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Author Topic: Why the Microsoft-incubated Eleven01 gained so much popularity?  (Read 3766 times)

Offline markwaypeng

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Why the Microsoft-incubated Eleven01 gained so much popularity?
« on: February 12, 2020, 12:44:47 PM »
Pushed by the rapid blockchain development, the countries you can name are all involved in this revolution in one way or another. India, without any doubt, is the most proactive one. Unlike some countries that entertain an ambiguous attitude toward DLT, the Indian government has offered real and tangible policy/capital support to its domestic blockchain development.

One of its fruits is undoubtedly the Indian Gem – Eleven01, a star project incubated by Microsoft. Even more surprising, words on the street that the founder of Ethereum Vitalik Buterin is allegedly feel threatened by this project.


The first state-scale blockchain project in India.

India is a giant country of IT service in the world. The IT service industry attracts foreign investment for India and is considered as the main driving force of India's economic growth, contributing 55.65% of India's gross national product (GNP) and employing 28.6% of India's population. It is calculated that if blockchain technology is adopted in India's financial industry, retail industry, supply chain, the insurance industry, etc., it will increase the Indian economy by the whopping US $5 billion, which makes it easy to understand why India takes the development of blockchain technology as its national policy.

As early as January 2016, India launched the "Entrepreneurship India" (Startup India) program to support start-ups, with an investment of US $1.5 billion. In September 2018, the Government of India announced its approval for the Export-Import Bank of India to work with other BRICS banks on distributed ledger technology and blockchain technology. The Bank of India has set up a new department to study how to regulate the industries that involve blockchain, cryptocurrency, and other technologies. Indian state governments have also set up blockchain technology pilot projects one after another to push the adoption of this technology. Eleven 01 is India's first state-scale blockchain project, which is undoubtedly highly anticipated by the Indian government.

Eleven 01 developed India's first "domestic" blockchain protocol, which plays an important role in promoting the adoption of blockchain in India and revitalizing the Indian blockchain ecosystem. According to Forbes, the team of Eleven 01 also believes in its ability to lead India to the forefront of the blockchain revolution. By establishing the ecosystem of Eleven 01, we will promote the rapid growth of blockchain applications in India and attract more innovators to join India, the world's sixth-largest economy.

An Indian official once said, "although we can use some global blockchain standards, we can establish our standards precisely because this technology is in the early stages of development and can be integrated into other platforms. "


Words on the street that the founder of Ethereum Vitalik Buterin allegedly feels threatened by this project.

Rumor has it that Vitalik Buterin, the brain of Ethereum (ETH), has admitted that Eleven 01 is the only blockchain project on the market that will pose a threat to his network. What is the rationale behind the statement? The reason lies in the strong technical strength of Eleven 01. According to public data, the main net of Eleven 01 has achieved an astonishing speed of processing 10,000 transactions per second, making Eleven 01 one of the fastest and highly scalable blockchain protocols in the world.

The most important problem faced by the public chain is the problem of efficiency. Tesla, the representative of the electric vehicle industry, is subject to battery performance. Whoever can take the lead to break through the performance bottleneck will ignite a new revolution in the industry. After Ethereum established its dominance with a decentralized smart contract, it also suffered from performance problems. Low TPS led to network congestion and DApp not running smoothly. Some users have lamented that "the performance of Ethereum may not be as good as that of the newborn Windows."

In December 2019, the ETH network completed the Istanbul upgrade, which can be regarded as the most critical upgrade of its network, moving the network from the Metropolis to the final tranquil phase of Serenity, marking the 2.0 era. In response, Vitalik Buterin said that the speed of the ETH network will increase from 700 transactions per second to 3000 transactions per second.

Eleven 01 has increased its speed by an order of magnitude through dynamic collaboration algorithms, reaching an astonishing speed of 10000 transactions per second as the global payment leader Visa's centralized network handles no more than 56000 transactions per second.

It was incubated by Microsoft and supported by India’s top capital

How can Eleven 01 attract the attention of Vitalik Buterin?

First of all, Eleven 01 comes from an extraordinary family.

