Tron [TRX] hardfork: Justin Sun discusses importance of multi-signature feature for institutional investors

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The cryptocurrency market has been observing sideways movement over the past few days. Tron [TRX], the ninth largest cryptocurrency on the CoinMarketCap list has been subjected to a similar fate.

Tron Foundation’s CEO and founder, Justin Sun, participated in an AMA session hosted by Binance, where he talked about BitTorrent token [BTT] and the upcoming Tron hardfork.

After discussing the use-cases and the future of BitTorrent, Sun moved on to discuss the hardfork taking place on February 28, which will roll out the highly anticipated Odyssey 3.5 upgrade. According to a report by BitcoinerX, Sun said:

“This MainNet upgrade is a significant one for TRON since last December. Previous upgrades were mainly for setting up the network, while this upgrade is the first major improvement of the network performance.”

Sun previously tweeted about what feature will be added as a part of the update, including institution-ready multi-sig and account management, dynamic energy adjustment to real-time network performance, a 50 percent performance improvement and better visual machine safety, and an events server for Dapps.

In the AMA session, Sun elucidated multi-sig for institutional investors and explained the importance of the feature to the investors with high net worth. Sun said:

“Multi-signature is essential to institutional investors and investors with high net worth, because institutional investors usually use institutionalized approaches to keep cryptocurrency assets, which are managed by multiple parties and with multi-layer procedures. Therefore, multi-signature allows multi-layer management of cryptocurrencies. It’s fair to say that without multi-signature, there will not be institutional investors.”

Sun had previously highlighted the demands his team had received from hedge funds. He also stated that with the 3.5 upgrade, and partnership with BitGo, Tron will be ready to take on any challenge.

Tron [TRX] might have slipped from the eighth position, but the Tron community’s strong backing has helped the coin ride the bull even when the market is being ravaged by the bear.

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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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