While some blockchain projects struggle for survival amidst the lingering crisis in the crypto world, others seem to strive despite the hardships. Tron along with Binance have been the biggest newsmakers of the last couple of weeks.
While Tron’s founder Justin Sun is preoccupied with a little feud with Vitalik Buterin, trolling the former on Twitter promising to build a monument in memory of the Ethereum blockchain once Tron attains its full potential, his team of developers has been working ceaselessly behind the scene to add substance to Justin’s bravado.
Apparently, their efforts will soon come to fruition since Misha Lederman, a member of Tron Foundation and the co-founder of IamDecentralized.org, delivered the news that Tron developers are prepared to introduce four important upgrades to their blockchain ecosystem in the second quarter of the current year.
The updates are bound to enhance the functional capabilities of the Tron network and move it further into the ranks of top blockchains in the industry.
The first upgrade concerns BitTorrent, a peer-to-peer file sharing client, the developers on which introduced a native token (BTT) with the Tron protocol at its core. Prior to that, Tron had acquired the parent company BitTorrent Inc. - the price of this deal remained undisclosed. Earlier this year, BitTorrent organized the initial exchange offering of BTT tokens by the virtue of Binance Launchpad. The sale ended up being an immense success having reached the hardcap in just under 18 minutes.
It appears that the introduction of BitTorrent Speed program would be the next step in the network development. This decentralized application will be a centerpiece of the emerging ecosystem where participants will be rewarded with BTT tokens for distributing torrents as well as providing bandwidth and seedings.
The Tron team also has definitive plans to implement the multi-signature function to their digital wallets in hopes of gaining more traction with the institutional users and major investors due to the improved security features. Moreover, Tron promises to have a more advanced account management system though there is a lack of precise details concerning this upgrade as of yet.
A couple of weeks ago, Tether Limited, the issuer of the odious stablecoin USDT, announced the deal with Tron that stipulates the forthcoming launch of renovated cryptocurrency on the Tron blockchain. In the words of Justin Sun, this deal will offer great benefits to their ecosystem and open the gateway for institutions to Tron and its products. The new token will be compliant with the TRC-20 standard thereby compatible with all protocols and decentralized applications developed on the native blockchain. The Hong Kong-based crypto exchange OKEx has already declared its intention to list the new Tron stablecoin.
And last but not least, Tron will adopt the zk-SNARKS, a zero-knowledge proof protocol that had been initially employed by Zcash. Apart from being a more reliable type of cryptography, zk-SNARKS is also characterized by the exceptionally fast verification process which lasts only a few milliseconds. The introduction of this protocol will provide the means for conducting absolutely private transactions on the blockchain thereby allowing Tron to apply even more pressure on the competitors.
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