Essentia The final part (past) of the review we want to devote to the summing up, so we will tell about the features of the framework and its solutions, as well as what are the advantages for users and how it can be used. So, recall that Essentia is a revolutionary framework that will allow users, companies, and devices to decentralize the storage of any data and assets in reliable containers – essences. This data may be any personal information, the distribution of which may result in negative consequences for its owner in the form of abuse and interference.
This includes all sorts of identifying data, files, accounts, logins, wallets, etc. All this private information is completely transferred to the control of the user who uses the capabilities provided by the framework for its reliable Storage. This will help to solve the current situation of fraud with personal data of users.
Thousands of companies are earning billions of dollars on algorithms based on user data. The users themselves, however, do not receive anything in return, except for the increased risks of theft and other interventions. The Essentia framework is designed to address this issue by providing users with exclusive access to their data.
ESS tokens, as “fuel” for the framework, will be the basis of Essentia capabilities and the way to access its functions for users. Plus, they will be enrolled on cryptocurrency exchanges, used as rewards of the most active and will help to maintain a rating system that will allow calculating unscrupulous participants of the system.
First, as we have already said, it is a great opportunity to securely and securely store critical user data. In this case, they can be controlled not only by users but also by whole corporations and even devices, including the world of IoT (Internet of Things). The data is encrypted and stored in trusted decentralized repositories, and only the owner can grant full or partial access to them to third parties.
Repositories are always available from anywhere on the planet that has an Internet connection, so users can manage their data and assets from anywhere and anytime. Moreover, all of them are encrypted by default before they get into the vault, so not only their privacy but also the anonymity of their owner is ensured.
A huge plus of the framework is that it is modular, that is, it can be easily customized to customer requirements. This allows Essentia to scale and adapt to each user and its individual settings.
Instead of using the traditional method of authorization on platforms (login and password), an individual user can use Elogin. This is a decentralized way of authorization, which provides the possibility of unimpeded logon without unreliable (as practice shows) passwords.
Another option for decentralized data storage is in the case of services that provide service in the area of KYC policy. Know your Customer is a policy that allows you to obtain the necessary information about the user in order to exclude the possibility of such illegal actions, such as laundering of proceeds from illicit sources or financing of terrorism. The services that provide the KYC policy will be able to decentrally store and manage the data that affects users in the repositories that Essentia provides.
For companies, the solution of the framework will be an excellent opportunity to comply with the regulatory requirements of the GDPR-General regulations on data protection adopted in the European Union. The regulation enhances the protection of personal data of all users, so for companies, it will be a great way to keep such information as secure and reliable as possible without any fraudulent interference
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