By
Chimamanda U. Martha
April 25th, 2024
This week Tron is going to hard fork its network to its 3.5 version and offer four new features for institutional users.
The 28th of February promises to be an important day for the crypto world. Not so long ago it was announced that on this day two very important upgrades, the long-awaited Constantinople and St. Petersburg, are expected to take place on the Ethereum network.
And now it has become known that Tron, the blockchain development platform and the owner of BitTorrent (which ICO completed in just matter of minutes), that positions itself as one of the main rivals for Ethereum in many aspects including cryptocurrency tokens launch, is also preparing for an important update.
Just on the same day, Fabruary 28th, the TRON network will perform a hard fork upgrade to version 3.5.
Expected Results
As it was disclosed by Tron’s CEO Justin Sun, the launch of the 3.5 network upgrade will bring a range of very useful features for institutional users. According to Sun, thanks to the hard fork, four institution-handling features will be introduced.
Multi-sig, acct mng and custody are three major requirements from institution. Recently we have received numerous demands from hedge funds, mainstream investors and financial institution. With 3.5 upgrade and the partnership with @BitGo, #TRON is ready! #TRX $TRX https://t.co/w95p3Jy4tN
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 24, 2019
Such a choice for the further directions of the network’s development is explained by the rising demand from the side of institutional investors such as hedge funds, financial institution, mainstream investors, as it has been stated by Sun. It has been also informed that Tron has entered in a partnership with BitGo cryptocurrency exchange.
The list of new features includes institution-ready multi-signature addresses, enhanced virtual machine safety and events server for decentralized applications (dApps), 50% performance increase and dynamic energy adjustments to real-time network performance which will ensure higher energy efficiency and more feasible energy consumption.
In general, it is expected that all the features that are to be introduced will ensure smoother functioning of the network. At the current moment, it is already proved that Tron is able to process 748 transactions per second. The upgrade will also facilitate account trading.
What’s more, it is said by the company that the multi-signature upgrade, which presupposes a necessity of multiple authorizations for transactions validation, will help TRON (TRX) to outpace other major cryptocurrencies, including Bitcoin.
Impact on TRX Price
Nevertheless, the news hasn’t resulted in the growth of the TRX price, instead, during the last 24 hours, it has lost over 9 percent of its value. Worth noting, that all the major cryptos experienced more or less sharp declines as well, as Bitcoin lost around 8.33%, Ethereum (ETH) – a massive 15.38%, and EOS declined by 15% correspondingly.
But there is still some hope that the situation will change after February 28, when the hard fork is scheduled. And it will be rather interesting to see what impact these updates will have on coin’s price and market cap after the implementation. At the press time, the coin is traded for $ 0.024 and its market capitalization makes around $ 1.56 bln.