Tron (TRX) is set to hard fork on February 28, introducing a number of upgrades that are aimed at making the blockchain platform institution-ready.
Tron founder and CEO Justin Sun confirmed the network upgrade via his official Twitter account, stating that the fork will feature four primary updates.
Sun noted that the launch of its “3.5 hard fork upgrade” will allow for more participation from institutional users that have, according to him, demanded that certain features be added.
As such, Tron’s network upgrade is set to deliver these highly anticipated institution-ready capabilities. Among other features, the update will add multi-signature and account management, energy adjustment, security, and other improvements to the virtual machine.
An upgrade to the multi-signature feature and account management brings more security to the network’s transactions, one of the requirements for institutional involvement.
According to Sun, this upgrade coupled with its partnership with BitGo means that Tron is ready for institutional investors.
The dynamic energy management upgrade will be introduced to improve Tron’s blockchain efficiency, while the 50% up performance improvement will boost the network’s transaction capabilities and speeds.
The Virtual Machine will get the fourth upgrade, which will see improvements to enhance security for dApps developers. Tron will also launch an event server for decentralized applications.
The market reaction for TRX, the native Tron token, was mostly positive when the news surfaced. The token’s price surged by over 10 percent before Bitcoin (BTC)’s price downturn plunged the altcoin market as TRX declined by about 9 percent on Monday.
Tron’s slide has seen it trade at a relatively stable price around $0.024, with its 2019 performance ranking it as one of the top cryptocurrencies after surging almost 30 percent since January 1.
Tron, which acquired file-sharing platform BitTorrent last year, has made no secret about its competition with Ethereum (ETH) as a platform for cryptocurrency token issuance and decentralized applications (dApps).
Last week, Sun tweeted that Tron was now the leading platform for decentralized applications, topping other platforms like Ethereum and EOS in terms of total dApp users as well as the number of active users.
BitTorrent completed its initial coin offering (ICO) earlier this year, reaching the token cap within minutes. The BTT token has since spiked, hitting 600 percent increase within days after trading began.
Most of Tron’s programs have turned out right, establishing the crypto platform among the top coins in the market.
However, Sun’s sometimes controversial ways of publicizing his crypto have attracted criticism- especially his cynical take on Ethereum.
Some in the crypto community have openly criticized Sun and Tron’s approach, with the latest to lambast Tron being Stellar (XLM) founder Jed McCaleb.
In an interview earlier this year, McCaleb said that projects like Tron were “just garbage,” where “people dump tons of money” yet it technically doesn’t work. Sun dismissed these sentiments, saying that XLM was not a competitor of TRX.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.