Essential Raises $11M Series A to Revolutionize Blockchain with Declarative, Intent-Based Design
Essential, an Ethereum layer-2 network, has successfully secured $11 million in a Series A funding round to further its development of a groundbreaking declarative, intent-based blockchain. The funding round, announced on Tuesday, was led by Archetype and included significant contributions from prominent investors such as IOSG, Spartan, Mirana, Amber Group, Maven 11, and Bodhi Ventures. Additionally, founders and angel investors from leading projects like Celestia, Hashflow, Enso, Barter, LI.FI, Astaria, GlueX, Bebop, and Sorella participated in the round.
Pioneering Intent-Centric Blockchain Technology
Essential is at the forefront of developing the first declarative, intent-centric blockchain, which aims to transform the functionality of decentralized applications (dApps). Unlike traditional blockchains that rely on executing specific instructions, Essential’s approach focuses on achieving desired outcomes without the need for continuous on-chain execution. This innovative model emphasizes outcome-based interactions, significantly improving scalability and efficiency in blockchain operations.
The declarative model proposed by Essential reduces the necessity for constant on-chain computation, thereby addressing common blockchain challenges such as failed transactions and high slippage. By ensuring that only valid outcomes are processed, this approach enhances the reliability and performance of decentralized networks.
Support from Leading Investors
Dmitriy Berenzon, a partner at Archetype, expressed enthusiasm for Essential’s vision: “By enabling consensus on state updates without requiring on-chain execution, Essential will empower developers to build much more sophisticated and scalable applications than what is currently possible on virtual machine-based chains with traditional gas metering. We are incredibly excited to work alongside Liesl, Simon, and the entire Essential team as they design a chain from first principles with intents as the core primitive and design pattern.”
Introduction of Pint: A New Blockchain Programming Language
In tandem with the development of its intent-based blockchain, Essential has introduced Pint, a constraint-based programming language specifically designed for its platform. Pint allows developers to define and manage states directly on the Essential blockchain, paving the way for the creation of scalable and secure applications. To facilitate developer engagement with this new technology, Essential has launched a pre-alpha devnet, providing early access to experiment with the executionless blockchain design.
As the blockchain industry continues to evolve, Essential’s innovative approach and substantial backing from top-tier investors position it to make a significant impact on the future of decentralized technology.
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