The Essence Project

The Essence Project

Created using Figma
Created using Figma
Trade Cryptocurrency for Valuable Physical assets with Essence Token and The Essence Project. 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 providing secure and fast transactions.
ICO
Jan 16, 2019
Feb 28, 2019
100% completed
Raised funds - no Data
Cap 3 500.00 ETH
Hard cap 35 000.00 ETH
past
Pre Sale
Jan 1, 2019
Jan 15, 2019
100% completed
Raised funds - no Data
past
Token Details
Ticker
XES
Token Distribution
-5% is raised in a presale to early buyers.
-65% is raised in a public token sale.
-15% kept in reserve by the Essence Foundation to further advance the project (strategic partnerships, airdrops/giveaways, pay for further development if needed). Remanding funds will be publicly burnt once the project is self-sufficient. (22,500,000 XES) Wallet address: 0x992f21Bee809F1eE7e67C0225185B29B04485b2e. Note, the funds are locked by smart contract and will be released to the Essence Foundation Wallet on March 1st when the ICO is completed.
-15% will be distributed to founding members with the strict intention of moving the product forward. Essence Tokens are locked for 1 year (January 1 2020). (22,500,000 XES)
Additional Details
Categories
Platform

About The Essence Project

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.

Features

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.

Activity

Activity:
3
VERY LOW
Posts:
8
VERY LOW
Views:
190
VERY LOW

The Essence Project Team

Verified 43%

Attention. There is a risk that unverified members are not actually members of the team

Alex Gavtadze
Project manager
unverified
Davis Wang
Project manager
unverified
Brett Hinman
Project manager
unverified
Elijah Brown
Owner and founder
verified
Davis Beauchamp
Owner and founder
verified
Nick Perry
Community
unverified
Stephen Montague
Community
verified

Advisors

Verified 25%

Attention. There is a risk that unverified members are not actually members of the team

2 ICO

$3 000 000

Paul Brown
Advisor
unverified
Allan Baitcher
Advisor
unverified
Linda Meier
Advisor
unverified
Jonathan Morris
Advisor
verified

The Essence Project Interviews

Jonathan Morris
As a team member, сan you tell us about your role in the ICO project?
My experience in trading stocks, bonds, options and commodities relates directly to a bid ask system. This is seen in both trading crypto currencies and trading items at auction. The Essence Project will allow multiple asset classes to be connected.
What do you think about idea?
The Essence Project is an exciting and advanced endeavor. Never before have people been able to trade items for cryptocurrency and vice versa. This allows anyone interested the ability to gain entrance into the world of cryptocurrency. It's an exploding new asset class and that's what excites me the most.
Elijah Brown
As a team member, сan you tell us about your role in the ICO project?
As a auction house owner and blockchain enthusiast, I see this project as the prefect chance to marry those two worlds and improve both of them. My goal is to increase liquidity and adoption in the entire crypto sphere. With my unique connections and background, I was able to assemble the perfect team to bring The Essence Project to fruition. I see The Essence Project as the logical step needed to allow for real adoption in the crypto space.
What do you think about idea?
Everyone who trades cryptocurrency is already familiar with the concept of how auctions function. Our goal is to connect asset classes and allow people to easily transfer value between physical and digital assets. Everyone has stuff, The Essence Project will allow people to trade that stuff for crypto. Everyone wants stuff, The Essence Project will allow people to trade crypto for stuff.
Davis Beauchamp
As a team member, сan you tell us about your role in the ICO project?
I oversee the project as a whole and determine the creative direction of the project. With the project since its ideation.
What do you think about idea?
Essence has endless potential as an online marketplace, an appraiser of goods, and as a store of value.
Stephen Montague
As a team member, сan you tell us about your role in the ICO project?
My role is to help with the overall direction, unique marketing plans, and innovation for the project.
What do you think about idea?
I believe that The Essence Platform can, and will, change the auction industry, and allow all types of people to understand and use crypto. For the less “tech-savvy” people in the world, trading on Binance can be a scary task. The Essence Platform will take away the fear in trading.
N/A
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ICO Profile Vision Activity Potential Product Team
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