[ANN][ICO] Essence Token Bridging the Gap Between Digital and Physical Assets

[The Essence Project]

The Essence Project

Trade Cryptocurrency for Valuable Physical assets with Essence Token and The Essence Project

White Paper
Essence Project Website
What is The Essence Project
Essence Full Presentation
Contact Us



What Problems Does The Essence Project Solve?


The Essence Project aims to connect asset classes. Allowing anyone to trade cryptocurrency and valuable physical assets. By creating a marketplace of vendors that are economically incentivized to accept Essence Token, The Essence Project will increase liquidity in the Crypto-sphere.

The auction industry is currently one of the most decentralized, and least transparent industries in the world. Historically, auctions relied upon disparate levels of knowledge on the condition, provenance, and desirability of a piece. Wild speculation on the values of fine art, automobiles, and real estate was the norm.

However, due to the influence of the internet, many modern-day consumers will not buy at auction unless they feel the value of a piece is well documented. While people trust the price estimates of big-name auction houses like Sotheby’s and Christie’s, the credibility of smaller auction houses fluctuates through different circles and over time.

To keep up with consumers’ changing preferences, auction houses need the provenance, condition, and market value of the pieces they sell to be readily available to customers. As transparency increases and auction houses’ potential profit margins decrease, introducing technology to cut costs and increase revenue will become incredibly important. Since the overwhelming majority of auction houses are small-time operations, facing these challenges on an individual basis is often not economically viable.

 The Essence Project will act as an alliance for art galleries and auctions that individually control less than 1% of the total market. Together, these art galleries and auctions compose over 90% of the market.

Essence Project Components


The Essence Project is a set of decentralized applications and technologies designed to revolutionize the auction industry by introducing smart contracts, increasing transparency, recording and sharing sales information and trends, and providing secure and fast transactions.

Essence Platform- The Essence Platform is a database application designed to save auction houses time, money, and frustration. On the Essence Platform, auction houses can easily view and manage their inventory, customers, and sales data. Auction listings are formatted for upload to a number of online auction and e-commerce websites, and all sales price records including “on-the-floor” sales are recorded for entry into the Essence Database. Smart contracts clarify terms and conditions with consignors and buyers and ensure quick and secure crypto payment. All technologies on the platform are free to member auction houses, and select technologies will be made open-source once the technologies are fully adopted by initial target industries.

Essence Token/XES- Essence Token is an auction-specific utility token. Essence Token’s important features include centralized cryptographic signing keys, the ability to break up large transactions to mitigate risk, and a reserve fund that is held by the Essence Foundation in the interests of auction houses, collectors and XES holders. XES can also be used to purchase physical assets and access previous sales records.

Essence Exchange- The Essence Exchange is an online auction hosting service similar to LiveAuctioneers and BidSquare that accepts XES and FIAT in exchange for real/physical assets. Initially, XES exchange rates can be chosen by select auction houses and consignors as a percentage of market rate.

Essence Database- All sales records that pass through the Essence Platform are stored on the Essence Database. Once enough data is collected, analysts and machine learning bots will create and publish market trends. The Essence Database brings transparency and trust to auction houses and is accessible on a subscription model.

Essence Foundation- The Essence Foundation is a registered corporation of Wyoming. The Essence Foundation is dedicated to the advancement of the Essence Project, and the oversight and issuance of Essence Tokens.

Essence Certified Dealers- Essence Certified Dealers are verified auction houses and fine art galleries on the Essence Exchange. Certified Dealers have: a legitimate track record of verified transactions, a business license, and an auctioneers license if required by the state they operate in.

XES at a Glance

Max Token Supply: 150,000,000 Essence (XES)

Pre-ICO Details
Pre-Sale Token Price 6000 XES = 1 ETH
January 1 2019 (5AM UTC)-January 15 2019 (4:59AM UTC)

ICO Details
Crowdsale Min. Contribution: 0.25 ETH
Tier 1: Jan 16th-23rd(4:59AM UTC) 4500 XES = 1 ETH
Tier 2: Jan 24th- Feb 7th (4:59 AM UTC) 3900 XES = 1 ETH
Tier 3: Feb 8th-28th (4:59 AM UTC) 3000 XES = 1 ETH
Soft Cap: 3,500 ETH
Hard Cap: 35,000 ETH

WHITELISTING
AML and KYC checks will be performed at the end of the on all EssenceToken buyers. Name, Email and Location required for purchase.

ACCEPTED CURRENCIES
Essence Token can be purchased using Ether (ETH).

TOKEN TYPE
Essence Token is an ERC20 utility token, fueling operations on the Essence Platform and the native currency accepted by all vendors on the Essence Platform.

TOKEN PRICE
Pre-Sale Token Price 6000 XES = 1 ETH
January 1 2019 (5AM UTC)-January 15 2019 (4:59AM UTC)
Tier 1: Jan 16th-23rd(4:59AM UTC) 4500 XES = 1 ETH
Tier 2: Jan 24th- Feb 7th (4:59 AM UTC) 3900 XES = 1 ETH
Tier 3: Feb 8th-28th (4:59 AM UTC) 3000 XES = 1 ETH

AUTHORISED CONTRIBUTORS
Everyone can participate except citizens and residents from the United States, Republic of China, Syria, Libya, Iran, Iraq, North Korea, South Sudan and Cuba.

