Crypto Project Essential Raises $11M for ‘Declarative, Intent-Based’ Blockchain

Blockchain
project
Essential
has
raised
$11
million
in
Series
A
funding
led
by
Archetype
and
with
participation
from
several
other
high-profile
investors.

Essential’s
aim
is
to
offer
an
“intent-centric,
declarative
approach.”
This
differs
from
traditional
blockchain
in
that
it
leverages
users’
“intents”
for
desired
outcomes
rather
than
usual
transaction-based
interactions
where
users
must
specify
exact
instructions,
according
to
an
emailed
statement
on
Tuesday.

These
intents
are
then
solved
off-chain
by
a
network
of
solvers
in
order
to
reduce
on-chain
computation,
enabling
users
to
be
hands-off
from
the
step-by-step
“how
to”
part
of
a
transaction.

“This
shift
from
an
imperative
to
a
declarative
model
addresses
many
UX
issues
inherent
in
transaction-based
systems,
significantly
improving
user
and
developer
experience
while
enhancing
scalability,”
Essential
said.

Some
other
projects
that
are
using
the
same
process
include

Anoma
and

UniswapX.

Essential
is
also
rolling
out
“Pint,”
a
new
language
for
programmable
intents
for
developers
to
build
on
the
blockchain,
according
to
the
statement.

The
funding
round
included
contributions
from
IOSG,
Spartan,
Amber
Group
and
Big
Brain
Holdings.

Read
More:



WiFi
Provider
Andrena
Raises
$18M
to
Offer
Decentralized
Broadband