Today we're going to be looking at the TRON network and how it is set to undergo a hard fork on the last day of this month, on February 28th! The news was announced by TRON's 29-year-old CEO Justin Sun on Twitter.
He noted that "#TRON will launch [version] 3.5 hard fork upgrade on February the 28th. New Features include 1. Multi-signature crypto wallets and account management tools, to make the company ready for institutional investors 2. Dynamic energy adjustment to real-time network performance. And 3. 50 per cent up performance and res usage and finally 4. Better VM Safety, events serve for Dapps."
Now, it's great to see TRON surging ahead and making these four new updates and implementations. Over the last few months and year, TRON has taken a strong stance in the cryptocurrency community, growing quite quickly and aggressively. This is seen in their TRX token, which according to Coinmarketcap is ranked 9th with a market cap of $1.599 billion and is valued at 2 cents per token. According to Today's Gazette, the news publication even believes that these new upgrades are actions that are going beyond TRON's comfort zone. I believe that it's pretty expected of TRON to release these new upgrades, but let's have a look at what these new upgrades mean for the TRON network.
The first Upgrade is introducing multi-signature and account management. Here a multi-signature upgrade means that a blockchain network will require more than one authorization to validate the transaction. This adds an extra layer of security to the blockchain network when undergoing transactions. The Today's Gazette noted that this development would make TRON more secure than Bitcoin which makes use of only a single signature. Sun, in another tweet, noted that the upgrade will be in conjunction with the BitGO collaboration and improving the security has been a significant requirement from many institutional investors.
The next upgrade is a Dynamic Energy Adjustment to Real-Time Network performance. Now, this is simply a system that's created to adjust energy based on what is required from the demand side. It makes the blockchain network more energy efficient. Energy efficiency has always been a significant concern when it comes to blockchain technology, but this new feature will help TRON streamline the high levels of energy consumption.
Moving onto the 50 Percent Performance Upgrade. Now improving the TRON network's performance for their users to make the network more efficient and effective to enhance the services they offer is a big want for every blockchain network. It's great to see TRON taking active steps to make this a reality for the TRON network.
And finally, introducing a superior virtual machine safety and event server for Decentralized Applications. In the hopes of building a strong, reliable and robust decentralized economy, TRON has invested a lot of the efforts to create a good environment for developers to construct decentralized applications on their network. TRON, therefore, established the TRON Virtual Machine to build a blockchain system that is convenient, stable, secure, efficient, and scalable for developers. The virtual machine safety and event server for decentralized applications will add to improving the experience for developers on the TRON network. In the past, many developers have moved from Ethereum and EOS over to TRON due to greater ease and sophistication when it comes to the TRON network.
In addition to all these upgrades, when it comes to their TRON Virtual machine, they also announced that they will be making a move over to WebAssembly. For those who aren't aware, WebAssembly is currently on its way to becoming the standard for web application development. It is now estimated that WebAssembly will replace JavaScript over the next few years.
It's pretty hard to critique TRON in this circumstance. These developments will help boost the TRON network, helping it stand a better chance in the crypto space. While in the earlier days of crypto, we heard a lot of news and buzz from Ethereum and their developer network, just recently between last year and this year, EOS and TRON are crushing it when it comes to decentralized application adoption.
If TRON continues at this rate, I believe that we can see the TRON network and community grow reasonably well, perhaps one day, well enough to compete even with the Ethereum network.
So what are your thoughts on this situation guys?
Do you think these new upgrades will help TRON's popularity grow in the cryptocurrency community?
Or do you think that there's still a long way to go for them?
Let me know what you guys think in the comments below.
It's Cindy with CryptoPig. Catch you guys around!
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.