ICON (ICX) announced the rollout of its new consensus algorithm which aims to improve the implementation of the Practical Byzantine Fault Tolerance (PBFT) consensus while ensuring the security of the network.
The new algorithm is called Loop Fault Tolerance 2.0 (LFT 2.0) which also aims to enhance the scalability of PBFT and improve the bandwidth of the network.
The PBFT is described is “the ability of a distributed computer network to function as desired.”
Following three years of research and development, its whitepaper has now been made available on GitHub.
The previously-implemented PBFT-based algorithm required a massive number of messages in order to arrive at a consensus for every new block. LFT 2.0 seeks to simplify the process by turning it to a two to three-step consensus process.
ICON recently shared how it works in more technical detail:
“LFT2 is based on the PBFT consensus model, with a proprietary algorithm to emerge commit messages into a 2-step consensus process. This alleviates communication overhead and complexity of PBFT’s 3-step consensus process, leading to a lightweight and highly performant blockchain consensus algorithm.”
“The expected advantage that it provides benefits in terms of enhancing the protocol’s performance in “network latency, block confirmation, and transaction throughput.”
KAIST security audit
LFT2 has been audited by the Korean Advanced Institute of Science and Technology (KAIST) for its security. According to their security audit report:
“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.”
What is ICON (ICX)?
ICON is a popular cryptocurrency project in South Korea. With a slogan to “hyperconnect the world,” the company aims to build a platform that seeks to build a global decentralized network.
Some of the existing networks that ICON has already built are in industries like banks, schools, insurance companies, and hospitals.
Among ICON’s use cases is the Blockchain ID. It functions through smart contracts that simplify and ease the process of security and identification among community members.
ICON also has a decentralized app (dApp) focused on payment and exchange services.
The dApp is called the ICON Wallet, and it allows users to exchange, transfer, and use cryptocurrencies for payments through its decentralized exchange.
For those who would like to buy ICX tokens, they must first purchase either Bitcoin (BTC) or Ethereum (ETH) because it cannot be bought using fiat currencies. This can later be swapped for ICX at the exchanges where it is listed.
ICX can be used as a medium of exchange and to pay for some transaction fees in ICON dapps.
Featured image courtesy of Flickr/Simon Photography