South Korea’s ICON Blockchain Unveils New Consensus Algorithm

ICON (ICX), largest public blockchain venture in South Korea, has implemented its new consensus algorithm, named Loop Fault Tolerance 2.0 (LFT 2.0), yesterday.

The latest algorithm is aimed at improving scalability and network bandwidth, outclassing well-known consensus protocols such as Practical Byzantine Fault Tolerance (PBFT), without any relaxation in safety.

The LFT 2.0 white paper was published today on Github, after three years of research and development. It is the first time a South Korean coding team has triumphantly made advancement on this characteristic of blockchain technology.

PBFT-powered algos, for example, the one utilized by blockchains such as EOS and Cosmos, require a huge number of to and fro communications to arrive at consensus about a new block.

LFT 2.0 minimizes the necessary interaction required from three to two stages, paving way for quicker validation and decrease in network latency.

Independently, the algo has also been audited for bugs by professionals at the Korean Advanced Institute of Science and Technology (KAIST). Notably, the same group highlighted worries about Stellar network in 2019. The KAIST team had the following to say about LFT 2.0:

the same team raised concerns about the Stellar network last year. Speaking about LFT 2.0, 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 crypto venture in South Korea and intends to create a hybrid decentralized network that links private online communities with other blockchains. ICX blockchain is placed eighth in the list of most used blockchains across the globe.

In terms of market cap, the blockchain is valued at $100 million as of 1Q20, and is listed in 42nd position among other blockchains. With regards to performance, it is rated the second best.

LFT 2.0 is planned to be adopted in the second half of 2020, and the ICON Foundation is optimistic about the future prospects. ICON’s founder, Min Kim, elaborated as follows:

“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.”