Eleven01- Fast,Secure & Scalable Blockchain Protocol (Review)
As we know there are many projects which are working to build a fast,secure and scalable blockchain. One of the biggest challenge is to achieve scalability without compromising security & decentralization. Eleven01 is one of those project which is working to deliver fast,secure and scalable blockchain.
Let us learn more about Eleven01 project in detail;
Eleven01 is one of the fastest, high scalable blockchain protocol which aims to make blockchain technologies ready for real world use. Eleven01 protocol also focuses on development and implementation advanced blockchain technology in order to revolutionizing security and scalability — current problems of blockchain.
1. Novel transaction engine
Visa processes almost 40,000 transactions per second and 75 billion transactions per year processes by Mastercard, so we can say that existing ledger protocols are not scale to this level because they are designed keeping public chains in mind.
With Eleven01 things are different, let me show you some lines from whitepaper
“With Eleven01, users can choose the transaction engine that makes most sense for their implementation of the protocol. Eleven 01 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. And Eleven01 will provide introduction and guides for users to choose the most suitable consensus applied for their chain.
In a private, permissioned, or consortium scenario, the chain is able to utilise secure enclaves in TEEs (Trusted Execution Environments) to cryptographically validate and seal the transactions on the ledger. Transactions are processed in the clear inside the secure enclaves, this exponentially increasing the transaction throughput. With this model, transactions can be processed at the speeds greater than 10,000 transactions per second.”
A consensus mechanism is a fault-tolerant mechanism that is used in computer and blockchain systems to achieve the necessary agreement on a single data value or a single state of the network among distributed processes or multi-agent systems. It is useful in record-keeping, among other things.
Eleven01 choose Dynamic consensus. Dynamic consensus allows consumer to choose a particular consensus as per their need at genesis time. There is no consensus till now which is Ideal, so academic research is ongoing on consensus mechanism to get best.
3. Application Integration
An oracle is essentially a trusted client of blockchain. Eleven01 has developed a more efficient way to integrate oracles which enhance the compatibility of their blockchain protocol. This integration process is explained with good example on page number 22 of their whitepaper.
Testnet is up and running with total of 4 nodes, feel free to check it at https://explorer.eleven01.io/
Initially, team will issued ERC-20 tokens and once their mainnet is live they will swap ERC-20 tokens to their native tokens. Swap process will be explained by team once they are near to this process.
If we will talk about partnerships of Eleven01 project then this project is looking very strong and promising as they secured partnership with some big names like Microsoft, Government and Tech Mahindra.
If you want to know about people behind this project and their project in more detail then feel free to visit official links below.