South Korea’s Blockchain Project ICON Announces Its New Loop Fault Tolerance 2.0 Consensus Algorithm
ICON (ICX), South Korea’s largest public blockchain project, announced its new Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm on April 8.
Check it. South Korea's Largest Crypto Unveils New Consensus Algorithm https://t.co/SkpTTH8IFm via @cointelegraph #tech #digital #data #business — Kohei Kurihara Blockchain CMO (@kuriharan) April 9, 2020
It has been reported that the new algorithm claims to make performance improvements in scalability and network bandwidth over the popular Practical Byzantine Fault Tolerance (PBFT) consensus types, without compromising security.
However, on April 8, the LFT 2.0 white paper was published has been published on Github, following three years of research and development. It marks 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 like EOS and Cosmos, need a large number of message exchanges to reach consensus on a new block. LFT 2.0 reduces the message traffic required from three to two steps, enabling faster voting and a reduction in network latency.
Likewise, the algorithm has also been independently audited for security by a team at the Korean Advanced Institute of Science and Technology (KAIST).
As per the report, the same team raised concerns about the Stellar network last year.
The KAIST team said:
“We analyzed a consensus algorithm called LFT 2.0, which is used by a blockchain system, ICON. We proved that LFT 2.0 satisfies safety and liveness, where a certain assumption is required to prove liveness.”
ICON is the largest cryptocurrency project in South Korea, and aims to build a hybrid decentralized network that provides bridges between autonomous online communities and other blockchains.
It has been analyzed that currently, ICX is the eighth-most utilized blockchain globally. It is rated number 42 in terms of market cap and is the second-best performing token with over $100 million value during Q1 2020.
LFT 2.0 is scheduled for implementation later this year, and the ICON Foundation has high hopes for the future.
Thus, Min Kim, the founder of ICON, explained:
“We’re proud of our accomplishments with LFT 2.0. This alone clearly shows why ICON is the top Korean project. But, we still have a lot of work ahead of us … LFT 2.0 is hard evidence that ICON and Korea now have the technical prowess to innovate head-to-head with global blockchain projects like Ethereum.”