Essential secures $11m to pioneer 'intent-based' blockchain revolution

Essential Secures $11M to Pioneer ‘Intent-Based’ Blockchain Revolution

Last Updated: August 14, 2024By

In a bold move to reshape the blockchain landscape, the blockchain venture Essential has successfully garnered $11 million in Series A funding, spearheaded by Archetype and supported by a consortium of esteemed investors.

Essential is pioneering a transformative “intent-centric, declarative approach” to blockchain technology. Unlike traditional models that rely on transaction-based interactions, where users must meticulously specify every detail of their actions, Essential’s model allows users to articulate their desired outcomes—or “intents”—without delving into the nitty-gritty of execution. According to a statement released on Tuesday, these intents are resolved off-chain by a network of solvers, dramatically reducing on-chain computation and allowing users to remain disengaged from the intricate, step-by-step mechanics of transactions.

Read more: Chainbase Secures $15 Million in Series A Funding to Propel Blockchain Data Network

“This paradigm shift from an imperative to a declarative model addresses many of the user experience challenges inherent in traditional transaction-based systems. It not only significantly enhances the experience for both users and developers but also bolsters scalability,” Essential remarked in its statement.

Other blockchain initiatives, such as Anoma and UniswapX, are also exploring similar methodologies, underscoring the growing interest in intent-based frameworks within the industry.

Moreover, Essential is introducing “Pint,” a novel programming language designed for developers to craft programmable intents on the blockchain. This innovation is poised to further empower developers by simplifying the creation of sophisticated blockchain applications.

The funding round saw participation from several prominent backers, including IOSG, Spartan, Amber Group, and Big Brain Holdings, signaling strong confidence in Essential’s vision for the future of blockchain technology.

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About the Author: Eunji Lim

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