Analysis of LFT2
This work provides a formal analysis of a specific blockchain consensus algorithm, which is incremental as it builds on existing algorithms to verify properties for decentralized systems.
The paper analyzes the LFT2 consensus algorithm used in the ICON blockchain, proving it satisfies safety and liveness under certain assumptions, and shows a trade-off exists among three similar algorithms through comparison and simulation.
For a decentralized and transparent society, blockchain technology has been developed. Along with this, quite a few consensus algorithms that are one of core technologies in blockchain have been proposed. Among them, we analyze a consensus algorithm called LFT2, which is used by a blockchain system, ICON. We first formulate the LFT2 consensus algorithm and then analyze safety and liveness, which can be considered as the most important properties in distributed consensus system. We prove that LFT2 satisfies safety and liveness, where a certain assumption is required to prove liveness. In addition, we compare LFT2 with two similar consensus algorithms, and from the comparison, we show that a trade-off exist among the three consensus algorithms. Finally, we simulate LFT2 to measure a liveness quality.