The US dollar value of recently flown coins native to the forked Ethereum proof-of-work (PoW) blockchain will equal that of Ethereum’s, the latest Chandler Guo, the man behind the hard fork, said, adding that Guo expects the value of the now “very cheap” token to grow 100-fold in 10 years.
ETHW trading volume to skyrocket
According to Chandler Guo, the self-proclaimed organizer of the recent Ethereum hard fork, Ether (ETH) and the recently airdropped proof-of-work ETHW will have the same USD value in 10 years Guo said that the current September 15 high Trading at a fraction of that, this new token still has the potential to grow 100-fold, he argued.
In an interview with Bitcoin.com News, Guo claimed that the current price of the forked coin is “very cheap” and therefore room exists for it to grow 100-fold. Guo, a former Bitcoin and Ethereum miner, nevertheless admits that the forked blockchain has a lot of catching up to do before this 100x growth is achieved. He explains it this way.
Currently,ETHprices are high because there are many developers and over 200 different projects running on the Ethereum PoS [proof of stake] blockchain. ETHW, on the other hand, has less than 10 projects.
Still, to prove that work has begun on making the forked chain eventually match the PoS chain, Guo revealed that just four days after the merge, “the ETH proof-of-work chain has Two DEX (decentralized exchanges), two bridges, and two NFT (non-freaky token) exchanges have already been launched.”
He added, “Things are progressing step by step, and I think in a year’s time there will be more than 100 projects running on the PoW chain.” He stated.
In addition to the launch of new exchanges and bridges on the chain, the daily trading volume of the protocol has been rising since The Merge: according to Coinmarketcap data for September 21, 2022, ETHW’s daily trading volume is slightly above $100 million, but Guo claims that the actual trading volume is closer to $1 billion.
“(Already) ETHW’s trading volume is huge. Today it is almost a billion dollars. [As of today] ETHW is supported by more than 20 mining pools and 2000 miners from all over the world. more than 30 exchanges have listed ETHW,” the former miner claims.
Just a month before The Merge, Bitcoin.com News reported that a team led by Guo confirmed that another Ethereum chain split was coming. However, as soon as the transition to PoS was complete, two alternative chains appeared: the ETHW blockchain and EthereumFair (ETF).
Abandoned Energy
Guo, who was part of the high-profile 2016 hard fork of the Ethereum blockchain, commented on the outlook for other coins.
I know another team forked.ETH but no one is mining there and no one lists their tokens. Only a few exchanges and mining pools. It (the success of the fork) all depends on who forkedETHETH I did not fork this for my own profit. But others fork for their own profit or for their own sake. That’s why they get rich off it – I don’t [do] it.
Meanwhile, before the Ethereum blockchain switched from PoW to the PoS consensus mechanism, it was widely reported that this would reduce the protocol’s energy usage by over 99%. As expected, climate change advocates applauded the September 15 merge, but some miners feared it would provoke opposition to the PoW consensus mechanism.
When asked to address the argument that bitcoin mining harms the environment, the former miner flatly denied the claim. He said that instead of buying electricity from power companies, bitcoin miners – especially from China – often prefer to use cheaper “abandoned energy.”
Abandoned energy, he said, refers to natural gas and hydroelectric power that is not currently being used, and Guo said that in areas like Kazakhstan and Russia, where miners are using such energy to mine bitcoins, the local communities are benefiting It is.
Meanwhile, regarding reports that Ethereum Merge may have given the U.S. Securities and Exchange Commission (SEC) grounds to initiate or institute some sort of proceeding against the blockchain co-founder, Guo said.
“I think Vitalik (Buterin) and the boss behind him, his name is Joseph Lubin. This guy has ties to Wall Street and he knows how to fix this problem. He knows how to deal with the SEC.”
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