FOUNDERS VESTING
Founders Tokens will be in lock-in period of 12 months after the Pre-ICO.

Token Distribution

-5% is raised in a presale to early buyers.
-65% is raised in a public token sale.
-15% kept in reserve by the Essence Foundation to further advance the project (strategic partnerships, airdrops/giveaways, pay for further development if needed). Remanding funds will be publicly burnt once the project is self-sufficient.  (22,500,000 XES) Wallet address: 0x992f21Bee809F1eE7e67C0225185B29B04485b2e. Note, the funds are locked by smart contract and will be released to the Essence Foundation Wallet on March 1st when the ICO is completed.
-15% will be distributed to founding members with the strict intention of moving the product forward. Essence Tokens are locked for 1 year (January 1 2020). (22,500,000 XES) Core Team wallet address: 0xc36CDfEB909f9AA993Fa553e4f880623C1583bD2.

Essence Project Team


Advisory Board

Paul Brown - Auction house founder (Gallery 63) and TV star on Discovery Channel’s “Auction Kings” and HGTV’s “Endless Yard Sale,” Paul grew up in the industry with over 40 years working in and running auction houses.
Allan Baitcher - Licensed auctioneer and appraiser, Guinness Book of World Records auctioneer speed holder, Allan has been the lead auctioneer at some of the finest Southeastern US auction galleries for over 30 years.
Linda Meier - Founder of one of the nation’s leading auction house/antique store/prop houses (Red Baron Antiques), Linda also has extensive knowledge of the European market with her 40 years traveling to Europe to buy antiques.
Jonathan Morris - Seasoned finance professional with a background in wealth management, corporate finance and investment capital and an MBA in Finance from University of Miami. He has held management positions at Fortune 100 companies Bank of America, Marriott International, and Hertz Corp.  Johnathan is also a member of The NASD and holds securities licence Series 7, 63, and 52 including commodities exchange trader Series 3.  

Key Team Members

Alex Gavtadze - Founder of Green Cloud Ventures, and founder and managing partner of SIONI Consulting specializing in iOS and Android App development, Alex has more than 20 years experience designing, developing and managing enterprise-scale projects for companies including Cox Enterprise, Mannheim Autotrading, AT&T, and Verizon.
Davis Wang - Computer Science consultant for AT&T. Crypto Evangelist and aspiring actor featured in “The Avengers Infinity War”.
Brett Hinman - Georgia Tech MBA with 20 years in business operations and IT management, Brett has managed and lead large scale projects with companies such as Southern Company and Bank of America.

Leadership

Davis Beauchamp - Auction house founder (Twine Auctions), and cryptocurrency investor, Davis is a graduate of the UGA Terry College of Business. Rainmaker, storyteller.
Elijah Brown - Third generation auction house owner/founder, Elijah grew up in the industry with 12 years experience working in/running multiple auction houses. Early cryptocurrency investor and blockchain adopter. Current owner of the Famed Gallery 63 Auction house.

Community

Nick Perry - Cryptocurrency advocate, full time investor, and influencer (Savage Investors).
Stephen Montague -Theologist and early adopter in all things FinTech. When he is not researching and working on cryptoprojects, you can find him on CS:GO.

Find Essence

The ICO website: https://www.essenceproject.io
Twitter: https://twitter.com/Essence_XES
Reddit: https://www.reddit.com/r/essenceproject/
Youtube: https://www.youtube.com/channel/UCyayP7ERFUcLLQi6zZdf6IQ
Contact Us

Essence Token Contract Address
0xDa8A177C4c829cb8E5ac61892193db15dEC2f279

Essence Token Fundraiser Address
0x99e620b78c5773fcf66430687fc7d2b3fa80a649

[1714063309]

1714063309

[JohannesG]

Can I trade my stuff for crypto too? Or just my crypto for stuff?

[Twinkledoe]

Can I trade my stuff for crypto too? Or just my crypto for stuff?

That would be nice also. A buy and sell platform. Stuffs that you hardly used and make money out of it. When will this auction shop be opening in public? Also, if the ICO is not successful, are you still going to open this platform?

[The Essence Project]

Can I trade my stuff for crypto too? Or just my crypto for stuff?

That would be nice also. A buy and sell platform. Stuffs that you hardly used and make money out of it. When will this auction shop be opening in public? Also, if the ICO is not successful, are you still going to open this platform?

You can trade both ways. We aim to be the easiest way of putting capital in to the crypto sphere and taking capital out. All vendors that use The Essence Project will accept Essence Token. They can choose to accept other cryptos if they like. Our platform is free to use for vendors and will save them 10s of thousands of dollars a year over traditional methods, so there will be lots of inventory for trade. Furthermore, you'll be able to start an online store/auction house/prop house/ etc and accept cryptocurrency without previously being a vendor at no upfront cost.

