Blockchain project Essential recently secured $11 million in Series A funding, with Archetype leading the investment round and participation from other prominent investors. Essential is focused on revolutionizing the traditional blockchain approach by introducing an “intent-centric, declarative approach.” This method utilizes users’ intents, which are constraints that express desired outcomes, rather than relying on transaction-based interactions that require specific instructions.
Unlike conventional blockchain systems, Essential’s platform solves user intents off-chain through a network of solvers to minimize on-chain computation. By shifting towards a declarative model, the project aims to address user experience (UX) issues inherent in transaction-based systems while enhancing scalability and developer experience.
In addition to its innovative approach, Essential is launching “Pint,” a new language that enables developers to create programmable intents on the blockchain. This initiative is set to empower developers and further expand the capabilities of the platform.
The funding round included contributions from IOSG, Spartan, Amber Group, and Big Brain Holdings, showcasing the industry’s confidence in Essential’s vision and potential. Other projects like Anoma and UniswapX are also adopting similar processes, highlighting a growing trend towards intent-driven blockchain solutions.
Essential’s strategic focus on intent-based interactions and off-chain computation sets it apart in the blockchain space, positioning the project for future growth and impact. With the backing of leading investors and a commitment to innovation, Essential is poised to make significant strides in reshaping the blockchain landscape.