Crypto Project Essential Raises $11M for 'Declarative, Intent-Based' Blockchain
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.
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.