ICO Review: Essentia (ESS) - Providing Secure Ease of Use on Blockchain

Essentia is aiming to provide greater ease of use to the blockchain community, including individuals and businesses. Learn more: https://crushcrypto.com/essentia-ico-review/ Project website: https://essentia.one/whitepaper_draft.pdf White paper: https://essentia.one/whitepaper_draft.pdf Download the PDF version of the presentation: https://crushcrypto.com/wp-content/uploads/2018/05/CrushCrypto-ICO-Review-Essentia-ESS.pdf Download the free ICO Guide which contains 6 simple steps for analyzing any ICOs to find the winning projects: https://crushcrypto.com/youtube/ Note: This is not a paid review. We do not offer promotional or advertising services. Our content is based on our own research, analysis and personal opinion. _______________________________________ 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. 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. 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. _______________________________________ What are the tokens used for and how can token holders make money? - 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. _______________________________________ Opportunities - 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, Liteoin, 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. _______________________________________ Concerns - 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. _______________________________________ Disclaimer The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don't invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.