The much anticipated Essentia token generation event went off with a bang and the community absorbed their tokens quicker than a bear devouring a pot of honey. The $25.5m hard cap was supplemented by a further $150m in commitment and ESS is now available for trading on seven exchanges.
In the past week however we have found ourselves at the mercy of the volatile crypto industry and its general downward trend. Thankfully our community consisting of international crypto advisors and legal investment firms have noted that the internet was not built in a day, and neither will the blockchain revolution be complete in one day.
Firstly, we would like to state that our mission from the beginning has never strayed from its path, and the Essentia product and vision is stronger now than it has ever been. We set out to create the next generation layer for the Web 3.0, and through the peaks and troughs of the bear market, the self-funded venture proved critics wrong with a substantial demo product attracting attention from multiple governmental agencies.
You might have once carried a $100 bill in the back of your pocket. Well the guy whose face adorns the eternal stamp once wrote that ‘an investment in knowledge pays the best interest’. Benjamin Franklin’s shrewd observations sent ripples through future generations who still carry his picture in their wallets, and most notably his sentiment still runs true today.
Those who have done their due diligence, read the whitepaper and followed Essentia’s developments understand this theory. Thinking you’re going to turn a profit by joining a “revolution” for just one day is not realistic nor practical. The flight has just begun; the inherit value of Essentia grows enormously by the day and the scope of utility widens with every partnership.
Here’s how ESS offers unbounded real-world utility for token holders:
1) ESS token can be used to access and manage the industries most revered dApps and decentralized services within the Essentia framework.
Obtaining endless tokens for each different service is costly and time consuming. You may end up with tokens for a service you no longer use or no longer has value. As an ESS holder, you only need one token to access the best dApps on the Web 3.0.
ESS tokens can also be used to vote for projects to be integrated. This ensures Essentia will always remain up to date with the latest decentralized storages, VPN’s, media networks, exchanges and much more.
2) Individual actions performed on the protocol will require a small payment of ESS. The token will grant users the ability to interact with Essentia in a variety of ways and to pay for various services.
From either a personal, business, corporate or developer perspective, the utility range is extremely diverse. Tokens can be used for simple actions such as registering usernames and storing identities to more complex interactions such as creating and implementing smart contract, utilizing sub ID’s.
3) ESS holders can utilize computing power to earn tokens through Masternodes.
Set up your Masternode, sit back, relax and watch your crypto portfolio grow. Masternodes require large amounts of ESS to be staked which are then used to run servers to confirm transactions on the blockchain. Masternodes are particularly complex and expensive to run and they complete tasks which normal nodes cannot achieve, hence they receive a large percentage of the block reward.
4) ESS tokens form a critical component within the Essentia Framework. They incentivize active and positive participation, disincentivize bad behavior and create an equitable and transparent rewards system.
The spirit behind blockchain technology is about worming out bad actors who seek nothing but corruption and personal gain. The Essentia protocol achieves that task efficiently and effectively to provide impenetrable security, privacy and ownership.
5) Additional use cases for ESS will be introduced including governance and reputation management.
At the Essentia labs our world class developers are working hard to put the finishing touches on the e-govt pilots requested by Dutch and Finnish governmental institutions. Already Essentia offers tangible e-govt blockchain identity management and smart contract solutions. But the train doesn’t stop there, blockchain technology has already proven beneficial for over 50 entire industries.
6) The Essentis protocol brings interoperability on a scale that has never been achieved.
This could mean health-care blockchains are compatible with insurance chains, or international rail working with with cross-border customs chains.
Above all, ESS tokens are used by the visionaries among us to lubricate the cogs in the blockchain revolutionary machine. Those who have no faith in the decentralized movement and are looking to make a quick buck are those who complain about the current volatile situation.
As some of the most famous venture capital firms such as Bitfinex, Kenetic Capital and dFund have backed Essentia from the beginning, we are thankful for the forward thinking and revolutionary approach from our partners and community alike.
Here at the Essentia HQ we have nothing but excitement for all the upcoming events and developments. We have achieved more than what we set out in the roadmap and look forward to a brighter future together.
So sit back, hold tight and enjoy the blockchain ride!