We already have several auction houses testing our software now that will be listed as early partners and will be accepting crypto soon. The software is still in its early phase and not ready to be fully rolled out without more capital to make the interface clean, and implement the more complex features that further decrease barriers to enter. We plan on a soft opening to the public in Q3 2019.

In the event we do not meet our soft cap(3500 eth- which is the minimum amount required to have the project look and function the way we have fully planned) we will still release Essence Platform & Essence Exchange. However, it will likely not be the polished excellent project we intend it to be without reaching our soft cap.

[Wehrlein]

Hello. You need a bounty manager? I can organize a bounty campaign for your project.
TELEGRAM @ksmith85

[Twinkledoe]

Can I trade my stuff for crypto too? Or just my crypto for stuff?

That would be nice also. A buy and sell platform. Stuffs that you hardly used and make money out of it. When will this auction shop be opening in public? Also, if the ICO is not successful, are you still going to open this platform?

You can trade both ways. We aim to be the easiest way of putting capital in to the crypto sphere and taking capital out. All vendors that use The Essence Project will accept Essence Token. They can choose to accept other cryptos if they like. Our platform is free to use for vendors and will save them 10s of thousands of dollars a year over traditional methods, so there will be lots of inventory for trade. Furthermore, you'll be able to start an online store/auction house/prop house/ etc and accept cryptocurrency without previously being a vendor at no upfront cost.

We already have several auction houses testing our software now that will be listed as early partners and will be accepting crypto soon. The software is still in its early phase and not ready to be fully rolled out without more capital to make the interface clean, and implement the more complex features that further decrease barriers to enter. We plan on a soft opening to the public in Q3 2019.

In the event we do not meet our soft cap(3500 eth- which is the minimum amount required to have the project look and function the way we have fully planned) we will still release Essence Platform & Essence Exchange. However, it will likely not be the polished excellent project we intend it to be without reaching our soft cap.

Sounds great! The market is not getting any sunshine anytime soon, the reason why I said that if ICO will not be successful, are you still opening the online shop? And great to hear that you will still launch your shop no matter what. Anyway, you can always improve your platform along the way.

[limmousine]

ACCEPTED CURRENCIES
Essence Token can be purchased using Ether (ETH).

I think you should consider accepting coins other than eth in buying your tokens, because not everyone holds eth at this time.

[The Essence Project]

ACCEPTED CURRENCIES
Essence Token can be purchased using Ether (ETH).

I think you should consider accepting coins other than eth in buying your tokens, because not everyone holds eth at this time.

In the interest of keeping things transparent and not allowing anyone to mint and send coins at will, we chose just Ether at this point in time. If there is interest, we can implement other forms of payment. I know there are a few 3rd party solutions that dont require the token contract to be so open ended.

 

Can I trade my stuff for crypto too? Or just my crypto for stuff?

That would be nice also. A buy and sell platform. Stuffs that you hardly used and make money out of it. When will this auction shop be opening in public? Also, if the ICO is not successful, are you still going to open this platform?

You can trade both ways. We aim to be the easiest way of putting capital in to the crypto sphere and taking capital out. All vendors that use The Essence Project will accept Essence Token. They can choose to accept other cryptos if they like. Our platform is free to use for vendors and will save them 10s of thousands of dollars a year over traditional methods, so there will be lots of inventory for trade. Furthermore, you'll be able to start an online store/auction house/prop house/ etc and accept cryptocurrency without previously being a vendor at no upfront cost.

We already have several auction houses testing our software now that will be listed as early partners and will be accepting crypto soon. The software is still in its early phase and not ready to be fully rolled out without more capital to make the interface clean, and implement the more complex features that further decrease barriers to enter. We plan on a soft opening to the public in Q3 2019.

In the event we do not meet our soft cap(3500 eth- which is the minimum amount required to have the project look and function the way we have fully planned) we will still release Essence Platform & Essence Exchange. However, it will likely not be the polished excellent project we intend it to be without reaching our soft cap.

Sounds great! The market is not getting any sunshine anytime soon, the reason why I said that if ICO will not be successful, are you still opening the online shop? And great to hear that you will still launch your shop no matter what. Anyway, you can always improve your platform along the way.

It will definitely be a process, fortunately we have already established several strong partnerships that will provide lots of inventory and are excited to use our finished product. Regardless of how the ICO turns out, we hope to have at least 20k rare and valuable items for sale by vendors that accept crypto by the end of 2019. As it stands now, there are very few, if any websites that sell something for crypto that you could potentially make money on, I.E. not buying at retail price, buying an item that may appreciate in value, or buying an item that is rare and desirable.  This number will be far greater if the ICO is successful of course, as we will be able to create a better product that will see more adoption in the 100k+ auction houses/antique stores/stores with unusual inventory and difficult supply chains. We are of the belief that crypto needs adoption to grow, by allowing people to trade crypto for stuff and stuff for crypto, we hope to help with that.