1.1.1.1/1.0.0.1 is a DNS provider by CloudFlare in partnership with APNIC. This DNS serves queries over HTTPS however does not support DNSCrypt. This DNS provider was born out of intention to analyze garbage traffic from queries on 1.1.1.1/24 CIDR blocks.
SpecsUpdate
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Pros
Pro Privacy-focused
Being a joint effort with APNIC and CloudFlare, 1.1.1.1 aims to be more privacy-focused. They have taken a lot of steps to ensure none of your data will be in their Anycast servers.
Pro As easy to type as 8.8.8.8
This is one of those DNSes that use a rare IP range, which is using single digits to denote their IPv4 address, so keystrokes are saved.
Pro DNS over HTTPS
This DNS serves queries over HTTPS - making it more secure and queries encrypted at rest.
Pro Not owned by something like Google or Meta
Cons
Con Might be slow in some areas
Some DNS queries from places like India might be slower than anticipated. But anyone from places like US or Hong Kong should be fine.
Con Has conflicts with some ISPs and routers
Because of the nature of 1.1.1.1 not being reserved - some routers use this IP address space to serve their admin web consoles. However, some manufacturers have been notified and are deploying updates.