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Crypto Project Essential Raises $11M for 'Declarative, Intent-Based' Blockchain
The investment was led by Archetype and included contributions from IOSG, Spartan, Amber Group and Big Brain Holdings
Updated Aug 13, 2024, 9:26 p.m. Published Aug 13, 2024, 3:00 p.m.
- Essential plans to offer an "intent-centric, declarative approach," which differs from traditional blockchain in that it leverages users' "intents" - constraints that express desired outcomes.
- User intents are solved off-chain by a network of solvers in order to reduce on-chain computation.
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.
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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.
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