Although no future investment can ever be really pathbound, some altcoins truly do have huge potential for a tenfold increase in July 2024. Herein is the list of these 5 altcoins with 10x potential, considering the factors of technology, adoption, and market trends:
Cosmos will stand out as an integrated blockchain network that will help answer the basic problems in the blockchain ecosystem and unify problems that arise between scalability and interoperability. It will make different blockchain messages sharing with one another seamlessly and share data accordingly.
Why consider it?
Imagine a future where a multitude of blockchains like Ethereum and Solana could interoperate and share data. Cosmos has aspirations to be the base for that connected future. It brings especially unique architecture in the form of the so-named Cosmos SDK that enables developers to easily make custom blockchains that are in a position to plug into the Cosmos Hub, facilitating interoperability.
With DeFi, decentralized finance, and the need to communicate seamlessly between blockchains, Cosmos would be well-positioned. Higher adoption of the Cosmos SDK by developers and further integration with other DeFi protocols may cause huge growth.
Similar to Cosmos, Polkadot tackles the problems of poor scalability and poor interoperability. The architecture contains the central relay chain—Polkadot chain—and multiple parachains, subordinate blockchains application-unique.
Why consider it?
Polkadot allows developers to create custom-made parachains for any use case without taking into consideration the limitations of their scalability—this means their functionality will be enormously huge. Then these parachains connect to Polkadot's relay chain for security and to gain interaction.
Specialized blockchains can offer evident benefits in scalability and security, attracting a huge set of developers. Increased adoption of parachains and their integration with other blockchain ecosystems may power DOT's value.
It is designed for the indexing and querying of blockchains. The Graph allows developers to efficiently search and fetch blockchain data in their applications.
Why consider it?
As the blockchain landscape keeps on growing, so does the quantity of the data being generated. The Graph provides the requisite infrastructure for both searching and analyzing this huge amount of information. In itself, decentralization removes the reliance on central servers, thus improving security and censorship resistance.
The growth of DeFi and the accelerating complexity in blockchain applications foreshadow a surge in demand for efficient data querying solutions. This can get very expensive with the broad adoption of The Graph by developers and projects building on different chains.
A chain of decentralized oracle networks, supplying secure and reliable data feeds for smart contracts. Smart contracts are self-executing contracts on blockchains; however, most of the time, they are in dire need of access to external sources of data. Chainlink solves this chasm by providing a secure way for smart contracts to access off-chain data.
Why consider it?
Smart contracts can disrupt a lot of industries, but the need for reliable external data will act as a stumbling block. In that sense, Chainlink contributes to a decentralized oracle network; hence, it will make a high difference in smart contract applications.
DeFi and blockchain tech are only going to get much bigger in the future. In a couple of years, when people will realize that they need secure and reliable oracles, Chainlink will be used largely.
Filecoin is a decentralized storage network oriented to provide an appropriately secure and reliable substitute for traditional, centralized cloud storage providers by storing data in a network of computers dispersedly.
Why consider it?
Many concerns are rising regarding personal data privacy and censorship issues, which increases interest in decentralized storage solutions. Filecoin is a secure, resistant avenue of data storage controlled by users themselves.
Provided that the amount of data produced, rapidly growing globally, need secure and trusted solutions for storage, then if Filecoin were to capture a large enough share of cloud storage, this would imply an immense upside in its value.