Ethereum Hard Fork Instigator Chandler Guo Claims the Value of ETH and Forked ETHW Will Be the Same in 10 Years – Interview Bitcoin News
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
The recently floated coin, which hails from the forked Ethereum proof-of-work (PoW) blockchain, will have a US dollar value equal to ether, Chandler Guo, the initiator of the latest Ethereum hard fork, has said. Guo added that he expects the value of the currently “very cheap” token to grow 100x within ten years.
ETHW trading volumes are increasing
According to Chandler Guo, the self-appointed organizer of the recent hard fork of Ethereum, Ether (ETH) and the recently floated proof-of-work ETHW will be worth the same dollar in ten years. Guo claimed that the new token, which is currently trading at just a fraction of its September 15 peak, still has the potential to grow 100x.
In an interview with Bitcoin.com News, Guo claimed that the current price of the fork coin is “very cheap”, so it has the potential to grow 100x. However, Guo, a former bitcoin and ethereum miner, admits that the forked blockchain has a long way to go before this hundredfold growth is achieved. He explained:
Currently, the ETH price is high because there are many developers and more than 200 different projects running on top of Ethereum PoS. [proof-of-stake] blockchain. On the other hand, ETHW has less than 10 projects.
However, to prove that the work to ensure that the fork chain will eventually match the PoS chain has begun, Guo revealed that just four days after the merger, “the ETH proof chain already has two DEX [decentralized exchanges]two bridges and two NFTs [non-fungible token] the exchange has already been started.”
He added: “Things are happening step by step and in a year I believe there will be over 100 projects running on top of the PoW chain.”
In addition to the launch of exchanges and bridges in the new chain, the daily trading of the protocol has increased since The Merge. Although data from Coinmarketcap as of September 21, 2022 suggests that ETHW’s daily trading volume was just over $100 million, Guo claims that the actual volume is closer to $1 billion.
“[Already] The trading volume of ETHW is huge. Today it is almost a billion dollars. [As of today] ETHW [is] supported by more than 20 mining pools and 2000 miners around the world. More than 30 exchanges have listed ETHW,” the former miner claimed.
Less than a month before The Merge, Bitcoin.com News reported that a team led by Guo had confirmed that another Ethereum chain split was coming. However, as soon as the transition to PoS was completed, two alternative chains emerged: the ETHW blockchain and the Ethereumfair (ETF).
Commenting on the outlook for the second coin, Guo, who rose to prominence after participating in the 2016 hard fork of the Ethereum blockchain, said:
I know another team has 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 ETH. I didn’t do this to profit from this. But others branch out for their own benefit or benefit. That’s why they get rich off of it – I don’t [do] that.
Meanwhile, before the Ethereum blockchain switched from PoW to a PoS consensus mechanism, it was widely reported that this would result in the protocol’s energy usage dropping by more than 99%. As expected, climate change advocates have hailed the September 15th merge, which some miners now fear will embolden opponents of the PoW consensus mechanism.
When asked to respond to the claim that bitcoin mining harms the environment, the former miner dismissed the claim outright. He said that instead of buying electricity from power companies, bitcoin miners – especially from China – often prefer to use “abandoned energy”, which is cheaper.
Abandoned energy can be natural gas or hydropower that is not currently being utilized, he said. According to Guo, local communities have benefited in areas like Kazakhstan and Russia, where miners harness such energy to mine bitcoin.
Regarding reports that the Ethereum merger may have given the U.S. Securities and Exchange Commission (SEC) reasons to initiate or launch some kind of proceeding against the blockchain’s founders, Guo noted:
“I think Vitalik [Buterin] and the boss behind him, his name is Joseph Lubin. This guy knows how to fix this problem because he has connections to Wall Street. He knows how to handle the SEC.
What do you think of this story? Let us know what you think in the comment section below.
The authors of the picture: Shutterstock, Pixabay, Wiki Commons