Data is the most important currency of today’s digital age which is a well-known fact—but what about the issues that are still plaguing the industry today?
After the recent Cambridge Analytica fiasco, public awareness of the importance of data privacy and security has risen to an all-time high, with many individuals realizing how easy it is for their data to be misused by individuals who should not have the ability to misuse data, let alone have access to it.
The prevalence of social media platforms like Instagram and Facebook in our everyday lives has led users to quickly forget that almost all of their data is available online and there are no guarantees that the data will be used correctly or legally.
Today, more and more applications require at least some personal info during the user registration process, meaning that there is no way to avoid filling in your personal info to use important applications and software.
Massive amounts of data are then managed and kept secure by third-parties and intermediaries but can users rely on them to keep their data safe?
From all of the major data breaches and scandals in the past, the answer to that question is a resounding no.
Centralized systems that are supposedly secure enough to keep data secure clearly don’t have the ability to protect data completely since there are so many points of failure that could ruin the whole structure of the database.
At the same time, users often have no knowledge of how their data is collected, used, or shared by the applications they’re using.
Permission from users to collect data are often neglected in centralized systems and even if they do ask for permission, it is done in such a way that the user cannot use the application or program if he or she does not agree to it, leaving them in a Catch-22 situation.
Recently, the blockchain has been used to overcome the weaknesses of data privacy and security via decentralization and it’s doing the job well but not well enough for it to be considered a complete solution.
Blockchain technologies are still very new and they are foreign to most Internet users for now – what’s the point in having advanced technologies if users don’t know how to use them?
Hence, there needs to be a solution that acts as a bridge or intermediate layer for users to connect and interact with decentralized resources in a user-friendly and efficient manner.
The solution above is what a revolutionary blockchain startup, Essentia, is aiming to achieve.
Essentia is a framework that aims to provide a full suite of solutions to users, service providers, and applications that want to connect to decentralized technologies.
Imagine the framework as a user-friendly access point to decentralized resources for all users regardless of their technical skills or level of experience with the blockchain—that’s what Essentia is.
What makes the framework unique is that it gives users complete control of their digital identity and personal data in terms of ownership and privacy, meaning that users will finally have 100% freedom in managing their own data.
These benefits are not limited only to human users; machines, IoT devices, applications and many other technologies can use the Essentia framework to utilize its decentralized solutions that can integrate and interact with both on-chain and off-chain systems.
Essentia will also provide a user-friendly interface for users to interact with and manage their preferences.
Aside from the features mentioned above, Essential also allows users to control how much, when, or where their data is shared as well as the ability to allow users to act anonymously, pseudo-anonymously, or fully public while interacting online.
Essentia will be led by three co-founders, Matteo Gianpietro Zago, Mirco Mongiardino, and Vladimir Holubovych, with all of them being equally experienced serial entrepreneurs in a variety of industries including the blockchain industry.
In Essentia, the management and storage of personal data such as IDs, accounts, logins, and so on are fully decentralized and can be accessed anywhere, anytime by users.
Users can then access and interact with third-party services with Essentia and with each instance, they can decide whether to share data or not with whatever application they’re interacting with.
All data in the framework is encrypted and they are not publicly linked to user IDs for security purposes. Instead, only the owner can access their own data via cryptographic proofs although owners have the ability to grant full or partial access rights to other users.
The key component of Essentia is the Essentia ID (ESS-ID) which works like a master key that controls all of the private keys responsible for managing a user’s identity and data.
The ESS-ID is also the component used to access use their data across connected services through the Essentia Home (ESS-Home) and Essentia Operating System (ESS-OS) components.
Both the ESS-Home and ESS-OS are secure and user-friendly data environments that are integrated with blockchain-based applications that can be customized in many ways by the user.
Through both of these components, users have the ability to manage their data and identities as well as a whole list of other functions such as:
- Trading and managing payments and funds
- Managing wallets
- Managing and maintaining privacy
- Managing authorizations, accounts, and logins
Users can also connect with decentralized apps (DApps) and all available services on the blockchain thanks to the framework’s integrated Essentia Dapp-Store (an app store for blockchain applications) as well as other modules that help connect all the pieces of the puzzle together.
The ESS-ID is extremely important to keep safe as exposing the keys to someone else may cause hacks to happen. Essentia provides a way to use and keep ESS-IDs safely by using a hardware device called the ESS-Keyware.
The ESS-Keyware is a small physical device that executes operations without exposing the user’s ESS-ID to external environments, hence keeping the ESS-ID safe and private.
Readers should also note that Essentia can be scaled and configured to fit all types of use cases. It can be deployed on mobile, browsers, and even on servers; the framework will also be using virtualization and distributed computing in the future as the framework matures.
The Essentia framework provides tons of benefits to its users of which all of it can be read in Essentia’s technical whitepaper.
Some of these benefits are highlighted below:
A fully trustless, trustable, and secure network
Data and information of users in Essentia is not managed by a centralized party nor does it not manage the user’s data publicly as Essentia only focuses on ensuring processes run smoothly for users.
Processes in Essentia are 100% transparent and users are given a full view of all components, operations, and processes regardless of their status.
All code and components in Essentia are fully open-source; they are also professionally audited and community reviewed before deployment besides adhering strictly to industry standards and best-practices.
All of these makes Essentia one of the best platforms in terms of performance and reliability which shows the team’s dedication to the project.
100% private and decentralized processes for users
Users will finally have total control over their data and identity as only the owners have access to their ESS-ID and data which is verified through cryptographic proofs.
They are also free to decide how they want to interact with third-party services and since the service is fully decentralized, users don’t have to worry about intermediaries while accessing or managing data as it is simply not necessary to do so.
Cross-chain and multi-chain capabilities
Essentia works on multiple blockchains and protocols and transactions also work across different blockchains hence allowing users to work across multiple chains without any problems.
Fault and future proof
Because of how the structure of the Essentia framework was built, the possibility of permanent data loss and corruption is virtually zero as all data can be recovered by using a variety of tools already available in Essentia.
At the same time, the framework’s technologies makes it resistant to changes in the future which is further benefited by Essentia’s open-source model.
Essentia will be holding a token sale for the ESS Token which will be as the main cryptocurrency in the framework.
Here are the details of the token sale:
Token name: ESS
Token base: Ethereum
Token supply: 1,700,000,000
Token sale duration: TBA
Token sale target: TBA
Token exchange rate: 1 ETH = 15,000 ESS