Essential Raises $11M to Revolutionize Blockchain with 'Intent-Based' Approach

Blockchain project Essential has successfully raised $11 million in a Series A funding round led by Archetype, with participation from prominent investors such as IOSG, Spartan, Amber Group, and Big Brain Holdings. The funding will support Essential's development of an "intent-centric, declarative approach" to blockchain technology, which aims to enhance user experience and scalability by focusing on users' desired outcomes, or "intents," rather than traditional transaction-based interactions.

In contrast to conventional blockchain systems where users must provide explicit instructions for each transaction, Essential’s approach allows users to express their desired results. These intents are processed off-chain by a network of solvers, which reduces on-chain computation and simplifies the transaction process for users.

"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 in a statement.

To support this new model, Essential is also introducing "Pint," a programming language designed for developers to build on this intent-based blockchain. The approach is similar to that of other projects like Anoma and UniswapX, which also utilize intent-based mechanisms.

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