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The Essence Project is a set of decentralized applications and technologies designed to revolutionize the auction industry by introducing smart contracts, increasing transparency, recording and sharing sales information and trends, and providing secure and fast transactions.
Essence Platform- The Essence Platform is a database application designed to save auction houses time, money, and frustration. On the Essence Platform, auction houses can easily view and manage their inventory, customers, and sales data. Auction listings are formatted for upload to a number of online auction and e-commerce websites, and all sales price records including “on-the-floor” sales are recorded for entry into the Essence Database. Smart contracts clarify terms and conditions with consignors and buyers and ensure quick and secure crypto payment. All technologies on the platform are free to member auction houses, and select technologies will be made open-source once the technologies are fully adopted by initial target industries.
Essence Token/XES- Essence Token is an auction-specific utility token. Essence Token’s important features include centralized cryptographic signing keys, the ability to break up large transactions to mitigate risk, and a reserve fund that is held by the Essence Foundation in the interests of auction houses, collectors and XES holders. XES can also be used to purchase physical assets and access previous sales records.
Essence Exchange- The Essence Exchange is an online auction hosting service similar to LiveAuctioneers and BidSquare that accepts XES and FIAT in exchange for real/physical assets. Initially, XES exchange rates can be chosen by select auction houses and consignors as a percentage of market rate.
Essence Database- All sales records that pass through the Essence Platform are stored on the Essence Database. Once enough data is collected, analysts and machine learning bots will create and publish market trends. The Essence Database brings transparency and trust to auction houses and is accessible on a subscription model.
Essence Foundation- The Essence Foundation is a registered corporation of Wyoming. The Essence Foundation is dedicated to the advancement of the Essence Project, and the oversight and issuance of Essence Tokens.
Essence Certified Dealers- Essence Certified Dealers are verified auction houses and fine art galleries on the Essence Exchange. Certified Dealers have: a legitimate track record of verified transactions, a business license, and an auctioneers license if required by the state they operate in.
The Essence Project aims to connect asset classes. Allowing anyone to trade cryptocurrency and valuable physical assets. By creating a marketplace of vendors that are economically incentivized to accept Essence Token, The Essence Project will increase liquidity in the Crypto-sphere.
The auction industry is currently one of the most decentralized, and least transparent industries in the world. Historically, auctions relied upon disparate levels of knowledge on the condition, provenance, and desirability of a piece. Wild speculation on the values of fine art, automobiles, and real estate was the norm.
However, due to the influence of the internet, many modern-day consumers will not buy at auction unless they feel the value of a piece is well documented. While people trust the price estimates of big-name auction houses like Sotheby’s and Christie’s, the credibility of smaller auction houses fluctuates through different circles and over time.
To keep up with consumers’ changing preferences, auction houses need the provenance, condition, and market value of the pieces they sell to be readily available to customers. As transparency increases and auction houses’ potential profit margins decrease, introducing technology to cut costs and increase revenue will become incredibly important. Since the overwhelming majority of auction houses are small-time operations, facing these challenges on an individual basis is often not economically viable.
The Essence Project will act as an alliance for art galleries and auctions that individually control less than 1% of the total market. Together, these art galleries and auctions compose over 90% of the market.
Verified 43%
Attention. There is a risk that unverified members are not actually members of the team
Verified 25%
Attention. There is a risk that unverified members are not actually members of the team
2 ICO
$3 000 000
