Intent-Based Blockchain Essential Secures $11M Series A Led by Archetype
Essential has secured $11 million in Series A funding to advance its declarative, intent-based blockchain.
According to a press release published by the Ethereum layer-2 network on Tuesday, the funding round was led by Archetype, with participation from several prominent investors including IOSG, Spartan, Mirana, Amber Group, Maven 11, and Bodhi Ventures.
We’re excited to share that Essential has closed an $11M Series A funding round led by @archetypevc.
— Essential (@intentessential) August 13, 2024
This milestone brings us closer to redesigning blockchain interactions for web3's transition to a declarative, intent-based future.
A big thank you to our investors for… pic.twitter.com/yMnQe6gVbh
The company also received investments from founders and angel investors from Celestia, Hashflow, Enso, Barter, LI.FI, Astaria, GlueX, Bebop, and Sorella among others.
First Decorative, Intent-Based Network
The announcement indicated that Essential is developing the first declarative, intent-centric blockchain to transform how decentralized applications work.
Unlike traditional blockchains that execute specific instructions, Essential will focus on achieving outcomes without on-chain execution to improve scalability and efficiency.
The declarative model prioritizes outcome-based interactions. The release stated that this approach would reduce the need for constant on-chain computation, addressing issues like failed transactions and high slippage by ensuring only valid outcomes are processed.
“By enabling consensus on state updates without requiring on-chain execution, Essential will empower developers to build much more sophisticated and scalable applications than what is currently possible on virtual machine-based chains with traditional gas metering,” said Archetype partner Dmitriy Berenzon.
“We are incredibly excited to work alongside Liesl, Simon, and the entire Essential team as they design a chain from first principles with intents as the core primitive and design pattern,” said Berenzon.
Essential Introduces Blockchain Programming Language
The company also introduced Pint, a constraint-based programming language tailored for its blockchain.
Based on the release’s introduction, Pint allows developers to define and control states directly on the Essential blockchain, enabling the creation of scalable and secure applications. Essential has launched a pre-alpha devnet to let developers experiment with this new technology.
“The concept of an executionless blockchain design is now a practical reality that developers can begin working with today,” the release reads.
The post Intent-Based Blockchain Essential Secures $11M Series A Led by Archetype appeared first on Cryptonews.
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El Salvador Bags $1.6 Billion Investment To Bring Its Mega Bitcoin City Project To Life
El Salvador recently announced that Turkey-based holding firm Yilport will invest $1.62 billion — the biggest private investment in the country’s history — to refurbish two seaports, including one home to the utopian “Bitcoin City.”
The announcement shared by President Nayib Bukele revealed that Yilport will be upgrading the ports at La Unión and Acajutla. Acajutla Seaport conducts most of El Salvador’s exports of coffee, sugar, and balsamic salts from Peru, while La Unión is a grossly underutilized seaport located where Bitcoin City is expected to be constructed.
“This will be a mixed-ownership company between the Yilport company and [El Salvador], which will operate both seaports for the next 50 years,” the government’s video statement on Aug. 12 noted.
Stacy Herbert, the director of the Bitcoin Office of El Salvador President, stated that the $1.6 billion investment is a product of Bukele’s visit to Turkey in 2022.
— Stacy Herbert
EL SALVADOR: Economic Plan / Phase 3
FOCUS: Logistics
(@stacyherbert) August 12, 2024
Stacy retweeted a post that claimed the undertaking would create “thousands of direct and indirect jobs” and “more investment in underlying local infrastructure.”
Stacy’s husband and advisor to Bukele, Max Keiser, described the agreement as a Bitcoin City infrastructure investment. “Bukele’s Turkey trip paid off BIGLY!” he posited on X.
El Salvador’s Ambitious Bitcoin City
El Salvador made Bitcoin a legal tender in 2021. In November of that year, President Bukele announced that the country was going to build an entire city based on the world’s largest cryptocurrency by market cap. The city will be a special economic zone that would offer tax advantages, crypto-friendly regulations, and incentives for Bitcoin businesses for its locals.
Bukele later revealed that the Bitcoin City will be a full-fledged metropolis with residential and commercial areas, restaurants, an airport, and rail service. The city will be designed in a circle, and there will be a plaza with a massive BTC symbol in the city center.
The special economic zone was supposed to be funded through El Salvador’s much-awaited “Bitcoin bonds,” but the offering has been shelved on multiple occasions.
Data from the Bitcoin Office website shows that El Salvador currently holds 5840.76 BTC. At BTC’s current price of just above $58,700, El Salvador’s Bitcoin stack is worth roughly $343 million. Central American countries continue their long-standing policy of purchasing one BTC per day.
El Salvador also introduced a law in December 2023 granting citizenship to Bitcoin investors who donate $1 million in Bitcoin or Tether to the government.
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