South Korea’s largest public blockchain project, ICON (ICX), announced its new Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm on April 8.
The new algorithm claims to make performance improvements in scalability and network bandwidth over the popular consensus types Practical Byzantine Fault Tolerance (PBFT), without compromising security.
The LFT 2.0 whitepaper was published today and is published on Github, the next three years of research and development. It is the first time that a South Korean team has successfully innovated on this element of blockchain technology.
PBFT-based algorithms, such as those used by cryptocurrencies such as EOS and Cosmos, require a large number of message exchanges to reach consensus on a new block. LFT 2.0 reduces the required message traffic from three to two steps, enabling faster voting and reducing network latency.
The algorithm has also been independently checked for security by a team from the Korean Advanced Institute of Science and Technology (KAIST). The same team raised concerns about the Stellar network last year. About LFT 2.0, the KAIST team said:
“We analyzed a consensus algorithm called LFT 2.0, which is used by a blockchain system, ICON. We have proven that LFT 2.0 meets safety and vibrancy, with a certain assumption required to prove vibrancy. ”
ICON is the largest cryptocurrency project in South Korea and aims to build a hybrid decentralized network that bridges autonomous online communities and other blockchains.
ICX is currently the eighth most used blockchain worldwide. It is rated as number 42 in terms of market capitalization and is the second best performing token worth over $ 100 million during Q1 2020.
The implementation of LFT 2.0 is planned for later this year and the ICON Foundation has high expectations for the future. ICON founder Min Kim explained:
“We are proud of our performance with LFT 2.0. This alone clearly shows why ICON is the Korean top project. But we still have a lot of work ahead … LFT 2.0 is hard evidence that ICON and Korea are now the technical capability have to cope with global blockchain projects like Ethereum. ”