The Essentia project is predicated on the assumption that, in a not-so-distant future, a great many of us will have a crypto persona in addition to our existing online personas.
In other words, we will find ourselves having to navigate between multiple crypto-currencies, multiple wallets, multiple exchanges and may other types of platforms besides, each of which will require its own log-in / access mechanism.
Those of us who are already immersed in the labrythine world of cryptocurrencies are aware of the headaches involved in transferring assets between various kinds of online platforms and hardware apparatus.
What if, instead, someone offered a service which facilitated access to all of this from one single digital identity? That, in a nutshell, is the headline proposition of the Essentia proposition – a Single Seed which will streamline access to a broad range of services.
The overall project can be described as one that seeks to create a set of simplified, unified tools for users to manage their online IDs, assets and personal data.
Reading the white-paper is, unfortunately, not a particularly enjoyable experience: abstract, too often inaccessible, too often unclear, overloaded with jargon, it is difficult to form any kind of concrete idea of the final product from a first reading.
This may also be because the project itself is seeking to break new ground, leaving readers with no anchor to formulate a concrete picture of the actual final solution that is being envisaged. There is some acknowledgement of this within the white-paper itself, with the team stating that, ” … because of its peculiarities and implementation, the Essentia framework cannot be compared to any of [sic] other existing projects.”
What follows, then, is a summary of the white-paper that has arisen from our own reading of its contents in combination with discussions with a representative of the Essentia team via Telegram. Whilst we’ve endeavoured to explain the technical outline of the proposed final product as best we can, we cannot guarantee that it will be entirely accurate. Readers are asked to follow up with the project team itself for a clearer picture where required.
It is best to think of the product as a broad range of ‘condensing’ tools provided by Essentia that seek to minimise the work required to manage your use of crypto services provided by third parties.
The most prominent condensing tool on its list of proposed products is the single seed mechanism which appears to be the conceptual equivalent of a master password and is underpinned by advanced crypto-graphic methods.
It is initialised once, and without it a user (or even a machine – the Essentia project is also targeting the future IoT economy) cannot access the range of services that have been configured to work with it.
Between these third-party services – cryptocurrency exchanges, wallet applications, file storage platforms, etc – and the Essentia single seed mechanism, there sits a series of intermediary modules which will offer the ability for third-parties to integrate the Essentia solution onto their platform.
These will be API-type modules that serve as a kind of bridge between the user’s ID / single seed mechanism on one side, and the desktop browser plug-ins, mobile applications etc on the other.
The Road Map is published as a separate document and offers up a trimestrial outline of upcoming product and project milestones. Highlights are:
2018 Q1: Creation of a dApps platform, file storage platform, multi-asset wallet, first token airdrop.
2018 Q2: Creation of VPN platform, TOR platform, eLogin 3rd-party ID Management system, second token airdrop.
2018 Q3: Native mobile app beta release, ESS framework beta release, ESS keyware (hardware) release, third airdrop.
2018 Q4: EOS beta release
2019 S1: Cross-chain operability, multi-language integration.
2019 S2: Roll out of final product.
Once again, the platform’s economics are listed in a separate document which outlines four core functions of the token:
Combatting Spam: Use of the token will be required on some aspects of the platform to execute services in order to de-incentivise spam behaviour.
Distributed Governance: The token will be used as voting currency in order to allow the platform’s wider community to contribute to democratic decision-making in relation to the project’s future developments.
dApp Services Access: Services and products hosted by the decentralised applications which run on the Essentia platform will be paid for with the native ESS token only.
Reputation Management: Reputation scoring – presumably for the applications hosted by the platform – will require the possession of token in order to apply ratings.
There are no details – at the time of writing (March 1st, 2018) – in relation to the token sale itself, nor the eventual hard cap and token circulation.
As might be expected, the size of the team reflects the project’s ambitions. It is also engineering top-heavy which is not surprising either, given its highly technical nature.
Its team hails mainly from the Ukraine, and Linkedin profiles are provided for all twenty-six members listed on the website, most of which show healthy numbers and relevant networks.
It is difficult to judge the project’s marketing strategy at such an early juncture. However, the team lists at least two marketing specialists including co-founder Matteo Zago who may be something of a social networking marketing guru, having published at least two books on the subject.
There are no details at this stage in relation to the budget that will be allocated for the team’s post-ICO marketing.
It is the scope of this project which makes it an interesting one. Full product roll-out cannot be expected before end of Q4 2019.
If the token sale is to be a successful one, the project team will need to work on communicating a clearer message for the project’s overall remit.
Ratings Score Methodology: a weighted average across three scores: Concept (10% weight), Blockchain Fit (30% weight), Execution (60% weight).
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