TRON (TRX) Prepares for Hard Fork Upgrade
On February 28, the TRON network will perform a mandatory upgrade to version 3.5.
TRON (TRX) has scheduled a mandatory upgrade through a hard fork for Thursday, ushering in version 3.5 of the network, co-founder and CEO Justin Sun announced on social media.
News of the upgrade arrives a few days after TRON emerged as one of the leading networks for distributed apps (dApps). Version 3.5 will have features allowing for smoother functioning. Currently, TRON has achieved a record of 748 transactions per second, typically with around 17 per second. The new upgrade aims to increase the efficiency of the network.
The upcoming version will also support multi-signature transaction verification. TRON will also have additional energy efficiency management to match the activity of block producers with the demand on the network - it is still relatively young and usage is not uniform, ranging vastly in transactions per day or second.
The upgrade will also allow easier account trading. TRON now carries above 1.8 billion accounts, with the potential for one user to have multiple accounts.
However, news of the upgrade failed to lift the TRX price as the markets saw a shakedown on Monday. The asset lost more than 9% in the past 24 hours, returning to $0.24. TRX trading remains relatively subdued, with volumes of around $283 million in 24 hours.
TRON dApps show increased activity, with the leading PLAY GOC app having 7,200 users in 24 hours. Usage on other competing networks, like Ethereum (ETH) and EOS, remains lower.
For now, TRON manages to cope with the increased transaction levels, while Ethereum experiences congestions with increased activity, and EOS has difficulties storing the extremely large set of data on the state of the distributed ledger. With the new upgrade, TRON expects more efficient usage of the TRON Virtual Machine (TVM), increasing the usability of dApps.