Blockchain startup Essential has successfully raised $11 million in Series A funding, with Archetype leading the round and participation from high-profile investors including IOSG, Spartan, Amber Group, and Big Brain Holdings.
Essential aims to transform blockchain interactions through its innovative “intent-centric, declarative approach,” diverging from traditional transaction-based models. Unlike conventional systems that require users to provide specific instructions for transactions, Essential’s method leverages user “intents” to determine desired outcomes. These intents are processed off-chain by a network of solvers, thereby minimizing on-chain computation and allowing users to avoid intricate transactional steps.
“This transition from an imperative to a declarative model resolves numerous user experience challenges inherent in transaction-based systems, significantly enhancing both user and developer experiences while boosting scalability,” Essential stated in an emailed release.
The new approach is comparable to methods employed by projects like Anoma and UniswapX.
Additionally, Essential is introducing “Pint,” a novel language designed for programmable intents, aimed at empowering developers to build on the blockchain.
The funding round also saw contributions from notable investors such as IOSG, Spartan, Amber Group, and Big Brain Holdings.
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