Eleven01: India’s Secure Blockchain Technology Protocol?
What Is Eleven01?
Eleven01 is one of the fastest and highly scalable blockchains. It aims at making blockchain tech available for the masses, beginning in India and expanding outward. The Eleven01 protocol is designed from the ground up to have real use cases.
The protocol’s core software can be utilized to implement a public chain, which will provide crypto that anyone can use. Besides that, it can be configured as a private blockchain, which can be utilized in the building of consortiums.
The aim is to create a foundation, which can be built upon and tweaked to each app. In addition to this protocol, the team behind it is unveiling the Eleven01 marketplace. This is a place where companies can purchase, rent, or subscribe to smart contracts.
With the Eleven01 blockchain, you can opt to pick the transaction engine, which makes the most sense for implementation of the protocol. The Eleven01 protocol supports a wide array of transaction engines. This depends on the network topology. It can operate within an untrusted public environment where trust has to be decentralized.
When setting up the public chain, Eleven01 can pick between various algorithms including the Proof of Stake, Proof of Work, BFT0 based consensus and much more. In a private, consortium, pro permission case, the chain can utilize secure enclaves in the Trusted Execution Environments to validate and seal transactions on a ledger.
The transactions are processed inside the secure enclaves, which exponentially increases the throughput. Using this model, transaction speeds can reach up to 10,000 transactions per second.
When handling the blockchain consensus protocols, Eleven01 offers a flexible, pluggable consensus model. With this model, consumers can pick which consensus scheme fits their need best. While there is support for multiple consensus mechanisms, the right engine to use depends on the implementation type of Eleven01.
Eleven01 will develop guidance and details on configuration options of the transaction engine to help the administrators to pick the right type of engineer for the use case.
Asset Allocation Via Tokens
Eleven01 will allow real-world assets to be represented by tokens to be named the asset tokens. They will correlate with existing assets such as land, vehicles, real estate, and more. All assets that qualify can be represented using an asset token.
Eleven01 will offer oracles that will ensure existing off-chain systems such as the DMV, land registries, and other such entities can be utilized to verify the authenticity of tokens at any time. Asset transfer as it occurs on the chain may be used outside the blockchain. This will help to maintain transparency and avoid duplication of sales.
The Eleven01 Foundation
The eleven01 foundation is a blockchain conglomerate, which offers services across the blockchain ecosystem. Thus far, it has been able to collaborate with Tech Mahindra for technological innovation. Out of that partnership, the Eleven01 protocol was born.
The Eleven01 is a blockchain protocol that meets all government compliance standards. This protocol will serve as the foundation for all decentralized applications. Tech Mahindra will play a pivotal role in this initiative. They will help in the co-development of the tech and platform.