The Essentia startup explores the problem of safe-keeping of user identity information. In the context of cryptocurrencies, it means storing the multiple private keys from different wallets, login information for marketplaces, and other sensitive data. The need to store all that data can be a headache for cryptocurrency owners, especially for people who have to deal with a variety of different cryptocurrencies and trade on the different marketplaces. One aspect of the problem is that it's inconvenient and the other, and more important, is that's unsafe.
The Essentia project claims that it can provide a solution for this problem in the form of a decentralized data storage platform. The key purpose of the platform is to store user identity information in such a way that it can be easily retrieved when necessary. An example, clarifying the Essentia project's goal, is its possible application to simplify travelers' documents and identity checks. This idea was discussed between project founders and representatives of two Dutch Ministries, Dutch Ministry of Justice and Security and Dutch Ministry of Infrastructure. The gist of the proposition is the creation of online user identity database. Such database should be reliable and secure, which can be achieved using blockchain technology. At the same time, user data should be easily accessible through a variety of apps and devices. This is one of the key features that Essentia project promises to deliver. The proposed architecture is based on the secure, encrypted data storage with a single access point, so-called "Seed."
According to startup founders, the current Essentia project prototype (which is promised to be rolled out within a few days) contains the next features:
- Logins - the system to safely store various user logins for different accounts and Internet services.
- Multiple Wallets - this component is supposed to give the user ability to operate multiple wallets and currencies through a single entry-point (seed). In other words, it's going to somehow simplify the process of authorization for multiple wallets and reduce it to a single login.
- Exchanges - similarly to Multiple Wallet, this component is aimed to simplify user's interaction with different cryptocurrency exchanges and allow the user to access all of them through a single sign-on.
- Storage - the component describes Essentia platform approach to storing its information. According to developers, the platform utilizes such decentralized storage technologies as Swarm, Ipfs, and Storj.
- Identities - this part of the system is intended for storing and operating user identity information. Like in the previous example with travelers' identity checks, Identities subsystem can be seen as some sort of secure user identity database, containing information that can be easily retrieved and used when necessary.
In April 2018, Essentia is planning to conduct a token sale with an aim to distribute 46% of its ESS Token reserve. The hard cap of the sale is USD 32 million
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Authored by: faragly
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