An upgrade (or planned hardfork) will be implemented on the Tron blockchain at the end of the month and this will contain new features suited to Institutional investors.
Tron’s CEO Justin Sun announced via a post on social media that the upgrade set for Thursday, February 28, will include “institutional-ready” features like multi-sig accounts.
The post read:
“#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”
Institutional Wallet Service Provider BitGo Includes Tron [TRX]
Sun’s declaration comes barely a week after BitGo, a crypto security and custody provider for institutional investors announced that it will provide support for Tron’s TRX later this year. As Smartereum reported, BitGo’s chief technology officer explained that the move is in line with the demands of its clients stating that “institutional investors want a wallet provider and custodian who can support a full range of digital assets so adding support for TRX later this year is an important step.”
Tron prides itself as a massive improvement on ethereum blockchain—a blockchain network for deploying DApps and smart contracts which is which is faster and scalable. Sun says that Tron and its popular subsidiary BitTorrent are working towards creating a new internet economy that is fast, secure, and cost-effective and highlighted the need to work with the companies that can provide that secure foundation.
Upgrading the blockchain to suit institutional investors seems a logical step to attract this category investors to add Tron to their portfolios.
How the New Features Will Help Institutional Investors
Some of the features mentioned by Sun is the Multisignature feature (or multi-sig for short) and account management options. Where they may not be relevant for individual retail traders, these features are suited to the activities of institutions who have multiple personnel managing their crypto investments.
A multi-sig function is a form of technology used to add additional security for cryptocurrency transactions. Addresses with the multi-sig function require a specified number of users (or escrows) to sign a transaction before it can be broadcast onto the blockchain thereby increasing the security of the transactions. Interestingly, BitGo was the first to introduce a multi-signature cryptocurrency wallet in 2013.
Tron (TRX) Price Watch
At the time of writing, the price of TRX is about 10 percent down from the last 24 hours. This is just indicative of the flash drop in the crypto market yesterday which hit altcoins worse than it did bitcoin. TRX currently has a market capitalization of about $1.6 billion which is lower than it started the month.
Bittorent token (BTT) Price Watch
BitTorrent token (BTT) is also down with the rest of the market posting a 12 percent loss compared to yesterday’s price. The value of BTT soared about 600 percent from the time it was issued. It seems to be syncing with crypto market trends after a remarkable first month.