about The Essence Project
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 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 “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 and collectors. 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. 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.
Token Supply: 150,000,000 Essence (XES)
The essential team
The Essence Project has a combined 150+ years of experience running and operating successful auction houses in the Southeastern United States. The team includes leaders from the world famous Red Baron Antiques, and from Gallery 63 which was featured on The Discovery Channel’s “Auction Kings”. Auction houses are notoriously resistant to industry outsiders. With The Essence Team’s specific knowledge of auction culture and insider connections, we are able to work alongside auction houses in ways that other technology and financial institutions cannot.