Essence

WHAT IS ESSENCE?

Essence will be a high utility, disinflationary, ERC-20 Utility Token on the Ethereum Blockchain. It is crafted through the transformation of mined E-ther by the Mentar. Essence is arguably the most coveted commodity inside of Earth 2, largely due to the core utility it will provide.

WHAT BIGGER UTILITY THAN POWER?

Essence will be the core commodity required to power almost everything inside of Earth 2. People will need it to craft Power Cells, which will in turn be needed to power things such as :

Buildings
Cydroids
Vehicles
Cities
Devices
and More

Using Essence to power objects is what we refer to as direct staking, that is staking into an object that can then be used for alternative purposes providing opportunities for the Player to gain more via the utlity of the object staked.

Players will also need to stake Essence in order to generate Raw Materials opening the gateway to build and trade. Additional Essence may be used to supercharge production, in which case the supercharged amount will subject to a burn mechanism by which 50% of the Essence used to supercharge is burned. We are also excited to confirm that at some point in the future Essence may also used to trade items on the platform, much like Players use E$ today

ADAPTIVE VALUE OF ESSENCE

Many aspiring web3 projects make the mistake of tying token quantity to essential products, items or commodities which are prerequisites for users to have any meaningful experience or hands-on involvement with their platform. This approach results in hyper inflated prices that may make for great headlines when super early token holders decide to splurge, but can subsequently result in blocking the scalability and growth of the project due to the establishment of exorbitant and unrealistic prices that new users face when they want to get involved or become part of its ecosystem

Our approach with Essence is to lock in some values, especially for core facets of the EcoSim such as powering buildings and objects. This will mean tethering an internal measurement unit to a locked fiat figure which can be remunerated using Essence resulting in an adaptable token value system that slides, not only rewarding Players holding Essence if the externally traded price of Essence increases, but incentivising Players actively holding to build and utilise their dynamically empowered Essence inside Earth 2 on the back of such growth.

ESSENCE TOKENOMICS

After much anticipation, Earth 2 is making its first move into the Web3 space. Essence will become a disinflationary ERC-20 Utility Token initially launching on the Ethereum Blockchain. The Layer 1 Etherium Blockchain was chosen for its superior security, compliance and decentralisation merits.

WHY ARE MAKING ESSENCE A TOKEN?

The core reason for making Essence into a Utility Token is not only for the assistance it provides Earth 2 with the development of such an ambitious project, but to provide our community with a compliant place to trade the token.

ESSENCE SUPPLY CAP

Essence will be capped at a maximum supply of 1,000,000,000 (one billion) tokens with the majority of these tokens being mineable over time by land holders.

SYMBIOTIC RELATIONSHIP

Each time an Essence token is mined, a smaller amount of Essence is unlocked in the Earth 2 Treasury, gradually providing access to funds the Earth 2 team requires in order to build, scale, market, expand and support such an ambitious project.

ESSENCE HALVING

Essence will be disinflationary with halving events set to activate when the total mined + unlocked Essence reaches 500,000,000 (five hundred million), 750,000,000 (seven hundred and fifty million) and 875,000,000 (eight hundred and seventy five million) respectively. At each halving event, the E-ther spawn rate, or minable E-ther, for each respective land tier type will reduce by 50%.

E-THER TO ESSENCE TRANSFORMATION

E-ther to Essence transformation will remain at 6.5%.

Click here to view article.

The Power of Essence

The above article was released by Shane Isaac (Founder of Earth2) in January 2024. This provides some additional information about the Essence token.

To help illustrate this information the following examples have been put together. Please note that the figures used are for illustration purposes only.