The recently airdropped coin for the fork’s native Ethereum proof-of-work (PoW) blockchain will be worth the US dollar equivalent of Ether, according to Chandler Guo, the initiator of the new Ethereum hard fork. Guo says he expects the value of the currently “very cheap” token to grow 100x within ten years.
Increasing ETHW trade volumes
The recent Ethereum hard fork, Ether (ETH), and the recently aired, proof-of-work ETHW will be worth the same amount to the US dollar within a decade, according to self-appointed organizer Chandler Guo. Guo argued that the new token, which is currently trading at a fraction of its September 15 high, still has the potential to grow by 100x.
In an interview with Bitcoin.com News, Guo said that the price of the fork coin is “very cheap”, so there is scope for it to grow by 100x. Guo, a former bitcoin and ethereum miner, however, admits that the fork blockchain has a lot of work to do before this hundredfold growth is achieved. He explained.
Currently, the price of ETH is high because many developers and more than 200 different projects are working on Ethereum PoS. [proof-of-stake] blockchain. In contrast, there are less than 10 projects on the ETHW.
Still, to confirm that the fork’s chain will eventually match the PoS chain, Guo revealed that “the ETH proof-of-work chain already has two DEXs” four days after the merger. [decentralized exchanges]Two bridges and two NFT [non-fungible token] Exchanges have started.
He added, “Things are happening step by step and after a year I think there will be more than 100 projects on the PoW chain.
In addition to the launch of an exchange and bridge on the new chain, the protocol’s daily trading volume has been increasing since the merger. According to data from Coinmarketcap on September 21, 2022, ETHW’s daily trading volume was just over $100 million, but Guo said the actual amount was closer to $1 billion.
“[Already] ETHW’s trading volume is huge. Today it is worth about a billion dollars. [As of today] ETHW [is] Over 20 mining pools, and supported by 2000 miners worldwide. More than 30 exchanges list ETHW,” said a former miner.
A month before the merger, Bitcoin.com News reported that a group led by Guo confirmed that another Ethereum chain split was coming. However, once the migration to PoS was complete, two alternative blockchains emerged: the ETHW blockchain and Ethereumfair (ETF).
Guo, who gained notoriety after playing a major role in the 2016 hard fork of the Ethereum blockchain, commented on the other coin’s prospects:
I know another group has forked ETH but no one is mining there, no one is listing their token. Just a few exchanges and mining pools. He [the success of a fork] It all depends on who created the ETH. I did not fork this so that I could benefit from it. Others, however, fork for their own benefit or advantage. That’s why they get rich from it – I don’t. [do] That’s what he said.
Meanwhile, before the Ethereum blockchain switched from PoW to PoS consensus mechanism, it was widely reported that this protocol would reduce energy usage by more than 99%. As expected, climate change advocates applauded the September 15 merger, which some miners now believe will embolden opponents of the PoW consensus mechanism.
When asked to respond to the argument that bitcoin mining harms the environment, the former miner dismissed the claim. Instead of buying electricity from power companies, Bitcoin miners – especially from China – often choose to use the cheaper “waste power”.
Abandoned energy can be natural gas or hydroelectricity which is not currently being used. According to Guo, local communities have benefited in places like Kazakhstan and Russia where miners use this energy to mine bitcoins.
Meanwhile, Guo said regarding reports that Ethereum’s merger may have given the US Securities and Exchange Commission (SEC) grounds to file lawsuits against the blockchain’s co-founders.
“I think Vitalik [Buterin] And the boss behind it is named Joseph Lubin. This guy has connections to Wall Street and knows how to solve this problem. He knows how to deal with the SEC.
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