09.04.2020 CRYPTO CURRENCY Daily Analysis

09.04.2020 CRYPTO CURRENCY Daily Analysis

South Korea’s largest public blockchain project, ICON (ICX), announced its new Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm. The new algorithm claims to make performance improvements in scalability and network bandwidth over the popular Practical Byzantine Fault Tolerance (PBFT) consensus types, without compromising security. PBFT-based algorithms, such as those used by cryptocurrencies like EOS and Cosmos, need a large number of message exchanges to reach consensus on a new block. LFT 2.0 reduces the message traffic required from three to two steps, enabling faster voting and a reduction in network latency. ICX is currently the eighth-most utilized blockchain globally. It is rated number 42 in terms of market cap and is the second-best performing token with over $100 million value during Q1 2020.