With the spread of block chain technology, a lot of services using distributed networks (DApps) are appearing.
Essentia (Essenceia) is a project to control these services with accounts on one distributed network .
In this project, by integrating personal information etc. related to each service into one account, merits such as simplification of login to each service and improvement of personal information management are expected.
Essencia’s project goals are three: interoperability , protection and management of personal information online, and construction of a distributed operating system .
This time, I would like to thoroughly explain the structure of this Essencia, the merit of using the service, and the difference with similar projects such as uPort.
Outline of Essensia
With the popularization of Bitcoins, block chain technology has developed greatly, and services using distributed networks, so-called DApps, are now appearing one after another.
What is DApps? Service or application using block chain network. DApps are born in various fields including payment, finance, supply chain management, distributed storage, decentralized exchange (DEX).
If you use several services, you have to move to another website each time, and it becomes difficult to manage personal data concerning the use of services such as ID and password every time .
Therefore, it is the concept of Essensia to integrate such information and services into one account and build a distributed framework that can be accessed from any device.
By linking personal information to a single account using a distributed network, it is expected to prevent ‘ ID fraud ‘ etc. impersonating others.
The use of this framework has the advantage that users can easily and securely log in to DApps and manage related information from one account .
In addition, Essencia is also developing a distributed operating system (OS) , and the product concept is visualized.
Essencia does not need any information such as e-mail address or telephone number when using the service, you can use the service from any device with only strings and passwords called seeds.
The core part of the product is a framework, and it seems that you do not necessarily have to use the operating system that is provided from the official necessity when using the service.
Essencia’s OS can be used on various devices such as computers and smartphones, but the framework itself is said to be available for IoT, command line and so on.
Benefits of using Essensia
What are the benefits for users and developers in using the Essencia framework?
Essencia has eLogin function that allows you to log in to multiple DApps with one account .
This is similar to the ability to log in to other online services through Facebook or Google+ accounts.
The advantage of this feature is that the password at each DApps is no longer needed .
Also, in Essencia, personal information generated by DApps and other services is also linked to accounts existing on the distributed network, so it is expected that it will be useful for facilitating smooth KYC in various services .
The distributed operating system provided by Essencia makes it convenient to operate DApps and other online services you use all at once from a single system .
You can manage various types of data at a glance by linking every service including wallet, exchange, storage etc with your account.
What is an ESS token? Explanation of 7 features!
Essencia’s “ESS token” is the currency that will fuel the network maintenance of the distributed framework.
According to the document on the token utility published by the official, the ESS token has seven characteristics.
Integration of node compensation and reputation system
In the distributed network of Essencia, a PoS consensus mechanism that locks a certain amount of ESS token to each node is adopted.
Malicious block approval leads to loss of locked tokens, so each node has incentives to do legitimate network processing.
ESS tokens are provided with countermeasures to prevent unauthorized requests by bots, hackers, etc.
Attempts to prevent such misbehavior by applying a negative incentive to spamming are attempted.
Payment to Essensia or a third party
ESS tokens can also be used as a means of paying for some paid services such as capacity expansion of third party distributed storage services.
Value storage – Purchase of products and services
It is similar to the above items, but the ESS token can also be used as a means of paying products and services offered by DApps that is installed, and planning to introduce the DApp store in the future as well .
In addition, this function also refers to currency exchange within the operating system, and currently supports 14 kinds of currencies including ESS token.
In Essencia, you can gain the voting right to decide the policy of the project according to the holding amount of the ESS token.
There seems to be a plan to give some kind of bonus to users who have more than a certain amount of tokens.
As introduced in the Node Compensation section, the ESS token promotes contribution to the network and a reputation system that introduces penalty for fraud is introduced.
Apart from incentives related to the consensus mechanism, in Essencia some of the token’s total issue volume is reserved as a reward for future development contributors of the project.
We do not mention how to acquire this reward in a specific way, but since we are planning to host Hackasson and conferences in the same project, we believe that it will be used as a remuneration for such events.
Essencia product demo
Essencia has already released a demonstration of the above distributed operating system .
All you need to use the product is password setting, anyone can easily register and use from here.
Below, I will introduce what I can do with the product demo at the present stage.
Wallet bulk management
When you create an Essencia account, wallets of 14 different currencies are generated automatically at this time, and you can manage all of them in the account all together .
Remittance from each Wallet can also be done within the platform.
In addition, the price chart of the corresponding currency and the proportion of assets possessed in the account are also displayed automatically.
