Analysis of ICO Essentia
Essentia is a multi-chain modular framework enabling users to have full control and ownership over their data. Among the modules that could be activated on a framework are IDs, Logins, DApps, Wallets, VPN, Crypto Nodes and others. IDs, for example, can be anonymous, pseudo anonymous or related to the real-world data. It’s the user who makes a choice. Decentralized services and resources are integrated into the framework together with traditional ones.
The framework is based on two big components: Essentia Home (ESS-Home) and Operating System (ESS-OS). These modules can be used for trading, developing, managing wallets, payments and funds; managing privacy settings, contributing to the network; managing IDs, logins, accounts and so on. These modules are also open for integration with trusted third-party services and DApps. There are more modules that extend ESS-Home and ESS-OS and allow them to interact with each other, decentralized and traditional sources.
The framework can be used by humans, machines, IoT devices and more. Only a user has access to his/her personal data, IDs, setups, preferences, wallets etc from anywhere in the world.
It is mentioned that ICO is conducted to raise funds for development and sustainability of a company over 3-5 years. The budgeting for this period will be done depending on the amount raised and targets met.
ESS tokens are utility ones and they managed by one of framework’s module - the ESS-Fuel module. Tokens needed for:
- Tackling spam and other attacks on infrastructure
- Paying for extra internal resources (like more storage)
- Paying for renting additional decentralized third-party resources connected to the framework
- Performing all types of transactions within an ecosystem
- Compensating users’ contribution.
16% of funds raised will be transferred to marketing and PR activities. Roadmap outlines marketing strategy by quarter. Q2, for example, is having bounties, meetup and conferences worldwide, 1st ESS Hackathon for projects to build on top of the Essentia protocol. The team is very active on social media and numbers of followers are high (11K+ on Facebook, 17K+ on Twitter, 6+K on Reddit).
Project founders have experience in entrepreneurship, blockchain, marketing and PR. One of the founders works with Facebook, Uber and Tencent. There are two separate teams for tech & design and business & social. Advisors add expertise in VC, blockchain, cryptocurrency, business consulting, law, ICO advising, IT.
The Vision of the Market
There is a clear understanding of current state in personal data field. Blockchain technologies brought decentralization, but there is still no unified platform with multiple solutions addressing many real-life issues. Essentia is such a framework, where users can interact with both decentralized and traditional resources and applications. The project also address the problem of data control - when users lost rights to manage their most sensitive information. Essentia provides its users an opportunity to make a decision on who will have access to the data.
Understanding of the Target Audience
The project targets very broad audience, namely all internet users. Further segmentation identifies people, machines and IoT devices. Then there are individuals, companies and developers. Essentia is a multi-module framework which encourages integration of third-party resources thus offering solutions to problems of its target audience.
The WP states that Essentia framework can’t be compared to any of existing projects because of its peculiarities and implementation. It is also able to integrate other projects when/if necessary. Main difference from the like of Civic, The Key, SelfKey etc is that Essentia doesn’t require a centralized app, email or phone number. Also, the framework can be used from any device, UI or even command line.
Strengths: an MVP is available. The pre-sale is a sold out. Several projects are already integrated with Essentia, including Aragon, Flyp.Me and others. Very solid team and board of advisors; members have varied backgrounds and experiences at world-known companies. The WP has an extensive list of product applications and use cases.
Weaknesses: the WP is in draft version (from January 2018); business and tokenization models are presented in separate documents - the WP should be compiled into one comprehensive document, according to analysts from Expert-Coin Rating. The WP focuses on technology and architecture of the project, while key business components are missing. There is no financial plan; no end date for ICO.