ELEVEN01 – DISTINCT FEATURES AND TOKEN UTILITIES – Prateek Parashar
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 .
Eleven01 maintains security with a default model. Eleven01 will design a series of privacy models for operating ledgers. Depending on the type, the system will choose a suitable design. Users can opt out of this model and allow users in the blockchain to still be able toview transactions depending on their needs.
In the public blockchain, Eleven01 will carry out transactions in a transparent transparent security model and everyone in the system will be able to view and control their own transactions. As for a specific blockchain for a specific organization, Eleven01 will design this model only to allow some people involved in that transaction to be able to manage information during the transaction.
Furthermore, Eleven01 has an operating model that encodes transactions that allow computational energy in transactions to be performed without decoding processes. This will help improve security for transactions.
All the highlights of the project are presented only in the theoretical form, without a model describing the specific operation. After reading the technological characteristics, the readers do not understand or assess whether this project has any outstanding features and different from other projects.
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 usecases across various industries including ,healthcare, 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 –
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 algorithms 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).
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.
The UAE is poised to become the world’s first blockchain-powered government. In April 2018, the Emirates Blockchain Strategy 2021 was announced by the UAE Government aimed at capitalizing on blockchain technology to transform 50 percent of government transactions via a Blockchain platform by 2021. Additionally, the ambitious Vision2030announced by Saudi Arabia is aimed towards digital transformation with the implementation of emerging technologies such as blockchain, artificial intelligence, and Internet of Things.
ELEVEN01 have entered into a strategic alliance with Blocmint, a solution provider for digital transformation with a focus on the Middle East region. Through this partnership, Blocmint will work towards building a dApp using the Eleven01 protocol and will facilitate growth and development with the blockchain sector in the region through knowledge-sharing initiatives.
The project has a strong growing community For now, the official telegram group has reached more than 25K active people. Here are the the 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
Published at Sun, 23 Jun 2019 05:24:34 +0000
