Essential
A declarative blockchain enabling scalable applications that optimize user outcomes by eliminating the need for execution.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor investor investor investor investor | €0.0 | round | |
* | $11.0m | Series A | |
| Total Funding | 000k | ||
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Essential is developing what it terms the first "declarative blockchain," a Layer 2 network on Ethereum. The company was co-founded by CEO Liesl Eichholz.
The firm has secured significant financial backing, raising $5.15 million in a seed round in early 2023, led by Maven 11. This was followed by an $11 million Series A round, led by Archetype, which closed in June 2024. The total funding of $16.15 million is being used to accelerate the development of its blockchain infrastructure.
Essential's core technology departs from the traditional imperative model used by other blockchains, where users submit detailed, step-by-step instructions for transactions. Instead, it employs a declarative, intent-based model. In this system, users state their desired outcome, or "intent," and specialized off-chain entities called "solvers" find the most efficient way to achieve that outcome. This approach aims to reduce the computational load on the blockchain, enhance scalability, and simplify the user experience. By focusing on the 'what' rather than the 'how', the network is designed to update its state without needing to execute complex on-chain computations, a process it calls "executionless."
To facilitate development on its platform, Essential has created Pint, a proprietary, constraint-based programming language for creating declarative smart contracts and programmable intents. The company has released a pre-alpha devnet to allow developers to begin building and testing declarative applications. Essential plans to launch a testnet later in 2024, with a mainnet release anticipated in 2025.
The company's business model is centered on providing the infrastructure for this new type of blockchain. It serves developers who want to build scalable and sophisticated decentralized applications. By creating an ecosystem around its declarative architecture and Pint language, Essential positions itself as a foundational layer for developers seeking to build applications that are less prone to value extraction and offer better user outcomes.
Keywords: declarative blockchain, intent-centric, Layer 2, Ethereum, Liesl Eichholz, Pint programming language, blockchain infrastructure, decentralized applications, solvers, executionless blockchain, constraint-based programming, web3, off-chain computation, state updates, smart contracts, crypto, DeFi, devnet, mainnet, Archetype, Maven 11