April 19, 2024
Crypto to watch in 2024


As the cryptocurrency landscape evolves, certain projects stand out for their innovative approaches and substantial growth potential.

Here are some cryptocurrencies to keep an eye on through 2024:

Invariant X (IMX)

Immutable This significant funding underlines the huge potential and investor interest in the sector. Irreversible X’s strategic partnership with former competitor Polygon has been a game-changer. Together, they now dominate approximately 80% of the blockchain gaming market.

“Earlier competitors, Polygon and Immutable

This partnership has transformed Immutable

“They’re not just building a game; They are becoming the core of games built on blockchain. “This comprehensive approach increases the chances of significant success in the gaming sector,” Baktyari says.

Additionally, Immutable These collaborations demonstrate the project’s strong commercial growth and potential for widespread adoption.

Another key feature of Immutable X is its focus on zk-rollup technology, which enhances scalability, security, and user experience. This puts Immutable X at the forefront of technological innovation in the crypto sphere. “He is one of the pioneers of zk tech, which opens the door to far more opportunities than we currently see in the market,” Baktiri says.

Polygon (MATIC/POL)

Polygon is known for its extensive contributions to blockchain technology by partnering with Immutable The widespread adoption of the Chain Development Kit (CDK), colloquially known as the Polygon Stack, reflects the robustness and versatility of its technology.

“The adoption of the Big Chain development kit shows Polygon’s significant presence in the blockchain infrastructure,” Baktiri says.

The introduction of Polygon 2.0 adds a multilayer structure to its protocol, with one notable layer being the staking layer. This layer uses Polygon’s native token and enables validators to earn rewards, including transaction fees, from the chains they validate.

“Polygon (the staking layer) provides validators the potential for additional revenue streams,” Baktiri says.

Additionally, Polygon is a leader in zero-knowledge technology, with zkEVM already operational. This technology increases privacy and scalability in blockchain transactions, making Polygon a leader in this field.

Polygon is also making progress in scalability by transitioning its PoS chain to Validium, including experiments in parallel execution. This step further increases network efficiency.

“Polygon’s transition to becoming Validium reflects its commitment to advancing blockchain modularity and Ethereum alignment,” Baktiri says. Its advancements in technology and strategic direction highlight Polygon’s role as a leader in the blockchain ecosystem.

Optimism (OP)

Optimism (OP) stands as a significant player in the blockchain sector, with several major achievements underscoring its importance in the emerging cryptocurrency landscape.

One of the major achievements of Optimism is its success in stack adoption, where it is second only to Polygon. In the world of blockchain, “stack” refers to a layered structure of technology solutions and protocols that build on each other to form a comprehensive system. In this context, the Optimism stack refers to its core codebase that is used to help bootstrap other layer-2 blockchains within the Optimism ecosystem.

Baktyari says: “There is optimism among Layer-2 Stacks, the second-largest public stack adopter after Polygon, including strong customers like Coinbase, who are committed to maintaining the integrity of the stack.”

This high level of adoption signals optimism about the technology and confidence in its potential for widespread application and integration across various blockchain platforms.

Another important development for Optimism is its partnership with Coinbase, one of the largest cryptocurrency exchanges. This collaboration with Coinbase, using Optimism’s stack, is a testament to the security and technical robustness of the project, and is “huge from a security perspective,” Baktiri notes. This relationship enhances the credibility of optimism and increases its reach to a wider audience, thereby promoting its further adoption.

In terms of governance and community engagement, Optimism has made remarkable progress and received praise from the crypto community. The success of Optimism’s governance model is also highlighted in a Stanford article, indicating a mature and thoughtful approach to involving the community in decision-making processes.

Baktyari says the Optimism team appears to be strongly engaged with the Ethereum ecosystem, and this demonstrates its adherence to core blockchain values, which resonates with a significant portion of the market.

Like Polygon and Immutable

“Optimism’s Bedrock upgrade enables support for multiple execution layer clients and an abstraction of proof systems, allowing rollups to use fault-proof or validity-proof systems on the OP stack,” Baktiri says.

“This upgrade is an optimistic first step toward increasing adoption of zk technology.”

eigenlayer

Another project gaining attention for its pioneering technology is EigenLayer.

The project grew out of the possibility of a reward system for users, a move Baktyri suggested was aimed at appreciating early adopters.

“EigenLayer does not have any tokens yet, but its points system and the launch of projects like EigenDA have led the market to believe that an airdrop could happen in the future,” he says.

The cornerstone of EigenLayer’s innovation is its innovative Actively Validated Services (AVS) technology.

This technology benefits a wide variety of applications, from data availability layers to oracle networks, allowing them to benefit from external validator sets, reducing the cost of securing and verifying their networks.

“AVS is a huge new primitive that enables the verifier security of blockchains to be exported to an entirely new set of software and use cases,” Baktiri says.

EigenLayer’s ability to export validator security can also contribute to improving ecosystem interoperability. Networks and ecosystems that were already siled will need to bootstrap their own validator sets, typically offer higher token incentives to validators, and take the risk of having a somewhat centralized validator set at all times. Networks can now pull their validator security from another network that has already resolved its early-stage blockchain issues.

Addressing significant issues within the Ethereum ecosystem, particularly around staking providers, Eigenlayers proposes a solution to bring balance and increased security.

“EigenLayer could help incentivize a threshold system for majority stake providers of validators like Lido; A topic that has been a huge topic of debate within the Ethereum ecosystem,” Baktyari says.

Additionally, EigenLayer progress could boost scaling solutions like Validium and potentially increase the use of Ethereum validators to secure other blockchains, including Solana and Cosmos. This development represents a leap in blockchain scalability and security, which Baktiri notes as an important step towards broader application of Ethereum’s technology.

“EigenLayer could help enable Validiums with projects like EigenDA, and could theoretically be an Ethereum secure alternative layer 1 blockchain to blockchains like Solana.” He says.

Source: www.forbes.com

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