ICON Launches Smart Contract Supporting Algorithm

The South Korean blockchain project ICON (ICX), which focuses on the interaction between independent blockchains, has launched a new consensus algorithm called Loop Fault Tolerance 2.0 (LFT 2.0).

According to a blog post, LFT 2.0 offers smart contract support and better performance. The new ICON Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm is based on the Practical Byzantine Fault Tolerance (PBFT) algorithm, but it has better scalability and is less complex than the previous one.

In LFT 2.0, the number of steps to reach consensus has been reduced from 3 to 2, which means that voting is faster, while reducing network load and response time. The new LFT2 consensus algorithm is a revolutionary version of PBFT. In addition, LFT2 was independently tested by a team of researchers from the Korea Advanced Institute of Science and Technology (KAIST), and will be implemented soon.

The ICON (ICX) blockchain has recently attracted many partners, including the South Korean University of Postech, which in January 2020 announced that it plans to issue diplomas on ICONLOOP.

Image courtesy of Cryptoline