage facilities.
d) Lots of other features – There are a lot of other features like Exchange to minimize the downtime across the decentralized network and compatibility across different platforms.
Fundraising through ICO:
The development of such as an amazing platform needs a lot of time and money. To make this possible, Essentia is organizing an ICO through which they'll be raising funds for this project by selling the ESS Tokens. ESS Tokens will be sold in the ICO organized by them and no other ESS Tokens will be created by Essentia after the ICO is over.
ESS Tokens are based on Ethereum ERC20 platform. These tokens will be managed by the ESS-Fuel module and will be implemented gradually across the whole Essentia platform upon the creation of Essentia platform.
ICO Details:
The symbol of ESS tokens will be ESS and 1 ETH will be equal to 15000 ESS and as mentioned above these ESS Tokens will be based on the ERC20 platform. Out of the total pool of ESS tokens, only 46% of tokens will be available for the crowd sale i.e. for the public to be purchased under the ICO. The distribution of the rest of the token is as follows: -
a)18% of the tokens will be allotted to the core team.
b)10% will be allotted to the advisory team.
c)11% will be kept as a reserve for the project.
d)10% for master nodes.
e)And 5% will be for the campus ambassador program.
Team:
Essentia is backed by some amazing people like its founder Mattgeo Zago who has over 8 years of experience in blockchain industry and is already working with Fortune 500 companies like Uber and Facebook. I believe that for a project to be successful, it must have amazing self-motivated people who can take the idea forward and I believe that Essentia has got this.
Concluding Remarks:
Essentia is an amazing idea to help people as well organizations to overcome several challenges faced in today's world. The team behind Essentia is also really good and as far as the ICO is concerned, investment in ESS Tokens will be a good choice. I'll be personally monitoring this project to see how it goes.
Important links:
Website : https://essentia.one/
Whitepaper: https://essentia.one/whitepaper.pdf
Btalk ANN: https://bitcointalk.org/index.php?topic=2704531.0
Telegram: https://t.me/essentia_one
Authored By: Lanirm Knayam
Btalk profile: https://bitcointalk.org/index.php?action=profile;u=1308391