South Korea’s largest public blockchain mission, ICON (ICX), introduced its new Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm on April 8.
South Korea’s largest public blockchain mission, ICON (ICX), introduced its new Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm on April 8.
The brand new algorithm claims to make efficiency enhancements in scalability and community bandwidth over the favored Sensible Byzantine Fault Tolerance (PBFT) consensus sorts, with out compromising safety.
Innovation reduces community load and improves throughput
The LFT 2.Zero white paper was printed on as we speak been printed on Github, following three years of analysis and growth. It marks the primary time {that a} South Korean crew has efficiently innovated on this component of blockchain know-how.
PBFT-based algorithms, resembling these utilized by cryptocurrencies like EOS and Cosmos, want numerous message exchanges to achieve consensus on a brand new block. LFT 2.Zero reduces the message site visitors required from three to 2 steps, enabling sooner voting and a discount in community latency.
Safety of algorithm independently audited
The algorithm has additionally been independently audited for safety by a crew on the Korean Superior Institute of Science and Expertise (KAIST). As Cointelegraph reported, the identical crew raised issues concerning the Stellar community final 12 months. Talking about LFT 2.0, the KAIST crew stated:
“We analyzed a consensus algorithm known as LFT 2.0, which is utilized by a blockchain system, ICON. We proved that LFT 2.Zero satisfies security and liveness, the place a sure assumption is required to show liveness.”
Constructing for the longer term
ICON is the biggest cryptocurrency mission in South Korea, and goals to construct a hybrid decentralized community that gives bridges between autonomous on-line communities and different blockchains.
ICX is at present the eighth most utilized blockchain globally. It’s rated quantity 42 by way of market cap, and is the second finest performing token with over $100 million worth throughout Q1 2020.
LFT 2.Zero is scheduled for implementation later this 12 months, and the ICON Basis has excessive hopes for the longer term. ICON’s founder, Min Kim, defined:
“We’re pleased with our accomplishments with LFT 2.0. This alone clearly reveals why ICON is the highest Korean mission. However, we nonetheless have plenty of work forward of us … LFT 2.Zero is tough proof that ICON and Korea now have the technical prowess to innovate head-to-head with international blockchain tasks like Ethereum.”