ICON, South Korea’s biggest Public blockchain project made an announcement on April 8th about the launch of its new Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm. The LFT 2.0 algorithm is set to help the network improve its performance, increase the scalability and also improve network bandwidth over Practical Byzantine Fault Tolerance (PBFT) algorithm while ensuring the same level of security as seen before.
The LFT 2.0 whitepaper is currently available on its Github page, which also marks the first of its kind innovation by South Korean researchers in the field of blockchain technology. The research and development of the new consensus took almost three years.
The PBFT consensus which was the most popular one prior to the development of LFT 2.0 is used by popular cryptocurrencies such as EOS and Cosmos and it involved quite a complex process of exchanges multiple messages to attain consensus on the next block, which comprised of three steps. The new LFT 2.0 consensus reduces that to 2 step process and makes the consensus transfer smoother, voting on the network easier while maintaining a low network latency, which has been an issue for these blockchain networks in the recent past.
LFT 2.0 Also Boasts of High-Security Level Audited by Independent Third-Party
The new LFT 2.0 consensus was also audited by a team of security researchers at the Korean Advanced Institute of Science and Technology (KAIST) who were also involved in raising security concerns over the Stellar network in 2019. The KAIST team after analyzing the LFT 2.0 consensus algorithm were satisfied with the level of security of the algorithm and 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 public blockchain developed in South Korea and also the 8th most used blockchain across the world. The blockchain platform intends to create a hybrid decentralized network which would act as a bridge for various online communities and different blockchain projects.
ICON’s founder, Min Kim has high hopes from the project and believe the launch of the new consensus would establish Korea and their project as a reckoning force in the field of innovative blockchain development and also hope to establish itself among the likes of Ethereum. Kim explained,
“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.”