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According to Chandler Guo, the initiator of the latest Ethereum hard fork, the value of the newly released coin, native to Ethereum’s forked Proof-of-Work (PoW) blockchain, will be at the level of the Ethereum version of PoS. Guo added that he expects the price of the fork, which is currently “very cheap”, to rise 100 times in ten years.
Growing ETHW Trading Volumes
According to Chandler Goh, the self-proclaimed mastermind behind the recent Ethereum hard and newly issued proof-of-work ETHW will have the same USD value in ten years. Guo claims that the new token, which is currently only trading a fraction of its September 15 high, still has 100x upside potential.
In an interview with Bitcoin.com News, Guo stated that the current price of the fork is “very cheap”, so there is room for a 100x increase. Goh, a former bitcoin and ethereum miner, nonetheless admits that the forked blockchain has a lot of catching up to do before reaching 100x growth. He explained:
Currently price ETH high because there are many developers and over 200 different projects working on top of the Ethereum PoS blockchain [доказательство доли]. On the other hand, there are less than 10 projects on ETHW.
However, to prove that the work to ensure that the fork chain eventually matches the PoS chain has begun, Guo revealed that just four days after the merger, “blockchain proof-of-work ETH already has two dexes [децентрализованные биржи]two bridges and two NFT exchanges [невзаимозаменяемых токенов] already started.”
He added: “Everything is happening step by step, and I think that in a year, more than 100 projects will be launched at the top of the PoW chain.”
In addition to launching exchanges and bridges on the new chain, the daily trading volume of the protocol has been growing since the merger. While Coinmarketcap data from September 21, 2022 suggests that ETHW had daily trading volume of just over $100 million, Guo however insists that the actual volume is closer to $1 billion.
«[Уже] ETHW trading volume is huge. Today it is almost a billion dollars. [На сегодняшний день] ETHW [поддерживается] more than 20 mining pools and 2000 miners from all over the world. More than 30 exchanges have registered ETHW”— said the former miner.
Meanwhile, prior to the transition of the Ethereum blockchain from a PoW consensus mechanism to a PoS consensus mechanism, it was promoted that this would result in a more than 99% reduction in the energy use of the protocol. As expected, climate change advocates welcomed the September 15th merger, which some miners now fear will embolden opponents of the PoW consensus mechanism.
When asked to respond to the argument that bitcoin mining is harmful to the environment, the former miner flatly denied the claim. He said that instead of buying electricity from energy companies, bitcoin miners, especially those from China, often prefer to use “waste energy,” which is cheaper.
Abandoned energy could be natural gas or hydroelectricity, which is not currently in use, he said. In regions like Kazakhstan and Russia, where miners use this energy to mine bitcoin, local communities have benefited, Guo said.
Meanwhile, regarding reports that the Ethereum merger could give the U.S. Securities and Exchange Commission (SEC) grounds to initiate or initiate any proceedings against the blockchain co-founders, Guo noted:
“I think that Vitalik [Бутерин] and the boss behind him, his name is Iosif Lyubin. This guy knows how to solve this problem because he has connections to Wall Street. He knows how to deal with the SEC.”
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