Chandler Guo who initiated the Ethereum hard fork said that the U.S. Dollar value of the coin, native to the PoW blockchain forked Ethereum, will equal the price of ether. Guo added that he expects the value of the token, which is currently “very cheap,” to grow by 100x in ten years’ time.
Stealing ETHW Trade Volumes
Chandler Guo is the self-proclaimed organizer of the Ethereum hard fork. According to Guo, Ether (ETH), and recently released proof-of work ETHW, will both have the same USD values in ten years. Guo claimed that even though the current token trades for a fraction of the September 15 high, it still holds the potential to grow 100x.
In an interview with Bitcoin.com News, Guo claimed that the current price of the forked coin is “very cheap,” hence the scope for it to grow by 100x exists. Guo admits, however, that forked blockchain still has much to be done before it can grow 100 times. He explained:
ETH is currently expensive because of all the developers that are running over 200 projects on top Ethereum PoS. [proof-of-stake] blockchain. On the contrary, the ETHW has less than 10 projects.
Still, to prove that the work aimed at ensuring the forked chain eventually matches the PoS chain has started, Guo revealed that in just four days following the merge, “the ETH proof-of-work chain already has two DEXs [decentralized exchanges]There are two bridges. [non-fungible token] exchanges already launched.”
He added: “Things are happening step-by-step and after one year I think there will be over 100 projects running on top of the PoW chain.”
Besides the launch of exchanges and bridges on the new chain, the protocol’s daily trade volume has been rising since The Merge. While the data from Coinmarketcap on September 21, 2022, suggests that the ETHW’s daily traded volume was just above $100 million, Guo however insists that the actual volume is closer to $1 billion.
“[Already]The trading volume of ETHW shares is enormous. Today it’s almost a billion dollars. [As of today]ETHW [is]Supported by over 20 mining pools and 2000 miners around the globe. More than 30 exchanges have listed ETHW,” claimed the former miner.
Bitcoin.com News published a report confirming that Guo’s team was planning to split the Ethereum blockchain just a month prior to The Merge. Two alternatives chains appeared as soon the PoS migration had been completed. They were the ETHW Blockchain and Ethereumfair (ETF).
Abandoned Energy
Commenting on the other coin’s prospects, Guo, who gained prominence after he played a part in the Ethereum blockchain’s 2016 hard fork, said:
Although I do know of another team that has forked ETH however, no one is mining or listing their token. There are only a handful of mining pools and exchanges. You can find it at [the success of a fork]All depends on the person who forked the ETH. To get the benefit of this, I didn’t fork it. However, others do so for their own benefit. That’s why they get rich from that — I do not [do] that.
Meanwhile, prior to the Ethereum blockchain’s switch from a PoW to a PoS consensus mechanism, it was widely reported this would result in the protocol’s use of energy dropping by more than 99%. Climate change activists have applauded September 15 Merge as expected. However, some miners fear that this will encourage opponents to the PoW consensus mechanism.
Ex-miner, when asked about the claim that bitcoin mining is harmful to the environment, flatly refused to answer. He said instead of buying electricity from power companies, bitcoin miners — particularly from China — often prefer using “abandoned energy” which is cheaper.
He said that abandoned energy could be hydroelectricity or natural gas which are not being used. Guo said that communities in countries like Russia or Kazakhstan, where Bitcoin miners use such energy, have seen a significant increase in their incomes.
Meanwhile, concerning reports that the Ethereum Merge may have given the U.S. Securities and Exchange Commission (SEC) grounds to launch or institute some kind of proceedings against the blockchain’s co-founders, Guo remarked:
“I think Vitalik [Buterin]Joseph Lubin is the man behind him. Because he is connected to Wall Street, this guy can solve the problem. He knows how to deal with the SEC.”
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