TRON (TRX), the distributed ledger technology (DLT) network powering the 16th largest cryptocurrency in the world, has announced July 7, 2020, rollout of the TRON 4.0 network upgrade dubbed the Great Voyage. The team says the new release ushers in a slew of significant improvements in the TRON blockchain, to provide users with increased privacy, faster transaction speeds, support for cross-chain communication, and more, according to a blog post on June 7, 2020.
TRON 4.0 Great Voyage
In another significant development, the Justin Sun-led TRON ecosystem has beefed up its blockchain network to enable it to keep occupying the frontline of the distributed ledger technology movement.
As stated in its blog post, the TRON team announced that it would release the fourth iteration of its distributed ledger – the Great Voyage, on July 7. This move, the team says, brings the TRON Odyssey era to an end and marks the beginning of the era of the Great Voyage.
Since the creation of the TRON blockchain in 2018, the team says it has worked hard to roll out three significant network upgrades and TRON 4.0, which is now live, is expected to begin a pivotal role in the history of blockchain technology.
The TRON 4.0 Advantage
Interestingly, the TRON team claims TRON 4.0 holds the record of being the first smart contract privacy protocol supported by a virtual machine, offering users more security, increased productivity, and energy efficiency.
While the previous versions of the TRON mainnet were solely powered by the Traditional Proof of Stake (TPOS) consensus algorithm, TRON 4.0 combines the excellent properties of the Delegated Proof of Stake (DPoS) and Practical Byzantine Fault Tolerance (PBFT) algorithms to offer users superfast transaction confirmations (3 seconds), enhanced safety and more.
What’s more the team says it has integrated a robust TICP cross-chain protocol into the network to allow it to support cross-chain communication and interoperability.
At a time when Ethereum is dominating the world of decentralized finance (DeFi), powering nearly all the DeFi dApps currently in existence, TRON says its latest update comes with an enterprise blockchain solution that will enable financial institutions and businesses to quickly build their customized financial applications.
“TRON 4.0 is not only the manifestation of the TRON “Decentralize the Web” vision but also the building of financial infrastructure for the next generation. It will not only be the first choice for small and medium developers when creating dApps but will also become the gateway for financial institutions and enterprises to tap blockchain technology.”
In related news, JUST Foundation, the governing body of TRON’s DeFi ecosystem, JUST launched the first phase of its multi-year JST token airdrop on May 20, 2020, dishing out 217, 800,000 JST tokens to TRX holders.
At press time, the price of TRON (TRX) is up by 6.28 percent, trading at $0.018464, with a market capitalization of $1.23 billion, as seen o CoinMarketCap.