Eleven01 Token Review
What is Eleven01?
- 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.
- This protocol has been created with the aim of bringing India ahead in the blockchain sphere. They developed the protocol with the aim of raising a platform which allows thecreation, publication, and extension of the core blockchain services in all sectors.
- The mission is to launch a protocol which can interoperate with the other global protocols to form a syndicate of blockchain protocols.
- Eleven01 has already partnered with companies like STATWIG,as well as governments and industry consortia including State Government of Telangana, India, CWY & ICRISAT.
- The Biggest Positive for this Project is IAN BALINA.He given rating 94 out of 100 for this Project.He is also the Investor and
Advisor of ELEVEN01.
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 .
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,priorto 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.
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.
My Rating :
Vision : 9.5
Working : 9.5
Team : 9.5
Advisors : 9.5
Marketing : 10