Crypto Project Essential Raises $11 Million to Develop “Declarative, Intent-Based Blockchain”
Date: 2024-08-14 Author: Oliver Abernathy Categories: BLOCKCHAIN
Crypto project Essential has announced that it has raised $11 million in Series A funding led by Archetype, with participation from other major investors including IOSG, Spartan, Amber Group, and Big Brain Holdings.
The Essential project aims to introduce a new approach to blockchain based on user intent. Unlike traditional blockchain, where users must provide precise instructions to execute transactions, Essential offers a declarative approach. This approach involves users expressing their intents — constraints that describe desired outcomes, rather than specific actions.
These intents are processed off-chain by a network of solvers, which significantly reduces the computational load on the blockchain. Users are freed from having to specify step-by-step actions to perform transactions, which simplifies the process of interacting with the blockchain.
“Moving from an imperative model to a declarative one eliminates many of the user experience issues associated with traditional transaction-based systems. This significantly improves usability, development, and scalability,” Essential said.
In addition, Essential announced the launch of a new programming language called “Pint,” designed to create programmable intents on the blockchain. This language will open up new opportunities for developers who want to build applications based on the new blockchain model.
The Essential crypto project is not the only one using this approach. Examples of other projects include Anoma and UniswapX, which are also exploring the possibilities of declarative systems.
The $11 million raised will help Essential accelerate the development and adoption of these innovative technologies, which may significantly change the approach to the creation and use of blockchains in the future.
