- Project name: Essentia
- Token symbol: ESS
- Website: https://essentia.one/
- White paper: https://essentia.one/whitepaper_draft.pdf
- Hard cap: $25.5 Million (ICO contributors own 35% of total token supply)
- Conversion rate: TBA
- Maximum market cap at ICO on a fully diluted basis: $73 million
- Bonus structure: Not available yet
- Private sale / white list: Whitelist temporarily closed, re-open will be announced
- ERC20 token: Yes (To be swapped after mainnet release)
- Countries excluded: USA and China
- Timeline: Token sale begins June 7, 2018 (please refer to Essentia’s website for all up-to-date details)
- Token distribution date: 7 days following token sale
Video summary (video is 7:19 long):
What does the company/project do?
Essentia is aiming to provide greater ease of use to the blockchain community, including individuals and businesses.
There are two primary components of the Essentia framework; Essences and Synergies.
Essences are the platform function where entities own all of their personal information/data, and links them across multiple platforms. Users in this case will use a Seed (a sort of master key) that gives them full access and control over their information, as well as unique, identity-tied access to modular dApps supported by the Essentia platform.
Essentia claims that they will be able to give their users full control over how their ID is used with any of the modules that are eventually included/supported on their network (ESS-ID).
Synergies are the links between different platforms, resources, and modules, allowing for the intended interoperability. Developers will also be able to build on Synergies, which users can pay to use.
The primary portal through which the framework will be accessed is ESS-HOME, which will be the basic UI/application, serving the described features. This can be run on any computer/OS/browser, but Essentia will also be putting out their “decentralized OS” called ESS-OS.
Combined, the two components will make the complete framework of the Essentia platform. This will be supported by the resources of other computers, which will have to stake 100,000 ESS in order to set up a network node.
Additional hardware components include the ESS-Egg, which will serve varying, customizable needs, and the ESS-Sense, which will increase customizability of the ESS-OS and ESS-Egg, while also allowing for more real world/machine to machine operability.
Below is a presentation of Essentia by the founder Matteo Gianpietro (video is 7:44 long):
How advanced is the project?
Essentia has a working app which is live on the Ethereum mainnet. Below is a demo of the app (video is 11:37 long):
The team has also announced partnerships with the following organizations:
- Orca, an open banking platform for cryptocurrency user
- Akasha, a censorship resistant social media platform, to help ensure Essentia users have total control over their content.
- The Central Union of Agricultural Producers and Forest Owners will integrate with Essentia and become Finland’s first organization to launch a blockchain based e-government solution.
- In discussions with the Dutch Ministries regarding the implementation of a pilot for facilitating identity management at border crossings throughout the country.
Their future roadmap is the following:
Q2 2018 - dApps integration, Beta ESS framework, start developing ESS for government and enterprise, Alpha release of Keyware.
Q3/4 2018 - Alpha ESS token layer, ESS Framework Beta 2 and 3, Launch ESS ICO Launchpad, Cross-chain Modules, Mobile App Beta, Hardware rollout (Keyware, Eggs, etc), dID beta, Launch enterprise and government solutions.
Q1/2 2019 - d’ID rollout, ESS Token Layer complete, Cross-chain operability complete, mobile app stable release, ESS-OS release.
Q3/4 2019 - Resource sharing, distributed computing, decentralized ESS framework.
What are the tokens used for and how can token value appreciate?
The ERC20 token released from the token sale will be a placeholder for the ESS token, to be swapped upon mainnet launch.
ESS tokens will be used for a few ways as detailed below:
- Used to pay for additional storage, processing power, etc, and would be a separate cost from the network minimum fee. On top of these uses, it will be used in marketplaces with services/goods offered by third parties.
- Rewards for users to be active, and good actors with tokens going to the most active members on the platform.
- Used for staking to create a masternode. 100,000 ESS tokens will be required, and will be used as collateral to punish any misbehaviour from the node. The node runners will also earn ESS periodically for their dedicated resources.
- On masternodes, the block reward rate will be every 10 second, and the total amount being rewarded will be 15% (255 million ESS) of the total supply over the next 7 years, plus any fees for their node used.
- Used for the only token that’s needed for dApps that are integrated on the Essentia platform. For example, instead of using 5 different tokens for 5 different dApps, users can use only ESS tokens to transact across all the dApps so they don’t need to manage all the different tokens.
The demand for ESS tokens depends on the exact structuring of fee, and reward systems, along with the quality and demand for the services offered by/with Essentia on their network and marketplaces.
The masternode mechanism would decrease the velocity of the token, which would effectively decrease the circulating supply of the token.
In total, the team is comprised of 33 members, with a development team of 20 based in Ukraine. The CTO is maintaining anonymity of name and picture. The following is the core of the team.
Matteo Gianpietro, Co-Founder and Project Lead – Over 9 years’ combined experience in business development, with most recently having started AdVantage Media, Mobilife+, and now Essentia.
Mirco Mongiardino, Co-Founder and Product Lead – Over 5 years’ experience in digital media, with his most recent being as the Founder of JT Media.
Vladimir Holubovych, Co-Founder and Operations Lead – Over 5 years’ of business development experience, with his most recent being as co-founder of Mobilife+ and Essentia.
Stefan Djokic, Technical Team Lead – Over 7 years’ experience as technical team lead and developer, with his most recent being with his most recent being the ongoing technical team lead at AdVantage Media.
Alexander Bezrodnii, CMO – Over 7 years’ experience in management, and marketing roles, with his most recent being with Digital Sky as its marketing director.
The team also has a suite of investors from a broad array of specializations including Moe Levin, CEO of KeyNote, Ran Neu-Ner, host of the show Crypto Trader on CNBC Africa, Erik van der Staak, a business advisor, Thomas Graham, Managing Partner at TLDR, and Ismail Malik, a board member of the ICON Foundation.
- The project has a product that is live on the Ethereum mainnet with various features that require strong technical competency to develop. For example, unlike most of other wallets that are compatible with only Ethereum-based coins, the wallet on Essentia is compatible with other major coins such as Bitcoin, Neo, Litecoin, and Bitcoin Cash.
- For applications that are built on Essentia, they can be used on blockchains as well. This mitigates the risk that another blockchain may become winner in the long run, rendering Ethereum-based dApps obsolete.
- The team is business-minded and has already secured partnerships with government entities as well as corporations from the centralized and decentralized space.
- Essentia solves a big problem about dApps where users need a different token for each dApp. In the future, users can hold only one token to be used on the dApps that are integrated with Essentia.
- A component of Essentia is on the ID service, for which there are a lot of competing projects such as uPort, Civic, Selfkey, Traceto, Bridge Protocol, Valid Global, and others. However, it is worth to note that Essentia’s scope is far greater than just an ID service.
- Certain key team members are also working at Mobilife+ at the same time. We are unsure how they will allocate their time between the two ventures.
Overall, we like both the short- and long-term potential of the ICO. Our thoughts of the tokens for short term and long term are as follows:
For short-term holding
Good. There are very few blockchain projects with a functioning product on the Ethereum mainnet. Partly because of this reason, the project was able to complete the presale and raise $23.5 million in around one week. There will be $2 million available in the crowdsale. As such, this project should have plenty of unmet demand.
For long-term holding
Good. Should dApps become mainstream, we believe Essentia will be one of the major platforms to benefit from the trend.
In addition, the masternode mechanism encourages token holders to stake ESS tokens, reducing the velocity of the tokens which in turn increase the scarcity of it.
For more information about the ICO, please visit the following links:
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.
This article is contributed by Victor Lai with the help of our intern John Coburn.