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 . With the Eleven01 protocol, INDIA will have its first ever platform which will allow blockchain developers to create, publish, and extend the core blockchain services to the 2nd largest internet population of the world. As a natural extension, developers from other emerging market will have a blockchain protocol tailor made for their country’s needs and requirements.
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.
WHAT ARE THE COMPETITIVE ADVANTAGES THAT MAKE ELEVEN01 A BETTER BLOCKCHAIN PROJECT THAN OTHERS ?
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.
With Eleven01, users can choose the most appropriate trading tool for protocol deployment of their own system. Eleven01 supports a wide range of trading tools depending on the network topology. This mechanism can operate in a public environment where trust needs to be distributed across the entire protocol. Users can select a consensus mechanism for making appropriate transactions such as POS, POW, BFT, etc. when building a public chain. And Eleven01 will give instructions for who should choose which consensus mechanism is suitable For systems dedicated to specific businesses, chains can use security zones in TEEs (Trusted Execution Environments) to encrypt confirmation transactions on ledgers. Transactions that are clearly processed inside secure areas increase transaction throughput and speed up transaction processing up to 10,000 .
Data privacy
Homomorphic encryption is a data encryption technique that allows data computation on theencrypted data (ciphertext) can be performed without first decrypting the data.The result ofthe computation is also obtained in encrypted form.In terms of privacy,Homomorphic encryp-tion help preserve privacy of data mainly because it does not need to decrypt the data,prior to computation.
Theoretical solutions for homomorphic encryption which allow single operation,such as addi-tion,have been known for decades,for example based on the Elgamal or RSA cryptosystems.However,more recent development in homomorphic encryption allows unlimited number of two operations(multiplication and addition),that results in computation of arbitrary circuits.This opens up the doors to apply homomorphic encryption scheme to variety of use casesacross various industries including,health care,medicine,finance,government etc. Following table list variety of applications of homomorphic applications.This list was presented as part of a white paper during Homomorphic Encryption Standardization Workshop.
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.
There are various use cases of the marketplace like -
Artificial intelligence ( AI )
As Al becomes more democratized,the use of machine learning algorithms based on neural networks is increasing significantly. In the past,the key challenge with machine learning algo-rithms was their requirement to access and operate on raw,sensitive,private data.However, recent research and CryptoNets Applying Neural Networks to Encrypted Data with HighThroughput and Accuracy,shows that these algorithms can operate on encrypted data.In the context of Eleven01 Marketplace,software vendors may want to provide both a privacy preserving(with ability to operate over encrypted data)version and non privacy preserving version of their proprietary machine learning algorithms.This will allow customers to choose the right version based on their needs(e.g.high privacy versus high accuracy in results).Eleven01 Marketplace allows vendors to register both versions so that customers can easily subscribe to either or both of them as needed.As described in the previous section, the Eleven01 blockchain provides a platform on which to establish the binding contract between the publisher(software vendor)and the consumer(subscriber).
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.
In a public, permissionless blockchain, Eleven01 will operate with all transactions in the clear; implementing privacy in such a construct is detrimental to the very idea of the trustless public blockchain. The transactions are visible to everyone and anyone can validate the history of the transactions.
WHAT IS ELEVEN01’S 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.
How many PARTNERSHIPS DOES ELEVEN01 HAVE ?
ELEVEN01 has a very large number of partnerships . (With government as well as with a lot of private companies. )
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 partneship being with HDAC
The Eleven01 team will now work in partnership with Hdac Technology, a company that’s working to improve the potential and implementation of blockchain technology. Hdac Technology is a blockchain technology company founded by CEO of Hyundai BS&C, Dae Sun Chung. The company is working towards becoming a highly-reliable blockchain network allowing for convenient use of the IoT and blockchain-based services.
The partnership between the two teams will hover around exploring the incubation, investment, and development opportunities in blockchain and related areas.
Partnership with 50 colleges
The Indian government has often talked about the blockchain technology, including the Prime Minister himself displaying support for this and other emerging technology. This is an opportune time for the country to look at blockchain aggressively, given the stable and progressive government at the centre, and benefit from everything it has to offer. The basic ingredients of making India a blockchain powerhouse already exist and it’s a matter of bringing it all together in a cohesive and structured manner.
To leverage this conducive environment, Eleven01 has already signed MoU’s with over 50 colleges in India. Eleven01 have also inked partnerships with 12 innovative startups that have committed to using the Eleven01 protocol.
Eleven01, wants to lead the Indian market and usher in a new era of transparency and efficiency.
And many more partnerships are there.
Community
The project has a strong growing community For now, the official telegram group includes 3.4K active people, despite the market conditions affecting the overall communities activity. Here are the o links to channels and pages:
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
By Prateek Parashar (03.05.2019)
