How precious data can be

Photo Credit

While you browse the internet every action that you take that can be tied to your online presence, your purchasing history, your likes, and dislikes, your interactions with other people online are collected and stored in massive data silos that are locked away for big companies to use. Companies like Google, Facebook and Amazon know that by leveraging this data will give them the edge they need to stay on top. Advanced machine learning algorithms dissect and interpret this data giving away for free valuable insights that these companies can use.

For example, a dominant data science method would be, basket analysis. By collecting data on purchases, patterns can be identified, and the analysts have found out that some products are usually bought with others, so suggesting these products to be purchased with the ones that sell well will undoubtedly increase the sales, such power can only be harnessed only through the collection of data.

Time to take it all back

With the mirage that we are getting services for free, we are just giving away all this data. It’s about time we figure out a way on how to retain and share only the information we want, and in such a manner that it’s more beneficial to the average user than the large companies.

The Essentia framework proposes the creation of a browsing experience where the user can retain his data, share it or use it discretionary. Thanks to the blockchain technology, Essentia will store all your personally identifiable data on a decentralized network within building blocks called Essences. The setup of these Essences will be fully customizable allowing for any level of desired anonymity while browsing the internet. The ecosystem is scalable and deployable on any device that can be connected to the internet thus ensuring a seamless browsing experience capturing all the data in one place available from multiple sources.

Your digital passport

Another advantage of using this framework would be the ability to own a decentralized passport system that will enable seamless login in all your selected places. Simply put, you will have a “one-stop shop” digital signature that will take care of all logins required on any site. Using it will impede the ability of the sites and products you use to collect your data for free.

Once the Essentia network is in full swing, Insurance companies, financial services, and banks will be able to verify your credentials and trustworthiness through your reputation earned via the created Essences or ESS-ID. Not having to use an intermediary to perform background checks on clients will surely incentivize the use of the Essentia ecosystem as it will most likely cut running costs.

Essentially, Essentia will become the multichain access tool or a swiss-army-knife that everyone will be able to use to browse the up and coming decentralized internet. As more and more services and dApps (decentralized apps) are being prototyped and pushed into production such a tool will prove to be crucial for safe use and democratized browsing experience.

Please check the official:

Website
Telegram
ANN
Bounty Thread

Thank you!