Find out about the blockchain innovation that
puts ICON a cut above the rest and the key
events that will be taking ICX to a whole nother
level.
Coming up on iconTV.
Hi, this David from P-Rep team "Mineable".
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From proof of work, to proof of stake behind
every great cryptocurrency, lies a great consensus
algorithm.
In the world of crypto, consensus algorithms
exist to prevent problems like double spending.
No consensus algorithm is perfect, they each
have their strengths and weaknesses.
It’s not everyday that you’re able to
create a new one let alone make it better,
which is exactly what ICON has been able to
do.
Meet Loop Fault Tolerance 2 or LFT 2 for short.
It’s a substantial upgrade from the widely
used Practical Byzantine Fault Tolerance or
PBFT consensus algorithm utilized by other
popular cryptocurrencies such as EOS and Cosmos.
Essentially, ICON has been able reduce the
complex process of attaining block consensus
from 3 steps to 2 steps.
The new LFT 2 consensus process makes the
consensus transfer smoother, faster and voting
on the network easier while maintaining the
same level of security as before.
The research and development of the new consensus
took almost three years and it also marks
the first of its kind innovation by South
Korean researchers in the field of blockchain
technology.
ICON is finally proving that it is much more
than just the Ethereum of Korea.
It’s leading the way in blockchain innovation
and proving that it truly is a cut above the rest.
ICON is the largest public blockchain developed
in South Korea and also the 4th most used
blockchain across the world.
beating out prominent projects like zilliqa,
neo and tomochain.
ICON boasts some of the highest quality applications
on its network, with dapps like STAYGE, SOMESING
and ICONbet stealing the spotlight.
It’s a good sign when the transaction volume
and active users are growing and when you
look at the grand scheme of things you know
that This is just the beginning.
2020 is a going to be huge year for icon as
years of development and partnerships are
finally falling into place.
The launch and integration of their new consensus
algorithm has established Korea and their
project as a reckoning force in the field
of innovative blockchain development, MyID
a one of kind decentralized ID platform built
on ICONLOOP’s blockchain technology is due
to be released in the coming months.
With more than 57 enterprise partners their
goal is to reach 1 million users by 2021 seems
to be more attainable than ever.
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