General Overview: Essentia Blockchain

 
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Along with the ongoing work refining the Essentia Desktop app, our resources are also focused on the creation of the official Essentia blockchain. The end goal being a completely decentralized and trustless network through a highly scalable chain that will combine the industry’s best solutions to common blockchain problems.

The Essentia blockchain is set to be launched alongside the Mainnet in Q4 of this year. The framework is designed so that, once live, we can continue to build and add features to expand the scope of value for users and remain up to date with emerging technologies. For now here’s a brief look at some of the most important features we have in the works:

Interoperability

To achieve the status of a pioneering Blockchain network, we aim to connect the decentralized world through multi-chain and cross-chain interoperability. For us, it’s about closing the accessibility gap which currently hinders the conversion to the future internet. That could mean cross dApp capabilities, or connecting centralized and decentralized resources in a single cohesive environment.

We solve the complicated issues facing cross chain interoperability through the means of atomic swaps, which allow the transferral of crypto assets from one chain to another without the need of third-party exchanges. For instance, Atomic swaps will permit one user to send Bitcoin and receive the equivalent amount of Ether, saving a considerable amount of time and money.

Within the Essentia blockchain, this functionality will be realized through dedicated nodes and ESS-Synergies which will serve as bridges between separate blockchains.

Security

Hybrid Consensus

We live in times where the blockchain world still seeks for more secure and efficient consensus protocols. While Proof of Work consumes a ton of energy and Proof-of-Stake hasn’t yet proven itself stable enough, it has become obvious within the industry that a Hybrid consensus provides the most efficient and reliable solution.

The combination of both PoW and PoS protocols benefits the blockchain in many ways. Together with the possibility to reduce electricity costs and provide economic finality, it considerably increases security by eliminating any chance for a mining cartel to attack the network.

Sharding

Another means of making the Essentia blockchain more efficient is the implementation of sharding. If the blockchain is divided into several pieces the TPS (transactions per second) rate of the whole network increases dramatically. All the different shards are interconnected and if one suspects a compromise then they simply won’t validate the suggested block. This way the security of the blockchain as a whole is provided.

Zero-Knowledge Authorization Protocol

The zero-knowledge authorization allows authentication to be conducting without the need for key exchanges. This way the possibility of a key theft is reduced to a minimum. The protocol also permits assets to be transferred from one address to another in secrecy, so the identity and amount transferred may remain hidden.

Scalability

Essentia’s scalability will be achieved through the implementation of shards which will supplement the overall modular structure of the blockchain. Sharding will allow numerous transactions to be conducted simultaneously across different shards. This method has proved itself in significantly increasing throughput and security. The modular structure of Essentia allows users to modify and expand on the blockchain functionality. This means the Essentia framework can stay updated in correspondence with the latest technological developments.

If you’d like to take a look at the detailed technical overview of the Essentia blockchain we recommend you take a look at our dedicated article here. You can also find a document detailing Essentia’s blockchain architecture on our official website!

For any questions please feel free to reach us on social media!

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