By drinking this multi-colored essence you gain the following abilities
*You gain a body at the peak of all species on Earth Land surpassing the strongest wizards and dragon slayers, demons on Earth Land. All attributes such as strength, speed, intelligence etc are at the absolute peak. These physical attributes will rapidly increase as you practice and improve your dragon slayer magic.
*You gain a one time opportunity to re-sculpt your body as you wish so long as it looks human. As barely anyone on Earthland is ugly, your looks become a perfect 10/10 to everyone on Earth Land and you will only look better as you become stronger.
*Your charisma is such that you can inspire entire nations from the brink of despair to fight on until the end and your will is unbreakable and boundless. Even if you were stuck in a loop where you died over and over with each death being worse than the previous one you still wouldn't break. You are immune to memetic effects and similar things such as looking at the True Form of a god and going insane or disintegrating. Your mind is immune to illusions, Hallucinations etc and cannot be negatively affected by anyone not even gods. You are also immune to Curses.
*Instead of two containers, you possess three magic containers - Magic container, Second origin and Third Origin each of which hold enormous quantities of magic power enough to surpass the greatest mages with only a single one much less all three. You begin with an enormous amount of magic of extremely high potency enough to spam high level magic the entire day and not fell much of a dip in reserves. Your very presence makes even the strongest Spriggan-class mages like August wary. You will unlock all three by the time you turn 17 and each year you possess this essence - your total magic power will double and your control over your power will always be perfect.
*Your magic power is compatible with all other possible magic systems and you can use any type of magic regardless of whether you possess the characteristics like circuits etc and can even teach that magic to others.
*You also do not need Ethernano in the air to use magic as your magic comes from yourself. Your magic refills at an incredible rate and can go from empty to full in an hour regardless of the size of your pool and this time can be reduced further by repeatedly emptying your reserves and letting them refill. The more you exhaust your magic the faster and stronger it grows.
*You are an incredible prodigy at magic far surpassing Zeref himself. You can master even the most difficult magic within days when others would take a few decades to master. You can at a glance copy others magic and use it at a proficient level and with some practice surpass even the greatest users of that magic.
*The rate at which you learn, grow and master all kinds of things and gain strength is such that even the greatest savants at various fields and magic itself would look lame in comparison. You'll be capable of defeating people who have decades of experience with only a month of training and go from there.
*You possess a powerful regeneration such that fatal wounds disappear in a few seconds and lost limbs regenerate in minutes. So long as you're not insta-killed you will survive and thrive. This regeneration is adaptive where once you regenerate from an attack, you'll have an enormous damage resistance to those type and of attacks whether Physical, mental, spiritual, conceptual etc. This resistance will significantly reduce incoming attacks to 1/10th of their damage and weaker attacks will be completely nullified. This resistance will be increased again if you are notably damaged once more.This regeneration cannot be stopped or slowed by any anti-healing/regeneration type attacks or even conceptual ones.
*You gain the ability to use Dragon Slayer magic and all other magic from Fairy Tail Verse. You may choose any one or more elements/attributes such as fire, water, sky, wood, sun or even magic itself. Even abstract attributes like soul or divide etc are possible. You can learn all of them if you choose to. Your initial ability will be as proficient as Natsu was during the Grand Magic Games and rapidly grow from there. You can eat, dragons and bathe/partake in their blood to significantly enhance your raw power both physically and magically and gain all their knowledge about magic.
*You can train and take these to conceptual level like burning Magic itself or destroying the soul of anyone who possesses magic etc.
*You can use all the spells and abilities a dragon slayer has access to - such as Dragon Force and ability to eat elements other than your own and unlock new forms.
*A side effect of Dragon Slayer magic is the creation of a Dragon Seed in the body which slowly transforms them into a dragon permanently. They lose the ability to sleep and taste and can get increasingly unstable due to the magic. Now you no longer face any of the side effects and while you still turn into a Dragon, you gain the ability to switch between human, human-dragon hybrid and a dragon form respectively. You also do not suffer from any motion sickness or such that other dragon slayers suffer through. You can customize your dragon form.
*Your dragon form possess enormous amount of power compared to your human form. Once you become a dragon your already enormous magic power is increased to absurd levels and it's potency is such that even the strongest spells cost significantly less magic to use making the cost of all spells almost irrelevant.
*You possess the physical attributes to pulverize an entire country in your human form and can shatter a planet in your Dragon form and can survive the same. Your spells and blasts are such that you can vaporize entire planets and perhaps destroy stars. You have perfect control over how much damage your spells cause. As a dragon you are immortal.
*You are almost immune to all magic that is harmful or negatively affects you and even dragon slayer magic/weapons/poisons can barely hurt you. You can move at relativistic speeds as a human and approach light speed as a dragon. You also immune to any form Dragon Supremacy Magic or something to control dragons or their minds. You are also completely immune to your element and even God Slayer version of your element can barely affect you.
*You are also a Master Enchanter capable of enchanting the very air, sky and space itself. You can even pull asteroids from outer space. And your dragon form increases the power of all your spells enormously.
*As the Dragon King, you are the most amazing lover in the universe. You are a master of charm and seduction and there isn't a single being in the universe mortal or otherwise who wouldn't be left a mewling mess after a single round of sex. Even the most experienced gods and demons of lust and sex and Embodiments of Lust and Desire would swear their eternal devotion to you after a couple rounds. Your fluids taste delicious and your stamina is endless. Even beings who should be immune are no longer so to your seduction.
*You gain access to and can enter a dimension similar to Space Between Time, that only you can enter, filled with Magic of Space and Time that you consume regardless of your element. This will grant you enormous power that make the "previous you"(as mentioned above) look weak however there is high chance of separating body and soul and getting stuck in that dimension.
*This essence however also grants access to Fairy Heart - which is a source of infinite magic power- in the form of a human-heart shaped crystal, the size of a human hidden somewhere on Fiore or a country of your choice on the planet you are currently on. This essence only provides vague hints for where it is hidden and as you get closer to it, you will get a tugging sensation towards it's location. It can only be found and used by someone who has drunk this essence and to everyone else it will only look like an ugly and weird statue.
*If you find it, you can absorb the Fairy Heart in the Space Between Time. This allows you to eat the Magic of Space and Time without any of the previously mentioned consequences and also gain perfect control over your new found power as well as the dimension and gain the ability to control both Space and Time on the level of Gods. It will also grant you Infinite Magic Power - The Power of Gods, Surpassing Time itself.
*You can teleport, reverse/forward/stop time, time-travel, resetting time to any point you wish, bend/freeze space, cut through space, create Time Locks, open portal to different universes and time lines and essentially manipulate worlds/timelines to your will etc. This ability to control space and time is absolute and the only way someone can resist these abilities is if they are at least more than 1000X stronger than you and also possess powerful Space-Time abilities themselves.
*What you can accomplish with Space and Time is only limited to your creativity, imagination and experience. Drawing in alternate versions of people to fight for you, copying powers from fictional characters and alternate selves or fixing a destroyed neighborhood/forest by overlapping a pristine version of it. Anything you can imagine is can be done.
*All your powers cannot be suppressed, copied, altered, nullified or affected negatively against your will. You cannot be sealed away by any magic or seals or anything similar to it.
*A final ability this essence grants is the Power of Friendship. You can pour you will and positive emotions into your magic making it massively stronger to the point that enemies who are a dozen times stronger than you can be beaten even if it should not be possible. The stronger your emotions the greater the power boost.
*You may choose to be reincarnated into the world of Fairy Tail with all the benefits of this essence at any point in time. But even if you don't choose to go to Earth Land, you will have all the benefits of this essence.