Chandler Guo, the instigator of the latest Ethereum hard fork, said the US dollar value of the recently released coin originating from the Ethereum proof-of-work (PoW) blockchain will be on par with that of ether. Guo added that he expects the value of the token, which is currently “very cheap”, to grow 100 times in ten years.
Increase in ETHW trading volumes
According to Chandler Guo, the self-appointed organizer of the recent Ethereum hard fork, Ether (ETH) and the recent proof-of-work ETHW airdrop will have the same USD value in ten years. Guo said the new token, which is currently trading at only a fraction of its September 15 high, still has the potential to grow 100-fold.
In an interview with Bitcoin.com News, Guo said that the current price of the forked coin is “very cheap”, so there is a chance to grow 100 times. Guo, a former bitcoin and ethereum miner, however, admits that the forked blockchain has a lot to catch up with before this 100-fold growth is achieved. He explained:
Currently, the price of ETH is high because there are many developers and over 200 different projects running on Ethereum PoS [proof-of-stake] blockchain. On the other hand, there are less than 10 projects on ETHW.
However, to show that work to ensure that the forked chain eventually matches the PoS chain, Guo revealed that in just four days of the merger, “the proof-of-work ETH chain already has two DEXs. [decentralized exchanges]two bridges and two NFTs [non-fungible token] exchanges already started “.
He added: “Things are happening step by step and after a year I think there will be over 100 projects running at the top of the PoW chain.”
In addition to the launch of exchanges and bridges on the new chain, the daily trading volume of the protocol has increased since The Merge. While Coinmarketcap data from September 21, 2022 suggests that ETHW’s daily trading volume was just over $ 100 million, Guo nonetheless insists that the actual 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 over 20 mining pools and 2000 miners from around the world. More than 30 exchanges have ETHW listed, “the former miner said.
Just under a month before The Merge, Bitcoin.com News reported that a team led by Guo had confirmed that another division of the Ethereum chain would arrive. However, as soon as the migration to PoS was completed, two alternative chains emerged: the ETHW blockchain and Ethereumfair (ETF).
Commenting on the prospects for the other coin, Guo, who gained prominence after playing a role in the 2016 Ethereum blockchain hard fork, said:
I know another team forked ETH but no one is mining there, no one is listing their token. Only a few exchanges and mining pools. It [the success of a fork] it all depends on who forked the ETH. I have not forked it so that I can benefit from it. But others fork for their own good or advantage. That’s why they get rich from that – I don’t [do] That.
Meanwhile, prior to the Ethereum blockchain’s shift from a PoW consensus mechanism to a PoS consensus mechanism, it was widely reported that this would result in a drop in the protocol’s energy use by more than 99%. As expected, climate change advocates cheered on the September 15 merger, which some miners now fear will encourage opponents of the PoW’s consensus mechanism.
When asked to answer the argument that bitcoin mining harms the environment, the former miner outright rejected this claim. He said that instead of buying electricity from power companies, bitcoin miners, particularly from China, often prefer to use “abandoned energy” which is cheaper.
The abandoned energy can be natural gas or hydroelectricity that is not currently being used, he said. According to Guo, in regions like Kazakhstan and Russia, where miners are harnessing this energy to mine bitcoin, local communities have benefited.
Meanwhile, regarding reports that the Ethereum merger may have given the US Securities and Exchange Commission (SEC) reasons to initiate or initiate some sort of proceeding against the blockchain co-founders, Guo noted:
“I think Vitalik [Buterin] and the chief behind him, his name is Joseph Lubin. This guy knows how to fix this because he has ties to Wall Street. He knows how to deal with the SEC. “
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