LOFT (Large area Observatory For x-ray Timing) is an innovative mission submitted in response to the Cosmic Vision "Call for a Medium-size mission opportunity for a launch in 2022" recently issued by ESA. LOFT is an ideal candidate for the next generation of (extremely) large experiments for X-ray timing dedicated to the study of the physics of compact objects and to the understanding of the behavior of matter in strong gravitational fields. Recent developments in the field of large area monolithic silicon detectors allowed us to reach an effective area ∼12 m2 (15 m2 goal), more than a order of magnitude larger that RXTE/PCA, in the energy range 2-30 keV (1-40 keV goal). This Large Area Detector (LAD) will have both high timing resolution (<10 μs, 5 μs goal) and good spectral capabilities (<260 eV, <180 eV goal). A Wide Field Monitor (WFM), sensitive in the ∼1-50 keV energy range, will observe simultaneously more than a quarter of the sky in order to both discover and localize transient events and study their long term evolution. © Copyright owned by the author(s) under the terms of the Creative Commons Attribution-NonCommercial-ShareAlike Licence.