Copy link
Increase text size
Decrease text size
Link copied

South Korea’s ICON announces new consensus algorithm

Mon, 13 Apr 2020, 03:25 am UTC

South Korea’s largest public blockchain project ICON (ICX) announced the unveiling of its new consensus algorithm.

The new algorithm called LFT 2.0 offers better scalability and network bandwidth without compromising security. It has been audited for security by a team from the Korean Advanced Institute of Science and Technology (KAIST), Cointelegraph reported.

“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,” KAIST said.

Practical Byzantine Fault Tolerance (PBFT)-based algorithms which are used cryptocurrencies like EOS and COSMOS require a large number of message exchanges to reach a consensus new block. LFT 2.0 reduces the message traffic from three to two steps which results in faster voting and a reduction in network latency.

ICON aims to create a hybrid decentralized network that bridges the gap between autonomous online communities and other blockchains. ICX is among the most used blockchain worldwide. In fact, it is rated 42 in terms of market cap and is considered the second-best performing token with over $100 million value for the first quarter of 2020.

The LFT 2.0 white paper had been published on Github after three years of research and development. It is scheduled for implementation later this year. It marks the first successful innovation of South Korea on this element of blockchain technology and for this reason, the ICON Foundation has high hopes for the future.

“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,” said Min Kim, ICON founder.

Meanwhile, in February 2019, ICON announced that it sponsored a briefing session for establishing the Jeju Blockchain Regulatory Sandbox with private companies in attendance in Seoul. The session aimed to bridge the gap between the government and companies who are pushing the growth of the domestic blockchain technology.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.04.28 01:51:44
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $11,609.70 (-1.47%)
  • Ethereum (ETH) $380.69 (-3.59%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $304.95 (-1.34%)
  • Bitcoin SV (BSV) $229.43 (-3.06%)
  • Bitcoin (BTC) $11,609.70 (-1.47%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft