BitTorrent owner and blockchain development platform, Tron, will debut a host of institution-friendly upgrades through a hard fork at the end of the month, CEO Justin Sun confirmed the same on social media on February 23.
#TRON will launch 3.5 hard fork upgrade on 2/28. New Features: 1. multi-sig and acct mng, institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better VM safety, events server for Dapps. Go! #TRX $TRX
— H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) February 24, 2019
Tron, that presents itself as a competitor to Ethereum to launch cryptocurrency tokens as well as other offerings, is preparing to increase its appeal to institutional users.
As indicated by the CEO, the hard fork will deliver institution-friendly capabilities and other features like multi-signature abilities as well as account management options.
The multi-signature and account management upgrade offers more security for blockchain transactions. According to Sun, it is one of the things that’s required for institutional involvement as well as the collaboration with BitGO will take Tron institution ready;
“Multi-sig, acct mng and custody are three major requirements from the 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!”
Another upgrade is the dynamic energy management system particularly designed for improving blockchain efficiency. Energy consumption is a huge concern for the heavyweights like Bitcoin and Tron recognizes that it requires to address this issue for streamlining the network performance and energy management.
Performance is the 3rd issue that needs to be improved with a claimed 50% upgrade for the network. Tron, by far, has outperformed its rival Ethereum as far as transaction speed is concerned. This boost will make it even better, however, there were no specifics on how this would be achieved.
The Tron Virtual Machine gets the 4th upgrade with various security enhancements as well as improvements for dApp developers. An event server for dApps will be launched as part of the Odyssey 3.5 network upgrade.
Tron’s TRX token appeared to respond to the news when it surfaced last week before a downturn in the bitcoin price saw the altcoin also fall 9% in Monday trading.