The ERICA switch algorithm has been discussed extensively in TM group in the past. However, over the last two years, the algorithm has been substantially modified. This contribution describes the current version of ERICA switch algorithm in complete detail. The algorithm achieves both efficiency and fairness, and exhibits a fast transient response. The development of the algorithm is traced, and the new approaches it uses to achieve its objectives are highlighted. Several design and implementation aspects of the algorithm are examined. In addition, several enhancements to the algorithm are proposed and studied. [46 Pages]

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