Tron will introduce a 3.5 hard fork upgrade on February 28 and according to a yesterday's tweet from co-founder Justin Sun, they will be introducing three important new features including multisig and account management, dynamic energy adjustment to real-time network performance, and a 50% performance boost and res usage. The upgrade will also introduce better Virtual Machine safety, events, and server for Dapps.
Sun said yesterday that multi-sig, account management, and custody are three major requirements from institutional players/investors and having received numerous demands from hedge funds, mainstream investors and financial institutions, it would be fair to make the network institutional ready. Their partnership with BitGo, a custodian solutions provider, is also ready according to the announcement.
The multisignature and account management upgrade will provide more security for blockchain transactions. Basically, multi-sig accounts are secured by more than one private key and more than one must be used to authorize and validate transactions. The dynamic energy management system will also improve the blockchain's energy efficiency with energy consumption being a big concern for many blockchain platforms.
The upgrade is also fixing Tron's performance, which is expected to improve by 50% as claimed in the tweet. This is expected to further boost the number of transactions that the blockchain platform can support. There are no further specifications regarding performance upgrades. They will also be doing some security enhancements and improvements for dApp developers on the Virtual Machine. An event server for dApps will also be launched as part of the Odyssey 3.5 network upgrade.
It is one of the smart contract platforms that are similar to Ethereum in that dApps can be developed there. But the number of dApps on the network is still low compared to that on Ethereum network. However, it has some advantages over Ethereum: for instance, its potency and sophistication have made a few developers to migrate dApps from Ethereum into Tron.
Tron, which launched mainnet in summer 2018 and acquired a peer-to-peer (P2P) file sharing solution provider BitTorrent last year for $140 million, also recently launched BitTorrent token (BTT) through the Binance Launchpad, something that caused the price of TX to go high. Meanwhile, Tron reported a strong growth Sunday after the announcement although it has corrected to a -10% in the last 24 hours.