Crypto Project Essential Raises $11M for ‘Intent-Based’ Blockchain

The underlying plans are to offer an “intent-centric, declarative approach” that differs from traditional blockchain in that it uses users’ “intents” (constraints that express desired outcomes).

User objectives are solved off-chain by a network of solvers 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 notable investors.

Essential’s goal is to offer an “intent-centric, declarative approach.” This differs from traditional blockchain in that it leverages users’ “intents” for desired outcomes, rather than the usual transaction-based interactions where users must specify precise instructions, according to an emailed statement Tuesday.

These tasks are then solved off-chain by a network of solvers to keep users from having to go through the step-by-step “how to” part of a transaction.

“This shift from an imperative to a declarative model addresses many of the UX issues found in transaction-based systems, significantly improving the user and developer experience while increasing scalability,” Essential said.

Other projects using the same process include Anoma and UniswapX.

Essential is also introducing “Pint,” a new language for programmable objects that will allow developers to build applications on the blockchain, according to the statement.

The financing round included contributions from IOSG, Spartan, Amber Group and Big Brain Holdings.

Read More: WiFi Provider Andrena Raises $18 Million to Offer Decentralized Broadband