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The defining characteristic of a networked control system (NCS) is having a feedback loop that passes through a computer network. Contraposing the time delay introduced by the network, a stabilization condition of discrete-time linear system with time-varying delays is proposed. Based on this condition, the delay compensation controller is constructed and the solution of this controller is given through an iterative procedure of a linear matrix inequality (LMI) minimum problem, which is derived from cone complementarity linearization algorithm. A numerical example is given to illustrate the proposed results.