This new year 2024 promises great challenges, not only in the traditional markets but also in the cryptocurrency market. It is the year of halving, where all of us who love cryptocurrencies know that after halving comes a great bullish period that we can take advantage of.
In order not to miss this wave, here are three hot cryptos to watch in the coming year, let’s take a look.
Render (RNDR)
RenderToken (RNDR-USD) is like a creative powerhouse on the blockchain, allowing artists and studios to take full advantage of GPU rendering capabilities. Imagine it as a collaborative space where artists in need of computational power connect with miners willing to lend their GPU capabilities.
Conceived by visionary Jules Urbach in 2009, RNDR officially took its first steps in 2017 and had its public token sale in October of that year, selling around 117 million RNDR tokens at $0.25 USD each during a private sale period from January to May 2018.
The cool news is that they have given birth to The Render Network Foundation, a superhero nonprofit dedicated to nurturing the core RNDR protocol and growing its community. This move toward decentralization means more power to the people, as control shifts to the community.
RNDR has been flexing its muscles, rendering over 16 million frames and nearly half a million scenes since 2017, making it the largest decentralized GPU computing and cloud rendering network globally.
The foundation’s role is quite fundamental. Not only does it oversee the Render Network Proposal (RNP) system, which enables community participation in strategic decisions, but it also doles out grants to support these ideas.
The brains behind RNDR, such as OTOY Inc. and the core developers, aren’t going anywhere; they’re staying to contribute their expertise. But now, the community and its ideas take center stage, guided by the foundation and its new team of executives and advisors.
Injective (INJ)
Injective (INJ-USD) is the go-to platform for next-generation decentralized financial applications (DeFi), from exchanges to prediction markets and lending protocols.
What makes it stand out is its robust infrastructure, with decentralized order books on the blockchain that withstand any shady business and cover a wide range of financial markets, all executed directly on the blockchain.
It is compatible with Ethereum (ETH-USD), other blockchains and even those that don’t use the Ethereum Virtual Machine (EVM), such as Solana (SOL-USD). It is built on Cosmos SDK, boasting fast transactions with a Proof-of-Stake configuration.
The Injective gang is strong, with over 100 projects and a massive global community, backed by big names like Binance, Pantera Capital, Jump Crypto, and the one and only Mark Cuban.
Injective’s core exchange module is like the heart of the operation, with an advanced blockchain order book, resistance to any foul play, and zero gas fees for users.
Smart contracts, the smart part, are seamlessly implemented through CosmWasm, enabling seamless multi-chain transactions. The INJ token, like the VIP pass, governs everything from protocol updates to blockchain security and even encouraging new developers with a share of the fees.
Helix, an exchange based on Injective, allows regular traders to get in on the action with Pre-release Futures. It’s like being given a backstage pass to trade tokens like Celestia (TIA-USD) before they officially hit the market.
In addition, Injective is breaking barriers by allowing Ethereum applications to run natively on its network through its inEVM Layer 2 rollup solution. It’s like opening a door to more possibilities in the blockchain playing field.
Fantom (FTM)
Fantom (FTM-USD), is not just another blockchain; it is a decentralized smart contract platform with a mission to solve the speed issues plaguing platforms like Ethereum.
Launched by the Fantom Foundation in 2019, it is designed to be open source and easy to use, providing tools to simplify the integration of decentralized applications (DApps) and offering built-in tools for decentralized finance (DeFi).
The heart of Fantom lies in its unique consensus mechanism called Lachesis, which guarantees both security and speed of transactions. This is no ordinary blockchain; it is asynchronous, leaderless, Byzantine fault-tolerant and promises near-instant finality.
Fantom’s core network, called Opera, is where the magic happens. It supports DApps and interacts seamlessly with Ethereum platforms, thanks to its integration with the Ethereum Virtual Machine (EVM) and support for the Solidity programming language.
They recently introduced Fantom Sonic, a major barrier-breaking upgrade with a new virtual machine, improved storage and optimized consensus. With a test network already available, users and developers can experience the breakneck speed before the official launch in spring 2024.
However, even the strong are facing challenges. In October, there was a security issue related to a compromised wallet. Fortunately, the Fantom Foundation quickly addressed the problem, working with a security researcher who received a hefty reward of $1.7 million.
This incident underscores Fantom’s commitment to top-notch security and its appreciation for those who contribute to a more secure crypto space.
As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines (no position)
