Ranked at the 9th position at the moment, Tron, one of the largest cryptocurrencies, is all set to perform a hard fork on its network on the 28th of February.
Crypto enthusiasts would know what significance this particular date holds in the world of cryptocurrency. Not much time ago it was announced that on this day two important upgrades –Constantinople and St. Petersburg – would be taking place on the Ethereum network.
Tron Undergoes a Major Hard Fork
And now, we just came to find out that Tron, the blockchain-based decentralized platform and the proud owner of BitTorrent, that has been also known as one of the main rivals for Ethereum in several aspects including the launch of cryptocurrency tokens, is all set to go for a significant update in its network.
On the same day, February 28th, the Tron network will undergo a hard-fork upgrade to 3.5 version. Headed by CEO Justin Sun and his dedicated and efficient in-house development team, Tron has been working tirelessly to bring this blockchain development platform to the highest level.
While Tron is similar to other cryptocurrencies, it comes with a totally different purpose. It has an aim to build a free, global digital content entertainment system with distributed storage technology, allowing cost-effective and easy sharing of digital content.
Expected Results from the New Upgrade
Two days back, Tron CEO Justin Sun disclosed in a tweet on his official Twitter handle that with the launch of the 3.5 network upgrade, a range of extremely useful features for the institutional users will be brought forward. According to him, four institution-handling features will be launched, all thanks to the major hard fork.
Adding more details in the second tweet, Sun has also stated that Tron network has received numerous demands for the network’s development from the institutional investors including hedge funds, mainstream investors, and financial institution. In the same tweet, Sun has also announced that Tron has entered in a partnership with BitGo cryptocurrency exchange which itself is extraordinary.
Sun has also given us a list of four new features that will be launched with the new upgrade. The list of new features includes improved virtual machine safety as well as events server for decentralized applications (dApps), institution-ready multi-signature addresses, 50% increase in the performance and dynamic energy adjustments to real-time network performance which will ensure that there is higher energy efficiency and more feasible energy consumption within the Tron network.
The institution-ready multi-signature upgrade, which presumes a necessity of several authorizations for the validation of transactions, will be helping Tron (TRX) to outperform other leading cryptocurrencies, including Bitcoin.
With the introduction of new features, the Tron network is expected to experience a smoother functioning. At the moment, it has been already proved that Tron is capable of processing 748 transactions per second. The new upgrade will also enable account trading.
Impact on the TRX Price
Nevertheless, the news of the major hard fork upgrade has not impacted the price of TRX as yet. Instead, the price of TRX has plummeted over by nine percent in the last twenty-four hours.
It is worth mentioning that all the leading cryptocurrencies have experienced more or less major drops in their prices as well with Bitcoin coming down by 8.33%, Ethereum (ETH) by 15.38%, and EOS by 15% correspondingly.
Having said that, we still hope the situation may change after the hard fork, i.e. after the 28th of February. It will be interesting to see that what impact these updates will bring on the Tron’s price and the market cap after the hard fork takes place. At the time of writing, Tron’s market capitalization is set at $1,602,601,258 with its price being traded for $0.024033.