Essentia Simplifies The Use Of Blockchain Apps To A Single Login

mcdform (46)in #cryptocurrency • 6 years ago

TL;DR

Essentia is one of the more complex projects being introduced to the blockchain space, in essence, it is a full-blown ID system integrated into a cross chain decentralized operating system.

Essentia creates a shell around each users identity, data, and assets and allows the user to control access to their information via modules configured for different applications. More importantly, Essentia allows users to use ESS tokens in lieu of any cryptocurrency that underlying apps require.

An example would be Bob logs into his Essentia ID and purchases VPN service from IPSX, funds a loan LendingBlock, and purchases a digital collectible on FanBits. Bob will have Essentia profiles setup for each of these DApps that determine which data is shared for each service.

In each of these cases, Bob would utilize ESS tokens to complete functions on separate platforms via Essentia. One login, one token, this is the path to mass adoption of blockchain and cryptocurrency.

Let's Dig A Little Deeper

The Essentia framework is highly technical and consists of an ESS-ID, ESS-HOME, ESS-OS, and 28 other modules that control payments, cross-chain communications, oracles, private key storage, data storage, and more.

The core of Essentia is the ESS-ID. ESS-ID is the ultimate master private key that controls access to all other sub-IDs and data that can be accessed via the platform. The holder of the ESS-ID key is able to execute sign/ verify/ encrypt/ decrypt/ functions that are the base operations on which the framework is built.

By accessing the ESS-ID seed a user can utilize any number of DApps that require their own keys, wallets, and tokens with just one login. The Essentia platform will keep each of these DApps in their own compartment, creating an added layer of security for the user.

In addition, Essentia will be able to integrate with off-chain applications as well allowing users to create seamless workflows without multiple logins.

ESS-IDs can also be created for machines opening up an entirely new ecosystem that consists of autonomous participants. This will allow machines and applications to communicate across multiple chains and applications.

The Home and The Operating System

ESS-HOME and ESS-OS create the main hub of the Essentia platform. By itself, ESS-HOME is the where modules interact with each other and the user. ESS-HOME is like the lite version of an OS that can run inside other operating systems.

ESS-OS is the full Essentia operation system that can be installed on commonly available hardware, as well as Essentia, created ESS-Eggs.

The OS ecosystem created by ESS-Home and ESS-OS provides a modular framework for users that allows them to utilize the many different modules in order to execute functions across multiple applications.

This framework allows a user to pull data from decentralized storage that requires payment (like Storj) and upload that data to a data exchange like Quadrant Protocol. It would convert payments to Storj from ESS and convert payments from eQuad into ESS in the background.

The OS and modules would let the user create a custom function that does all this with only a couple of clicks, without multiple logins, and with no manual cryptocurrency conversions.

What About The Token?

The Essentia ESS token has multiple utilities that can ultimately be divided into payments, node staking (100,000 ESS for Masternode), rewards, governance, and reputation.

In my view, the most important function of the token is that it is the only token required to be used when a user access applications that are integrated into the platform. The ability to hold one cryptocurrency and utilize every (if integrated) DApp available instantly makes every DApp more usable.

Overall

Essentia is a platform that is all about improving the user experience for people that utilize multiple blockchain applications. The technology under the hood is deep and complex but the end result is a simplified system that could allow mass adoption of blockchain DApps.