March ICON Development Update 2020

Hotfix, LFT 2.0, BTP and IISS improvements

Greetings ICONists,

It was another busy month for the ICON project. To highlight, we released the IISS 3.0 framework and continue to research its implementation and the respective timing, we continued to make progress on interchain and our blockchain transmission protocol (BTP), and will be releasing our next generation LFT 2.0 consensus algorithm in the coming days. Outside of these we continued to make stability improvements and will be releasing a hotfix in the next two weeks which will resolve network failures.

Hotfix Update

ICON will be releasing a new hotfix update during the second week of April. In this update, the team will implement a Block Production Time Limit function to the network which will resolve network failures. This function will support setting a maximum execution time for a transaction to be added in a block. After this, transactions running within 15 seconds will be included in a block on a first-come, first-served basis.

Additionally, the SHA256 Hash function will be added to the ICON Network, and some codes will be added to improve the network performance. Lastly, minor bugs related to Fee 2.0 will be resolved.

LFT 2.0

In the coming days, we will be releasing the white paper for our new consensus algorithm. This is a major achievement for the ICON ecosystem and the adoption of our technology in Korea and abroad. In tandem with that release, we will also be sharing an audit report verifying the algorithm’s performance improvements vs. the market alternatives. KAIST, one of the leading universities in South Korea, completed the audit. Please stay tuned for more details!

BTP 1.0

We are also excited to announce that the core team is currently preparing a draft IIP (ICON Improvement Proposal) for BTP 1.0. Recall, BTP 1.0 is the interchain technology allowing the transfer of value and information between private loopchains and our public chain. Through this, the team will release the overall structure of the BTP technology to the community. We will also be including a demonstration video.

IISS 3.0

The team successfully released the IISS 3.0 revision proposal and are currently collecting feedback from the community. Note, this upgrade is still being researched and is subject to slight modifications. Outside of the design, the core team continues to define the scope of development and the respective timing of each improvement. As you know, our goal is to move towards a stronger contribution-oriented DAO with improved voter behavior.

Thank you,

ICON Foundation

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