So i'm making my way into MOTB for the first time and im just starting the second act. I want to know what exactly im meant to do about enchanting.

I've got tons of volatile essence that im not sure what to do with or how to combine. And the sheer amount of enchanting materials makes me think that the game really wants the player to use that system. So im asking how exactly does it all work? Enchanting stuff is easy since its pretty straight forward but what do I do with all of the volatile essence? How do I know which essences to save so I can make better weapons down the line when the game might get so hard I need them? Also since the game lets us change the name of enchanted weaponry will it ever let me write out a little bio for a weapon once it gets to the highest enchanted level (Which I have no real clue what that is)

Any help with this would be greatly appreciated.