- This achievement is considered to be the opportunity to open up a new era for practical use of the block chain technology
DUBAI: Bloom Technology that manages the development of next-generation block chain platform said, “'Locus Chain’ has implemented the AWTC-BFT (Byzantine Fault Tolerance) consensus algorithm that grafts the DAG (Directed Acyclic Graph) ledger structure and BFT, finalizing consensus, in the most difficult-to-develop public block chain field where it must constructively embed the capability of massive scalability and defense against attacks by anonymous participants, and it will prove itself to be the most progressive next-generation block chain technology.”
Consensus technology, which is an important factor for maintaining integrity and security in the block chain technology, is widely used today with the algorithm such as the Nakamoto consensus or Bitcoin, which is called the first generation, and the proof of work. Both second-generation Ethereum and other block chains that emerged afterwards use a single-row-sequential structure ledger or improve bit-coin operation proof (POW) algorithms, therefore unable to address the problem of inherently limited scalability. Also, so-called fourth-generation block-chain technologies, which are based on DAG or developing consensus algorithms in new ways, have yet to show satisfactory implementation steps.
The development team of Bloom Technology said, "Unlike most of the DAG-based block chain technologies that uses consensus algorithm that does not guarantee finalization, we have fully implemented the finalized consensus under the DAG structure. This is also a key element in the foundation of the Dynamic State Sharding, a 'Locus Chain' approach to solving the size Issue of the ledger.” Moreover, they have confidently added, “since the technology of pruning and Dynamic State Sharding is a very important technology that will be essential for practical use and all the structures of the Locus Chain are designed and optimized for the operation of these technologies, we can call our technology to be the world top technology.”
The 'Locus Chain Foundation', which is responsible for the overall business of 'Locus Chain', will promote the excellence of technology based on the implementation of the most advanced consensus algorithm. The demonstration would become a catalyst to not only make it recognized as a leading block-chain technology, but also cause the business development to accelerate. Especially, major contracts with companies and government agencies that are awaiting completion of consensus algorithm technology are expected to follow.
Lee Sang Yoon, CEO of 'Locus Chain Foundation', with confidence in the next-generation block-chain technology competition said, "I think that the block chain technology so far has been virtually symbolic technology. At present, it is finally the beginning of the era where technology that can be practically used is created, and besides Locus Chain, the world's leading teams are trying to be recognized as next generation block-chain technology. The first team that makes the most outcomes is expected to earn the most fruits, and Bloom Technology is confident that we are ahead of the competition. In particular, although our consensus algorithm has some overlap with the Hashgraph or Algorand, which is already famous for its technology excellence, we believe ours is more advanced in many ways. It will be the most important inflection point to open a new era in the use of block chains.
The development team of Bloom Technology is mainly consists of Korean and Japanese veteran developers who have more than 20 years of commercial program development experience and they have a long experience in the most difficult and complicated commercial programs demanding fast performance. The core developers include engine developers of SEGA's Virtua Fighter series, famous for fighting games, and engine developers of online games "N3” and "Kingdom Under Fire" series for Xbox306 and PC, and developers of Samsung mobile phone operating system.
‘Locus Chain Foundation has its head office in Singapore with branch offices in Dubai, Middle East, and Mauritius, Africa and has entered into partnership agreements to use its block chain technology as the base technology and cryptocurrency as payment currency for various industries in the Middle East and Asia. In addition, it has signed MOUs with government agencies in many African countries such as the Congo, Malawi, and Mauritius on industrial sectors such as e-government, finance, and resources, and is pursuing a medical IoT block chain with Leadtek in Taiwan, a famous manufacturer of graphic cards.
About LCF
Founded in 2018 in Singapore, the Locus Chain Foundation (LCF) is dedicated to ensuring secure settlement currency and service platform for consumers, businesses, and industries through blockchain technology, the world's leading software platform for digital assets. LCF expands its technology to offer tools and services to strengthen the capacity of charity fundraising, resource development, and crowdfunding, etc. It hopes to be at the forefront of identifying innovative ideas in order to eliminate poverty, violence and inequality in the world, especially in the third-world nations.
Official website of LCF: www.locuschain.com
For Media Contact:
Naseem Mangat
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Email: naseem@lingoorbit.com
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