Eleven01 is one of the fastest and highly scalable blockchain protocols that has been developed with the aim of bringing widespread blockchain technology to life.
Eleven01 protocol provides platform developers to create blockchain based applications in the blockchain ledger.Eleven01 protocol also focuses on developing advanced blockchain technology to address security and scalability issues .
Eleven01 is a highly scalable blockchain protocol which has been developed with real world use-case in mind. This protocol is secure-by-default and focuses crucially on privacy.
At its core, Eleven01 is working to create a blockchain protocol that can be used by applications demanding inherent privacy, scalability, and high transaction speed.The use of oracles in technology enables existing large scale centralised application, with external interactions to integrate easily with the Eleven01 platform.
Why is ELEVEN01- A UNDER THE RADAR SLEEPING GIANT?
A)HUGE CONSTELLATION OF PARTNERSHIPS
ELEVEN01 is backed by several Indian state governments, a multi-billion dollar enterprise and has forged several partnerships with dApps, education institutions and government/industry bodies.
Some of the major partnerships are :
TECH MAHINDRA
Tech Mahindra Limited is an Indian multinational provider of information technology (IT), networking technology solutions, Integrated Engineering Solutions(IES) and to various industry verticals and horizontals.
Part of the Mahindra Group, Tech Mahindra is a US$4.9 billion company with over 121,840+ employees across 90 countries. Tech Mahindra was ranked #5 in India’s IT firms and overall #111 in Fortune India 500 list for 2012.
Tech Mahindra has 926 active clients as of March 2018.
Tech Mahindra is part of USD 21 billion Mahindra Group that employs more than 200,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, after-market, information technology and vacation ownership.
The Eleven01 Foundation is a multi-organization conglomerate which collectively works towards bolstering India’s Blockchain prowess. Eleven01’s blockchain protocol, built in collaboration with Tech Mahindra, is India’s first blockchain protocol, and has the unique distinction of taking in government compliance under consideration. The foundation will also launch several initiatives which will create a world class support ecosystem for blockchain startups in the country.
The latest partneships with the GOVERNMENT OF INDIA.
Eleven01 has got 4 major partnerships with government of India as well.
Addressing the Congress, K T Rama Rao, Hon’ble Minister for IT, Industries, MA & UD, NRI Affairs, said, “Telangana government is at the forefront of promoting innovation and startups. We are proud to have the India’s largest incubator, T-Hub in Hyderabad. This is another momentous occasion for our Government in the Blockchain technology area, in providing the right infrastructure for Tech Mahindra and the Eleven01 foundation to thrive globally. I am confident that the Eleven01 initiative will set the global benchmarks in this space and provide cutting edge solutions across the industries.”
B) ALL STAR TEAM
Global CEO of the project Ausaf Ahmad: graduated from the MBA Sloan MBA business administration. He founded the Azure Blockchain Council and Microsoft Blockchain and IoT Lead. These are all major technology organizations leading the world. He is also a technology advisor at Nucleus Vision project and head of aircraft engine research team at Boeing Company.
CEO of the project in India Rama Iyer: Graduated from Mumbai University of India majoring in electronics. He has over 20 years of experience working in major companies such as Motorola, Ericsson, Cisco, Polycom, Atlia Systems. Served as Deputy Director at T-hub — an organization dedicated to supporting more than 200 start-up businesses. An expert on improvement for Assam, iHub and technology advisor for Emerging Tech, CoE, State of Telangana.
The other Developers and advisors of the the project are also very experienced.
C) Solid working products (Testnet )
The testnet is designed to make it flexible for use among the development community, which is why it supports Solidity which is an existing smart contract programming language.
And the developer community are showing great interest in Eleven01 as a resource for building and learning about blockchain technology. And The eleven01’s development team have received an overwhelming response from the community along with valuable feedback for the testnet.
So overall the testnet works really well and is really easy to use along with a great User interface.
D)GREAT NEW DISTINCT FEATURES
DYNAMIC CONSENSUS AND TWO TIER IDENTITY VERIFICATION
Consensus in blockchain is when a majority of nodes come to a common understanding (consensus) and agree to a specific thing (in this case…validating the set of transactions result that is submitted by a miner, that makes for a block).The logic of method of how the nodes (computers) arrive at a consensus is known as Consensus Algorithm.
Dynamic Consensus is the ability to be able to pickup any of the algorithm…dynamically by way of a trigger from a member node or administrator. Once most have voted then the switch to a newer consensus takes place.
MARKET PLACE
With homomorphic encryption, large enterprise software vendors across the industry can participate in what is known as ELEVEN01 MARKETPLACE.
One of the key challenges today with blockchain technology is the limited computational power available to smart contracts that excited on the chain, along with little or no privacy guarantees this impedes software vendors ability to publish their proprietary code as a smart contract.
Eleven01 mitigates this issue by providing the opportunity to software vendors to publish their algorithm this to eleven01 Marketplace.
PRIVACY BY DEFAULT MODEL
Eleven01 offers a wide array of privacy models on which the blockchain ledger can operate, Depending on the type of implementation. Eleven01 defaults to the most appropriate privacy model. erring on the side of protecting privacy. so the administrator can be confident that no sensitive data will be compromised. Eleven01 call this a secure by default.” Users can opt out of this model to allow all participants on the blockchain ledger to see all transaction details. if so desired. These settings can also be configured globally in the genesis block configuration.
5)GREAT TOKEN UTILITY
Asset Allocation
Correlate your existing physical assets with Eleven01 tokens who’s on-chain transfer can be analysed and used in systems outside the blockchain to maintain transparency and prevent duplicate sales.
Resource Consumption
A novel way of consuming resources using the blockchain. Our proprietary token will be used by all dApps building on our platform. Usecase example — use ‘x’ resource tokens to consume ‘y’ amount of resource.
Advanced Use Cases
The Eleven01 protocol also has multiple inbuilt features supporting specific usecases like Exchange and advanced dApps with high scale requirements to take the blockchain use case to another level.
- AGGRESSIVE ROADMAP
CONCLUSION
Eleven01 has all the components to become a multibagger project.
It has also got a aggressive roadmap, a great team , a very good working project and a lot of exceptional partnerships.
TELEGRAM:https://t.me/Eleven01Protocol
FACEBOOK:https://www.facebook.com/eleven01.io/
TWITTER:https://twitter.com/ELEVEN01dotIO
Whitepaper: https://docsend.com/view/aepwxcv
WEBSITE:https://www.eleven01.io
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