The forthcoming Tron Odyssey 3.5 hard fork planned for today been is much likely for its developments to drive institutional investment in the crypto domain. Interestingly, the fork will consist of new features including improved security, multi-signature support and account management, and an events server for decentralized apps (dApps).
Interestingly, it’s a sort of race between the two blockchains- Tron and Ethereum. As Ethereum prepares for a software improvement to put into practice several EIPs, Justin Sun, the co-founder of Tron, took to Twitter announcing Tron’s hard fork on Feb 28. Notably, he updated on Twitter, only a few hours after Ethereum upgrades.
Sun in a Twitter post said:
“the Multi-sig, acct mng and custody are three major requirements from institutions. Recently we have received numerous demands from hedge funds, mainstream investors and financial institution.”
A successful 3.5 hard fork will see Tron add 4 new improvements and a stand out is the “Multi-signature and Account management” aspect distinctively added for institutional grade investors likely to pour in by means of BitGo. It is to be noted that BitGo is based in Palo Alto California and provides custodial services for institutions. They will embark on offering support for TRX later this year saying it was important as they are the only institutional digital asset company.
The founder of TRON, Justin Sun tweeted about the update:
Hard Fork and Market Volatility, Ethereum and Tron Hardfork
It is to be noted that Hard Fork upgrades usually precipitate market volatility, often in the upward course if they go forward without any problems. With 2 important hard forks planned for the same day, this should be an especially interesting one to watch.
With proponents of Ethereum and Tron squaring off against each other to dominate the dApp market, we will likely see significant gains for both assets. In the event that the Ethereum network experiences any further problems or delays though, it could suffer a serious blow from one of its biggest challenges.
Nevertheless, Ethereum still has a far better market position than that of relatively new digital asset- Tron. At $14.4 billion, Ethereum’s market cap is still quite ahead of Tron’s $1.58 billion market capitalization. It is to be noted that both the cryptocurrencies have faced losses in the recent bear market. At the time of reporting, Ethereum is trading down by around 5% and Tron by around 4% on a weekly chart.