The first step towards blockchain interoperability
The crypto world took a giant leap forward this week with Essentia announcing their multi-chain passwordless dAppstore. This innovation has led many to believe the future of interoperability between blockchains and decentralized services is not as far off as originally estimated, here’s why…
DApps are proving beneficial for many industries, but they notoriously lack interoperability. One explanation is that each blockchain requires currency generation to function – and as we know – these currencies, or tokens, are incredibly volatile and any attempts at pegging to a stable currency have fallen short (see Vitalik Buterin – inventor of Ethereum’s – hilarious parody with his WTF coin).
This has meant that dApps largely stand on their own while users have to face the impracticality of purchasing and holding dozens of tokens. Hence, for interoperability to work, a single token which can operate across multiple blockchains is required.
The integrated dApp store solves this problem, the Essentia protocol enables users to integrate dApps onto the platform and access them entirely through the ESS token. The protocol is also accessible through a seed or hardware wallet device, making it possible to login and access +1k of dApps without a single password. As the old proverb goes… “two birds, one stone blockchain”.
Essentia co-founder Matteo Gianpietro Zago remarked that one of the primary motivations behind building the project was to fix the problem of fragmentation in the Web 3.0.
“We now have over a thousand credible blockchain projects in existence. One for decentralized exchanges, another for storage, VPN’s, social media and so on. The problem is, mainstream adoption has been restricted because of the difficulty in accessing and managing these platforms”
Trustless Voting System with a monthly winner
Through a community lead poll, Essentia users put forward dApp integration requests, ensuring the best and most popular dApps gain interoperability. In order to achieve our goal of widespread adoption, we need promote valuable ideas, projects and visions, therefore it must be a contributed effort.
“Innovation requires the ability to collaborate and share ideas with other people” – Bill Gates
We wouldn’t be the first to quote Gates, but he didn’t revolutionize the tech world by mistake. Even here, 20 years ago, he had captured the essence of the collaborative decentralized movement and blockchain economy before it had even begun. The difference is, the Web 3.0 will not burden end-users.
Token economics within the Essentia dAppstore
At its very essence, the ESS token is a utility token. It allows the bearer to use the Essentia platform/framework in a number of ways:
- Every month Essentia will run a community-wide vote to choose which project to integrate next into the platform. Based on suggestions from both the community and the team, 10 projects will qualify and the top 3 projects will be selected for integration.
- Votes are cast by ESS holders at a cost of 1 ESS per vote with a limit of XX votes per wallet address. The total ESS earned for that month will go towards the block rewards for stakes and node operators.
- When staked (locked under specific terms), developers are allowed to upload scripts and dApps into the dAppstore.
- Developers also earn rewards in ESS tokens based on the usage and popularity of their scripts/dApps
- The amount staked is lost if it is proven that the script/dApp uploaded was harmful or against good-will.
- In order to integrate different dApps within your personal launchpad/Essence, you require ESS tokens