Blockchain Protocol Eleven01 Launches Testnet

Announcements, Blockchain | February 6, 2019 By:

The Eleven01 foundation has announced that the testnet of its blockchain protocol is now live.

Based in India, the Eleven01 foundation is a blockchain conglomerate that provides services across the blockchain ecosystem. It has been working with Indian IT giant Tech Mahindra for technology innovation to create the Eleven01 Protocol, an emerging market centric blockchain protocol with government compliance standards. The foundation claims that the Eleven01 Protocol is India’s “first” native blockchain protocol.

“The Eleven01 protocol has been created with the aim of bringing India ahead in the blockchain sphere,” the foundation said. “We have developed the protocol with the aim of raising a platform which allows the creation, 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.”

Ausaf Ahmad, CEO of Eleven01, said that testnet launch means the platform can now start on-boarding decentralizzed apps (dApps) and gain direct customer feedback.

“Our team has been busy working on the platform seeking to improve on existing protocols in the market and engage the developer community,” Ahmad said. “We have two key launch partners: KhethiNext, a growing Agritech startup, and DocsInBlock, a financial documentation blockchain project, to start using and deploying the code to test run the platform.”

According to its website, the platform’s native token, called 1101, will fuel its varied developer facing utilities, such as asset allocation and resource consumption. The protocol also has multiple inbuilt features supporting specific use cases, including exchange and advanced dApps with high scale requirements to take the blockchain use case to another level.

Eleven01 said that they their ultimate goal is to drive blockchain adoption in emerging markets – starting with India.

“India is poised to be a world blockchain leader in the next five years with the right balance of industry and government participation,” Eleven01 said.