Whitepaper summary for the Essentia ICO

[CryptoMav]

Below is an excerpt of Amity’s summary of the Essentia ICO Whitepaper:

What is Essentia?
The Essentia team hopes to capitalize on the growth of digital networks in human life. Digital networks today are ubiquitous. Consumers have many choices when it comes to social networks, platforms, and apps they can use to achieve what they want. Most of these networks are free, but consumers have to give up some level of privacy in order to obtain these free services. This creates risk that data held by central authorities can be stolen and used to harm the user.

Blockchain technology gives many hope that this problem will be solved by decentralizing platforms and eliminating authorities, leading to more secure data and greater privacy. Despite this hope, however, most decentralized networks do not work well together. Customers have trouble moving data from one platform to another, and finding a place to store personal data is not easy.

Essentia hopes to solve this problem by building software that integrates both centralized and decentralized services, allowing users to control their personal data and prevent unwanted access.

How does Essentia work?
Each user on the Essentia network has a unique ESS-ID. All data can be saved to this ID, including files, wallets, desktop configurations, software, accounts, and logins for services. This data is stored on whatever decentralized cloud storage system the user wants to use, and is accessible by the user through mnemonic devices. As long as a user has access to his/her ESS-ID, the user does not need any login information for accounts or services. As long as all files and configurations are stored on the network, he/she does not need to worry about losing data.

The Essentia network can be expanded by users to include any new services, is scalable in the sense that it can handle millions of users at the same time, and works on multiple chains. It has already been integrated with both Bitcoin and Ethereum. It also allows for compatibility with KYC and GDPR.

Essentia can be used by banks and other financial institutions to confirm the trustworthiness of a client. This can be verified by looking at the reputation of the client’s ESS-ID. In addition, Essentia can be used by automated systems such a smart homes to prevent unauthorized access. This way, consumers can feel more safe using these kinds of devices.

With all of these features and use-cases, the Essentia team believes the network will grow quickly.

How is Essentia unique?
Essentia’s principle competitors are other open identity systems for decentralized networks, including The Key, Uport, Civic, Remme, and SelfKey. However, these systems require the user’s data to be stored on a central server, creating strong security risks. For this reason, the Essentia team believes these systems will not be as popular as Essentia.

Who makes up the team behind Essentia?
The Essentia team is made up of experts in blockchain, software engineering, and marketing. This includes Project Lead Matteo Gianpietro Zago (Chairman of the Internet of Blockchain Foundation and Founder of Mobilife+), Product Lead Mirco Mongiardino (Founder of WT Media and former JV Adwords Leader for Trafilia), and Operations Lead Vladimir Holubovych (Founder of Mobilife+ and member of the Digital Currency Council). It also includes advisors Moe Levin, Ran Neu-Ner, Erik van der Staak, Thomas Graham, Yaan Marsten, and Ismael Malik. These leads and advisors are supported by a staff of 19 tech and design specialists and nine specialists in business and social-networking. The team plans to hire for at least one more position in the near future.