South Korea’s most popular and largest cryptocurrency ‘ICON (ICX), after three years of research and development, officially presents Loop Fault Tolerance 2.0 (LFT2) a new consensus algorithm that improves the performance of blockchains.
As you know all cryptocurrencies are dependent on consensual algorithms that serve to verify all transactions.
For example, Bitcoin and Ethereum use the Proof of Work (PoW) consensus, this consensus is often criticized because of its slowness and high energy consumption. Newer cryptocurrency than EOS already use Practical Byzantine Fault Tolerance (PBFT).
Consensus algorithm LFT2 has achieved excellent results, and is already better than PBFT in terms of scalability and network bandwidth.
- PBFT-based algorithms require a large number of message exchanges to reach consensus for one block
- LFT2 has reduced the message traffic that is needed for the PBFT-based consensus algorithms from 3 to 2 steps without compromising safety and liveness. By reducing the network load, voting can be done faster, improving overall throughput and reducing network latency
The LTF2 algorithm has been audited and researched by a team of experts from KAIST University who worked on problems with the consensual algorithm Federated Byzantine Agreement (FBA).
This algorithm is also used by one of the best known cryptocurrency in the world Stellar (XLM), which is currently ranked 13th in CMC.
KAIST University team wrote, “We analyze a consensus algorithm called LFT2, which is used by a blockchain system, ICON. We prove that LFT2 satisfies safety and liveness, where a certain assumption is required to prove liveness.” The full audit can be found at arXiv.org
“We’re proud of our accomplishments with LFT2. This alone clearly shows why ICON is the top Korean project. But, we still have a lot of work ahead of us,”
“ICON was once dubbed the ‘Korean Ethereum’. We’ve come a long way since then. LFT2 is hard evidence that ICON and Korea now have the technical prowess to innovate head-to-head with global blockchain projects like Ethereum.” said Min Kim, ICON Foundation Council Member and Founder of the ICON Project.