Eleven 01 is incubated by Microsoft. As we all know, although Microsoft has been involved in blockchain as early as 2014 merely for self-research and this giant participated in different blockchain projects as a mentor instead of a team member. Such as Ethereum, R3, NEO and so on. Microsoft announced at the end of 2019 that it would spend a year incubating 18 projects in India, of which Eleven01 is the NO.1 of Microsoft's chosen ones. In addition to the technical potential of the project, the strong background of the team is also an important aspect. According to the official introduction, Ausaf S. Ahmad, the founder of Eleven01, is the global head of Microsoft's former blockchain and Internet of things. Also, the team members graduated from MIT, from Microsoft, CISCO and other international well-known technology giants.

In addition to Microsoft, Eleven 01 has also received investment from Mahindra (Tech Mahindra), a top Indian capital consortium founded in 1945, an Indian multinational conglomerate that operates in more than 100 countries and employs more than 250000 people. Toyota of Japan and Samsung of South Korea, Mahindra has built a huge cross-domain comprehensive business empire over a long period of time. Its businesses include aerospace, agriculture, auto repair, automobiles, spare parts, construction equipment, national defense, energy, agricultural equipment, finance and insurance, industrial equipment, information technology, leisure and catering, logistics, real estate, retail and the list goes on. It is not hard for people to see that from Mahindra's complex and diverse business matrix that it executes its businesses in a very progressive style and has been actively exploring new business opportunities. The blockchain industry, which has been the limelight in recent years, is no exception at all. Among the many blockchain projects in India, Mahindra bet on Eleven 01, and the reasons behind it are self-explanatory.

The next killer chain?

With the support of Mahindra and the Indian government, Eleven 01 is on the fast track.

On August 3rd, 2018, Eleven 01, together with the government of Telangana State of India, established India's first experimental blockchain zone - the Hyderabad blockchain pilot Zone at the first International blockchain Conference hosted by Niti Aayog, a government think tank. The pilot zone will provide blockchain startups with a full range of ecological services, such as consulting, incubating support, talent pool, a venture fund and so on to promote the development of blockchain in India.

The first blockchain project in the pilot area was developed by Eleven 01 for the Indian government to develop an underlying blockchain protocol that meets the policies and needs of the Indian government. This protocol aims to build a compliant DApp infrastructure for Indian blockchain start-ups, and Indian blockchain companies will no longer need to build DApp based on foreign public chains.

On December 6, 2018, Eleven 01 established a blockchain entrepreneurship community with the Andhra state government of India to build a blockchain talent pool through various activities and mentor programs to support startups to explore the future of blockchain using blockchain technology. At the same time, Eleven 01 is the Andhra state government, creating a DApp for government departments.

On January 17, 2019, Eleven 01 established a blockchain start-up incubator with the Goa state government of India. The Goa state government would launch an incentive program for start-ups to improve the state's entrepreneurial environment.

On May 8, 2019, Eleven 01 partnered with Niti Aayog, a think tank of the Government of India, to provide technical advice on blockchain to the government and learn from other governments how to adopt and integrate blockchain in governance. Given the size of India and its burgeoning middle class whose demand for efficiency, transparency and good governance is on a rapid rise. It only makes sense for countries like India to all-in on the blockchain.

Besides, Eleven 01’s other partners include Federation of Indian Industry, Hdac, Klaytn, ORBS, GEF, HYSEA, ICRISAT, BLOCMINT, CWY and so on.

The Eleven01 main net is ready to go.

Currently, Eleven 01 has released TestNet for developers to develop DApp and experience its technical advantages.

With an excellent team of strong technical strength, the support of Microsoft and Mahindra, and the help from the Indian government, it is not surprising that Eleven 01, as the largest public chain project in India, is being developed rapidly and has the ability to challenge Ethereum. If the team continues to move forward following the set goals, I think we all can believe that Eleven 01 and the Indian blockchain industry will probably become an important driving force in the global blockchain industry.


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Why the Microsoft-incubated Eleven01 gained so much popularity?
« on: February 12, 2020, 12:44:47 PM »

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