Eleven01 is one of the fastest. highly scalable blockchain protocol which aims to make blockchain technologies ready for real world use starting from India as a beachhead market for public as well as private workloads. Secure-by-default and privacy-foccsed. The Eleven01 blockchain protocol employs cutting edge blockchain research to achieve high throughput through dynamic consensus and is designed to scale up to several thousand transactions per second.
They are seeking to bring crypto to wider mainstream audience and will support smart contracts with Ethereum Virtual Machine (EVM). This means developers will be able to easily port and deploy dApps built on Ethereum onto Eleven01 once their mainnet is live which could make Eleven01 a serious contender right out the gate.
Eleven01 provides a platform that allows developers a means to create, publish and extend the core blockchain services beyond the core blockchain ledger. One of the biggest USPs of the Eleven01 protocol is the use of Oracles. This will allow large scale, traditional. centralized applications to employ blockchain into their existing infrastructure.
Blockchain scalability is at the forefront of many people’s minds in the crypto community. It is one of the most hotly debated topics and trends going around.
But what is blockchain scalability?
The potential of a blockchain network to handle greater amounts of transactions and this is the great advantage of blockchain .
without incurring negative side-effects.
Let’s consider a cricket stadium with a capacity to hold 50,000 people for a second. The stadium can be said to scale well up to 50,000 people, however exceeding the stadiums capacity with say 75,000 people would have a grave impact on the safety and the experience of the patrons.
There would be longer queues than normal for food, drinks and toilets creating a poor experience for attendees. There would be standing room only and everyone would be bumping shoulders as they attempt to move around the stadium.
Bitcoin has 7/8 TPS
Etherum has 15/16 TPS
This means Bitcoin and Ethereum’s scaling has a very low transaction throughput and as illustrated in the stadium example above.
And that’s why ElevenO1 blockchain protocol comes with Novel transaction engine to solve the problem of scalability which has several thousands of transactions per second.
ELEVENO1
Eleven01 is a blockchain protocol that is completely unique. It is designed from the ground up to be a use-case agnostic, topology agnostic blockchain ledger. Its core software can be used to implement a public chain, offering a cryptocurrency that anyone can join and transact with. It can also be configured as a private, permissioned blockchain that can be used to build con-sortiums. The goal is to provide a foundation that can be built upon and tailored to each application.
Eleven01 Core Technology
1.Novel Transaction Engine
With Eleven01, you can choose the transaction engine that makes most sense for your imple-mentation of the protccol. Eleven01 supports a wide array of transaction engines depending on the network topology. It can operate within a public untrusted environment where trust needs to be decentralized and baked into the protocol layer itself. While setting up the public chain, Eleven01 can choose between a number of algorithms including Proof of Stake, Proof of Work, BFT-based consensus, etc. With this model, transactions can be processed at the speeds greater than 10,000 transactions per second. This is the massive throughout.
2.Inherent Privacy, enabling secure 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 blockcham, 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.
3.Asset Allocation and Resource Consumption with Tokens
Eleven01 allows real-world assets to be represented by a class of token called asset tokens. This is a common type of token used in blockchainbased systems. mainly because ifs easy to correlate existing assets (mostly physical) since their legal contracts are already available offchain. For example land, real estate, motor vehicles, precious metals, etc. are an qualified as assets and can be represented by an asset token, Eleven01 provides Oracles to ensure that existing o-chain systems like land registries, the Department of Motor Vehicles. and other similar entities can be used to verify the authenticity of these tokens at any given point in time. Asset transfer as it happens on the chain can also be analyzed and used in systems outside the blockchain to maintain transparency and to avoid duplicate sales.
4.Dynamic Consensus
General consensus approaches include Bitcoin-style consensus (PoW). Proof of Stake (and its variants) that replaces PoW with more energyefficient alternatives and variants of the traditional Byzantine Fault Tolerance (BFT) algorithms, which use multiple rounds of explicit votes to achieve consensus. These consensus mechanisms differ not only in the formation of their respective consensus design and community. but importantly they differ in terms of scalability. performance and security. Several research studies have delineated the issues associated with PoW and PoS system, Consensus protocol are still being studied and explored by the researchers to overcome the current drawbacks.
Architecture of Eleven01
Eleven01 For India
The unprecedented exuberance around blockchain is due to its promise of a completely new Internet the Internet of Value. Beyond today’s Internet of information, what if the ownership of digital assets of any type money, deeds, government records, financial instruments, or art could be securely stored, tracked and transacted? Blockhain technology is considered revolutionary for its ability to enable the secure movement of assets, without intermediaries, with its economic impact projected to exceed $3 trillion in the next decade.
Globally, we are still in an exciting but nascent stage of blockchain’s evolution as it moves from the protocol stage to infrastructure, before mass consumer interfaces and application layers are dealt with. This is the perfect juncture for a rising power such as India to pay careful attention and capitalize on the enormous opportunities of this new Internet. Sectors such as financial services, agriculture, healthcare, real estate and utilitie all crucial for an emerging economy like India can see tremendous benefits from the application of blockchain technology.
Public blockchains offer tremendous opportunity for India across four dimensions, jobs, capital, solutions to India’s problems and global strategic positioning. When juxtaposed with the shrinking IT sector of India, slowing tech jobs, and India’s laggard status in emerging technologies, the advantages that blockchain offers cannot be taken lightly by Indian policymakers That’s why Eleven01 has created the
Govchain01
GovChain01 is a common ledger where all data specific to a citizen of India or an entity resides. As a person is born an entry is created on the chain along with the person’s unique decentralized identity. This identity can be Aadhaar or can have a link to Aadhaar. As the person grows up, his or her education profile, health data, employment data, social data. benefits information etc. are all built on the ledger. While some data is public and accessible by government authorities. a person has the capability to selectively share his or her information with third parties in a safe and time-bound manner. At any point in time, a person’s complete profile is available on the chain and only those who need to access that data will be able to see it using Eleven01 's inherent privacy feature of secure-by-default transactions.
For adopting this technology Eleven01 has made partnership with many famous organisation let’s look out the partnership .
Eleven01 Partnerships
- Tech Mahindra
- Indian state government (Goa , Telangana, Andhra-pradeah , Assam )
- Nucleus vision
- Docsinblocks
- Chitmonks
- Statwig
- Klaytn
- Blockcluster
- Hdac
Token Economics
Token name :- Eleven01 native token
Ticker :- 1101
Private sale allocation :- 10M USD
Token supply :- 5,500,000,000
Private sale is live
Crowdsale intended for end of may or start of June.
Bounty details
https://bitcointalk.org/index.php? topic=5131163.msg50574529#msg50574529
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