Two major crypto companies are participating in hard forks and upgrades at the end of the month – Ethereum Constantinople and Tron. Tron will fork on the 28th of February company founder Justin Sun announced on Twitter, stating that there will be numerous upgrades and new features.
#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— Justin Sun (@justinsuntron) February 24, 2019
What are the 4 Major Upgrades?
Tron, a relatively new company within the space, is a direct competitor to Ethereum (ETH) for launching cryptocurrency tokens and other offerings. They hope this upcoming fork will increase its appeal to institutional users and developers alike, with their four major upgrades and new features.
These include: Getting the multi signature and account management ready; Dynamic energy adjustment to real-time network performance; 50% up performance for the network and finally, the Tron Virtual Machine gets the fourth upgrade with a number of security enhancements and improvements for dApp developers.
In terms of the multi signature and account management upgrade, this is to help alleviate worries for the blockchain security as well as providing the framework for institutional involvement and the collaboration with BitGO. This might be the most important upgrade for the company and Son certainly sees its potential impact, tweeting this today:
The second major upgrade is the dynamic energy adjustment to real-time network performance, made to improve efficiency. This is a key problem for the major companies like Tron and Bitcoin, with both understanding the need to streamline network performance and energy management.
The next upgrade – performance, could see Tron surpass their rivals like Ethereum as in terms of transaction speeds is already ahead and this boost will make it even greater. However, not much information has come out about this.
The fourth and final upgrade comes to the Tron Virtual machine with security enhancements and improvements for dApp developers. Not only that, but an event server for dApps will also be launched as part of the Odyssey 3.5 network upgrade.
How well with this will be received in the space is up in the air though. Usually forks prompt a bullish reaction in the market, however, the recent price dump across the market after a rise has left many scratching their heads.
The Market Reaction
After a slight rise in the market, the market was hit with an earthquake that prompted a huge fall, with a $17 billion dump that happened yesterday. With Tron losing 5%, falling to $0.024. Against Bitcoin it has actually climbed 4.2% to 650 satoshis. TRX volume as surged from $160 million to $350 million. On the face of it, Tron has done relatively well, especially when compared to rivals, Ethereum (14%) and EOS (15%) who both faced double figures falls.
Perhaps with the upcoming forks, this could prompt a shift back on the upward incline for crypto coins and return some smiles.