If you’ve been at Consensus New York 2018 over the last few days, or even watched it live, you’ll notice one thing. Everybody is speaking about interoperability.
I’m sure we all agree that seeing our new decentralised world being built brick by brick before our very eyes is a joy to behold. The hefty headache of sending communications between old, centralised platforms and our new shiny ones is definitely not a joy though. Not only this, but even moving value across chains is time consuming, expensive and involves substantial risk.
There is already an ‘Interoperability Alliance’ tackling this issue – spearheaded by Aion, Wanchain and Icon who are worth worth a combined marketcap of $1.8b. Despite their mammoth contribution a lot of work remains to make chains more seamlessly inter-operable with each other.
This is where Essentia come in. Essentia aims to create a masternoded multi-chained set of protocols connecting both centralised and decentralised resources to ease this burden.
What is the Utility of the Token?
“The ESS token will form a critical component of the Essentia Framework. It will incentivize active and positive participation, disincentivize bad behavior and create an equitable and
transparent rewards system. Coupled with governance rights and other features that will be
introduced as the network develops, ESS will play a crucial role.” – Essentia
The function of the token will include the below. For further reading please read Essentia’s short document.
- Masternodes with Resource Allocation
- Compensation for internal and external services or resources
- Generic exchange
- Distributed governance
*Masternodes will require 100,000 ESS tokens which currently works out at approx 6.6 ETH or $4737
Who is Behind Essentia?
Essentia have a good team behind them. Despite not having worked in the elite firms and corporations in the world the founders have shown a pedigree for entrepreneurship and have experience managing successful projects.
Significantly, Essentia boast a 30-member strong team that is split broadly in to two dedicated parts; i) Tech/Design and ii) Business/Social.
We’ve been keeping an eye on Essentia via our Telegram Tracker. Their group membership is a very respectable 32k. Not only this, but their group is growing rapidly by the day – up 4500 members in the last 24 hours.
The token-metrics behind Essentia are very good. For a blockchain project, and an interoperability one at that, the total hard cap of $25m is relatively modest.
We rate Essentia as a Solid ICO. Given the massive need for inter-operable solutions Essentia’s protocol, if executed effectively, will be in large demand. Adding value for investors is a relatively decent hardcap and also an incestivised network of masternodes. Large dedicated teams for both technical and business aspects of the project are a big bonus.