Central management of storage services
In Essencia , files uploaded to distributed storage services such as IPFS , SWARM , Storj, etc. can also be associated with accounts and managed in bulk.
Although we do not do anything with the test account created this time, all basic operations such as uploading, downloading and deleting data can be done directly from within the platform .
In the eLogin section, you can log in to various DApps.
Once login request to DApps linking from account is approved, you can perform automatic login without password required .
The biggest merit of this function is that it saves the trouble of setting and remembering a password for each service.
Access to IDEX
In Essencia, IDEX which is a decentralized exchange can be accessed directly from the service.
Order orders, order boards, transaction history, etc. are all completed within the platform .
Functions to be added in the future
In Essentia, you can vote for DApps etc. that you want to correspond to the framework, according to the official it is said that more functions will be added in the future.
Comparison with similar project
Essencia cites Civic, The Key, SelfKey, Remme, uPort as similar projects.
All of these projects, including Essencia, are of digital identity type, and benefits such as eLogin, KYC simplification, ID fraud prevention etc. exist in common .
However, in Essencia there are major differences from similar projects in that it does not require specific applications, email addresses, phone numbers, etc. to use the service.
In addition, uPort and SelfKey but has developed its own wallet, are you developing an OS that can oversee all such as storage and other DApps including wallet will be only Essenshia.
Advantages and disadvantages related to project development Summary
Up to this point, we have explained the structure of the framework of Essencia, the merit of using it, and the differences between similar projects.
Here, I will list the excellent points and concerns related to the development of the project.
Strategic investment / advising from multiple funds
Essencia has a strategic alliance with 12 companies including BitFinex , Kenetic Capital , TLDR Capital and others.
In addition, 13 kinds of cryptocurrency · DApps are already integrated in the system.
Product demo has already been released
As mentioned above, the demonstration of the distributed operating system has already been released in Essencia, and anyone can actually use it.
Projects of the digital identity system have difficulties in understanding concepts, but in Essencia there are good products that are visible .
Abundant information on the project
In Essencia, not only white papers, but also documents that explain token utilities, business plans, and even dedicated wikis are open to the public.
The content of the project is very complicated
There are two major projects in Essensia.
The first is building a framework that allows you to manage personal information on multiple DApps and other online services with a single account . Benefits such as password-free login and ID fraud prevention are expected for this product.
The other is to develop our own distributed operating system . This applies to the product demonstrations mentioned above. With this product, there are merits that you can use and manage multiple DApps on one platform .
Since Essencia is a technology-oriented project, it is a bit more difficult to understand the points as described above.
Development is late compared to other projects
For similar projects introduced, most of products are officially released.
It is worth noting how much emphasis is placed on the performance of the framework and how much you can focus on the marketing of the distributed operating system against these shares already held by these projects.
Essensia road map
Let’s check the roadmap of the project.
|2018 Q 3||Publish beta test version, implement Hackasson and participate in conference|
|2018 Q4||Presentation of government / corporate solution|
|2019 Q 1/2||Multilingualization of service, application in IoT|
|2019 Q 3/4||Introduction of distributed governance, conferences sponsored by Essentia|
2018 Q 3
As mentioned above, the demo version of the operating system has already been released.
Information on Huckason and conferences has not yet been announced, but various activities such as opening a fund and cooperating with the Finnish government are reported.
Various software / hardware updates are expected to be updated in this quarter, but it should be particularly notable partnership development with government and corporation.
As mentioned above, Essentia has already cooperated with the Finnish government and has many partnerships with other projects.
More specific partnership plans will emerge during this period.
2019 Q 1/2
Currently the language introduced in the official website and OS demo is only English and Korean but at this time it is thought that by increasing the variety of language setting more users will be able to use the service Yes.
Although no specific proposal has been made, the Essensia framework will be applied to IoT at the same time.
2019 Q 3/4
Essencia plans to gradually improve the functionality of the ESS token and adds a governance function to the token during this period.
We are also planning to hold our own conference called EssCon, and it is hoped that the community will be involved in related and cooperating projects.
Essencia was a framework that could benefit from eLogin , KYC simplification , identity fraud prevention, etc. by linking personal information that exists on multiple DApps and other online services to a single account .
In addition, Essencia also offers a distributed operating system that uses the same framework, allowing it to access multiple DApps from a single platform.
In the token sale that ended at the end of last month, it seems that they are receiving support from around the world, including raising 98% (24, 815, 390 US dollars) of hard caps.
It will take some time to complete the product, but it is important to develop further projects in the future.
Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/essentia/
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