Due south Korea's largest public blockchain project, ICON (ICX), appear its new Loop Fault Tolerance ii.0 (LFT 2.0) consensus algorithm on Apr 8.

The new algorithm claims to make performance improvements in scalability and network bandwidth over the popular Practical Byzantine Error Tolerance (PBFT) consensus types, without compromising security.

Innovation reduces network load and improves throughput

The LFT ii.0 white paper was published on today been published on Github, post-obit three years of enquiry and development. It marks the beginning time that a S Korean team has successfully innovated on this element of blockchain engineering science.

PBFT-based algorithms, such as those used past cryptocurrencies similar EOS and Creation, need a big number of bulletin exchanges to achieve 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.

Security of algorithm independently audited

The algorithm has as well been independently audited for security by a squad at the Korean Advanced Institute of Science and Technology (KAIST). As Cointelegraph reported, the same team raised concerns about the Stellar network last twelvemonth. Speaking about LFT 2.0, the KAIST squad said:

"We analyzed a consensus algorithm called LFT 2.0, which is used by a blockchain organisation, ICON. We proved that LFT ii.0 satisfies prophylactic and liveness, where a certain assumption is required to show liveness."

Building for the future

ICON is the largest cryptocurrency project in S Korea, and aims to build a hybrid decentralized network that provides bridges betwixt autonomous online communities and other blockchains.

ICX is currently the 8th most utilized blockchain globally. Information technology is rated number 42 in terms of market place cap, and is the 2nd best performing token with over $100 million value during Q1 2022.

LFT ii.0 is scheduled for implementation later on this year, and the ICON Foundation has loftier hopes for the hereafter. ICON's founder, Min Kim, explained:

"We're proud of our accomplishments with LFT 2.0. This solitary clearly shows why ICON is the top Korean project. Merely, we still have a lot of work ahead of us … LFT 2.0 is difficult show that ICON and Korea now take the technical prowess to innovate head-to-head with global blockchain projects like Ethereum."