Introduction
Technology is evolving everyday, new innovations brings disruption and replace the old one. Technology has transformed humans from an uncivilized state to civilized state. Thanks to a new revolutionary technology called Blockchain. It's immutable, incorruptible and unhackable nature makes it more superior than any other existing technology. Blockchain has the capability to transform every sphere of our society, that's why the world is giving a very special attention to adopt it in every business workflow.
Blockchain technology backed cryptocurrencies known as the future of financial transactions. Cryptocurrencies provide high speed money transfer at very less cost in a very secured way. Cryptos remove country barriers and allows to perform instant money transfers. Today more and more people are attracted towards these revolutionary piece of technology and wanted to adopt in their daily life activities as means of secure payment.
But everything is not so sweet as it seems. Even the revolutionary blockchain technology has its own problems such as scaling issues, transaction speed, cost, reliability and security. These challenges are hindering the growth and adoption blockchain into every other areas of our society. Still Blockchain is a complex technology for all. And even tech savvy people most of the time are unable to fully understand blockchain structures. Because of this small businesses, retail corporates, financial and educational institutions finding a perfect blockchain solutions which can be tailored according to their needs.
Thanks to a team of professionals who are committed to scale up the blockchain technology and boost it's global adoption by creating a project called Eleven01.
Project objective
The main aim of the project is to create a unique blockchain protocol which provides a reliable blockchain solution for all. Thus, everyone can utilize the blockchain solution offered by Eleven01, they can customize it according to their needs, issue cryptocurrency for public and private payment transactions. Eleven01 wants to commercialize the blockchain technology solutions for companies, businesses and institutions.
Principle of operation
Eleven01 wants to create a marketplace where businesses and companies can buy, sell and rent self executing smart contract solutions; all these services are available on Eleven01 protocol. The Eleven01 blockchain platform provides an opportunity for developers for create and extend the blockchain solutions by utilizing the Oracle systems. It is worth noting point that the solution offered will be scalable, reliable, secure and faster and it can be easily customizable and implementable according to the user needs.
The Eleven01 protocol utilizes proof of stake, proof of work, BFT consensus and other algorithmic mechanisms to provide a perfect decentralized solution work high transaction throughput. While providing the ultimate blockchain solutions the Eleven01 protocol uses secure trusted execution environmental enclaved mechanism to validate the transactions. Thus, Eleven01 can offer 10,000 transactions per second of transaction throughput without compromising the network security. This increases the trust level in the system.
Eleven01 protocol has adopted highly secured probably mechanisms to protect user's private and transaction details. It also allow it's market participants to customize the privacy settings according to their business deals. Thus, they can control the transaction details visibility on the network and who can see and how much can see?
Conclusion
There is no doubt that projects like Eleven01 will accelerate the growth and adoption of blockchain technology into every sphere of our society. The developers of the Eleven01 protocol solves the problems and removes the complexity of blockchain technology. This pushes the implementation of blockchain in every sector. It is worth paying attention that the Eleven01 project team has highly experienced professionals, MIT graduates and former Microsoft blockchain leaders. This proves the potential ability of the project.
Finally I would suggest you to read the official whitpepaper of the project for more details. This project needs much public attention and I wish all the best for this great project.
Learn more about Eleven01:
Website: https://www.eleven01.io
Read Whitepaper: https://docsend.com/view/42fyerq
Telegram group: https://t.me/Eleven01OfficialCommunity
Telegram channel: https://t.me/Eleven01ProtocolOfficial
Facebook: https://www.facebook.com/eleven01.io/
Twitter: https://twitter.com/ELEVEN01dotIO?s=09
Medium: https://medium.com/eleven01-blog
LinkedIn: https://in.linkedin.com/company/eleven01
About Author:
Bitcointalk username: Abhijeetcg
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ETH address: 0x96e95a1F40cf5a50178053740ADE18046815362d
