The ICON Project, a South Korean-based blockchain-centric project that focuses on promoting interoperability between different blockchain networks, recently introduced a new consensus algorithm called Loop Fault Tolerance 2.0 (LFT 2.0).

The ICON project team says that LFT 2.0 offers smart contract optimization, better performance and more other improvements, according to a blog post. published On April 8, 2020.

ICON improves its network:

In an effort to provide users with a fast, scalable and efficient blockchain network capable of handling complex business logic and smart contracts, without sacrificing security, ICON – one of the leading blockchain companies in South Korea – has introduced a new consensus algorithm.

As mentioned in its blog, ICON’s new Consensus Algorithm (LFT 2.0) is based on the Byzantine Fault Tolerance Process Algorithm (PBFT), however, it comes with better scalability and less complexity than the last version.

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In contrast to the consensus algorithm (PBFT), ICON says that LFT 2.0 is lightweight and high-performance, as it eliminates communication overhead by executing messages in only a 2-step process rather than using the complex 3-step consensus process adopted in PBFT.

As a quote from the blog:

The PBFT can be considered an academic prototype, which is theoretically designed for practical applications but needs some major improvements to work in a real program.

New consensus algorithm:

In other words, the ICON project showed that the new LFT2 consensus algorithm can be considered a revolutionary version of PBFT, as it comes with the full benefits of the latest version without sharing its weaknesses, thus offering users faster block confirmation, faster transaction transfer rate as well as improved performance in network response time.

Today, we are very excited to announce the release of LFT2, our new consensus algorithm! 🔥🔥🔥

👏LFT2 improves on PBFT with improved network latency performance, block confirmation, and transaction throughput!

🎉 Congratulations to the team!

– icon (helloiconworld) April 9, 2020

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Additionally, the ICON team hinted that LFT2 has been independently audited by a team of researchers at the Korea Advanced Institute of Science and Technology (KAIST), and the new consensus algorithm will be implemented soon.

In terms of adoption, the ICON blockchain has attracted a large number of partnerships recently, including South Korea’s Posttech University, which announced in January 2020 that it plans to issue diplomas on ICONLOOP.

A famous university relies on the ICON blockchain to issue university degrees

ICX, the original coin of ICON, is listed on several cryptocurrency exchanges and is currently trading at $0.23, with a total market capitalization of $125.2 million, as shown in CoinMarketCap.

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