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South Korea’s largest public blockchain challenge, 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 varieties, with out compromising safety.
Innovation reduces community load and improves throughput
The LFT 2.Zero white paper was printed on at this time been printed on Github, following three years of analysis and improvement. It marks the primary time {that a} South Korean workforce has efficiently innovated on this ingredient of blockchain expertise.
PBFT-based algorithms, similar to these utilized by cryptocurrencies like EOS and Cosmos, want a lot of message exchanges to achieve consensus on a brand new block. LFT 2.Zero reduces the message 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 workforce on the Korean Superior Institute of Science and Expertise (KAIST). As Cointelegraph reported, the identical workforce raised issues in regards to the Stellar community final 12 months. Talking about LFT 2.0, the KAIST workforce mentioned:
“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 most important cryptocurrency challenge 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 the moment the eighth most utilized blockchain globally. It’s rated quantity 42 by way of market cap, and is the second greatest 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 happy with our accomplishments with LFT 2.0. This alone clearly exhibits why ICON is the highest Korean challenge. However, we nonetheless have a whole lot of work forward of us … LFT 2.Zero is difficult proof that ICON and Korea now have the technical prowess to innovate head-to-head with world blockchain tasks like Ethereum.”
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