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ESSENTIA - DATA MANAGEMENT PLATFORM ON BLOCKCHAIN

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ABOUT ESSENTIA

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Essentia is the decentralized framework to create, store and access your digital life. With one “seed”, you can control all of your dApps, identities, data, and assets. From anywhere, on any device, on-chain or cross-chain. Essentia will also provide a user-friendly interface so users can easily interact and manage their options even if they do not know about blockchain.

In addition to the features mentioned above, Essential also allows users to control the amount of shared data, time or their data, as well as the ability to allow users anonymously, forged or completely public while interacting online.

Features


– Private: Only the primary user, also known as the "seed", has full control over their data. Computers, servers, or other third parties can’t access seed information without prior permission.
– Customization: Essentia is easy to customize for anyone who is using it. Essentia can be used to protect the identity of machines and people alike. Each person or machine will have different requirements and will need to customize the Essentia system to meet specific needs.
– Environment: The Essentia Environment provides a central location for storing multiple types of identifiers, personal data, asset information and more. All of this information is completely secure and decentralized.

WHAT DID ESSENTIA SOLVE?

  • User do not have control over their data: The first problem they want to solve is that the user does not have control over their data. This means that you can own your data, but you can not tell who owns your data, nor can you control the unauthorized access to your data. With essentia, you will have full control over what you allow companies to access and use.
  • User data is used by service providers without permission for profit: Your data is being used by the service providers. They are trying to collect as much of your data as possible to cater to their various interests. They can sell your data or use it for marketing campaigns. With essentia, your data is stored in a "seed" and nobody knows it except you.
  • Centralised system are not secure and have a single point of failure: Centralized systems often have intermediaries and are not highly secure. Any kind of security hole will be used by hackers to steal your data. With essentia, the platform that runs on blockchain technology, you will never have to worry about lost data because of its mechanism of action.
  • Users require separate credentials for almost every service: Users use a lot of different accounts to sign in and often to remember them all is not easy. I'm sure you've also thought of a solution that uses an account to log in for many different services. But when you lose your account, you lose the stock. With essentia, you can manage multiple accounts on your blockchain. You only need to log in to the platform, then thanks to eLogin you can automatically log into the site as well as the dApp.
  • Corporations have little or no responsibility once a breach or hack occurs: When you lose data, hardly anyone is responsible for this. As mentioned above, you will never have to worry about this happening.

ESSENTIA ECOSYSTEM

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  • The main component of Essentia is Essentia ID (ESS-ID). It acts as a primary key that controls all the private keys responsible for managing the identity and data of the user.
  • ESS-ID is also used to access their data on services that are connected through the Essentia Home (ESS-Home) and Essentia Operating System (ESS-OS) components.
  • Both ESS-Home and ESS-OS are user-friendly and secure data environments integrated with blockchain-based applications that can be customized in a variety of ways by users.
  • Through both of these components, users have the ability to manage their data and identity as well as the entire list of other functions such as business management, payment management, wallet management, privacy and security management, authorization management, account and login information.

WHO BEHIND THE PROJECT?

Essentia is being developed by a nonprofit organization called Essentia One, based in Amsterdam. The organization is set up in 2017. As expected, the scale of the team reflects the ambition of the project.

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Members are mainly from Ukraine, and Linkedin profiles are provided to all 26 members listed on the site. The following is some key team member:

Founders

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Tech and design team

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Business and social team

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Advisors

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COMPETITORS

  • While the market for data-driven frameworks is not populated, Apex has created a decentralized data exchange platform based on NEO where companies can receive quality data, verifiable and secure, also bring benefits to consumers when their data is used. A similar concept is followed by Essentia, where users have control over their identity and thus Apex is a direct competitor.
  • One rival worth mentioning here is the Civic. Civic is trying to have a secure identity ecosystem as well. They’re all using the blockchain to some extent to have an individual identity and give you back control of your private data. Now, most of these social media companies especially the bigger ones that you’re probably aware of use your data to sell long to marketers and profit from it. And you have no say whether that happens or not. So, have a lot of these blockchain based companies are trying decentralized and give the owners of the data that’s you back control and the key is another one again identity verification tool on the blockchain. You’ll be able to use your own identity for many different applications without having to have passwords and it have different profile setup and everything else. You have one single digital identity that does it all for you.

PROJECT EVALUATION

Advantages

  • The Essentia project is aimed at the IoT economy in the future. A very potential market for development.
  • The idea of the project is quite good. Essentia solves the most common problems that arise in today's highly connected world. Information is more valuable than ever and can be searched for a high price on the market. Essentia provides users with a framework that allows them to be completely anonymous if they wish and also allows them to keep their computer data.
  • By using a secure framework like Essentia, users can be sure that they are not exploited. They can filter out which entities are allowed to access data about them. This framework provides a way to fully decentralize your identity.
  • The most prominent condensation tool in the proposed list of products is the single seed mechanism that seems to be equivalent to the concept of a master password and is reinforced by advanced coding methods.
  • Essentia supports different blockchains including Bitcoin, Ethereum and many more. It can work on any device, IOT or CLI.
  • High throughput allows Essentia to support millions of users simultaneously.
  • Essentia
  • You can use eLogin to seamlessly login to websites and dApps, without the use of insecure passwords. This is handy when you do not remember all your accounts.

Disadvantages


The idea of the project is not unique. There will be competitors in technology and solutions such as: Apex, Civic, uPort, SelfKey,…Hope Essentia always hold the leading position as today.

CONCLUSION

Due to the potential of artificial intelligence too attractive, this field has attracted the attention of many investors and large corporations(Google, Microsoft ,Amazon) over the years. The market is constantly growing and is expected to reach about $ 60 billion by 2025, according to Statista. This is a very potential market. If you’re looking for a new platform that is ideal for storage and security of personal data and runs on blockchain technology, then Essentia is for you. The project is very well prepared from the technical and business side, with very extensive and transparent whitepapers and roadmap. Essentia received a very positive feedback from professional community and high rating from rating agencies. I found this project very excellent, and of course I would invest in it as a small contribution to the project. Join with me!

USEFULL LINKS

Website: https://essentia.one/
Whitepaper: https://essentia.one/whitepaper_draft.pdf
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2704531.0
Facebook: https://www.facebook.com/essentiaone/
Telegram: https://t.me/essentia_one
Twitter: https://twitter.com/Essentia_one
Medium: https://medium.com/@matteozago
LinkedIn: https://www.linkedin.com/company/25071629/
Github: https://github.com/essentiaone
Reddit: https://www.reddit.com/r/essentia/
Author:
Bitcointalk username: kld_hp
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1014734

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