Ethereum Hard Fork Instigator Chandler Guo Claims the Value of ETH and Forked ETHW Will Be the Same in 10 Years

Ethereum Hard Fork Instigator Chandler Guo Claims the Value of ETH and Forked ETHW Will Be the Same in 10 Years

The U.S. greenback worth of the not too long ago airdropped coin native to the forked Ethereum proof-of-work (PoW) blockchain can be at par with that of ether, Chandler Guo, the instigator of the most recent Ethereum onerous fork, has stated. Guo added that he expects the worth of the token, which is at the moment “very low cost,” to develop by 100x in ten years’ time.

Surging ETHW Trade Volumes

According to Chandler Guo, the self-appointed organizer of the latest Ethereum onerous fork, Ether (ETH) and the not too long ago airdropped, proof-of-work ETHW could have the identical USD worth in ten years. Guo argued that the brand new token, which at the moment trades at only a fraction of its September 15 excessive, nonetheless has the potential to develop by 100x.

In an interview with Bitcoin.com News, Guo claimed that the present value of the forked coin is “very low cost,” therefore the scope for it to develop by 100x exists. Guo, a former bitcoin and ethereum miner, nonetheless concedes that the forked blockchain has lots of catching as much as do earlier than this hundred-fold progress is achieved. He defined:

Currently, ETH value is excessive as a result of there are numerous builders and over 200 totally different tasks working on high of the Ethereum PoS [proof-of-stake] blockchain. On the opposite hand, there are lower than 10 tasks on the ETHW.

Still, to show that the work aimed toward making certain the forked chain finally matches the PoS chain has began, Guo revealed that in simply 4 days following the merge, “the ETH proof-of-work chain already has two DEXs [decentralized exchanges], two bridges, and two NFT [non-fungible token] exchanges already launched.”

He added: “Things are taking place step-by-step and after one 12 months I feel there can be over 100 tasks working on high of the PoW chain.”

Besides the launch of exchanges and bridges on the brand new chain, the protocol’s every day commerce quantity has been rising since The Merge. While the info from Coinmarketcap on September 21, 2022, means that the ETHW’s every day traded quantity was simply above $100 million, Guo nonetheless insists that the precise quantity is nearer to $1 billion.

“[Already] the buying and selling quantity of ETHW is big. Today it’s virtually a billion {dollars}. [As of today] ETHW [is] supported by greater than 20 mining swimming pools, and 2000 miners from world wide. More than 30 exchanges have listed ETHW,” claimed the previous miner.

Just below a month earlier than The Merge, Bitcoin.com News reported {that a} group led by Guo had confirmed that one other Ethereum chain break up was coming. However, as quickly because the migration to PoS was concluded, two different chains emerged: the ETHW blockchain and Ethereumfair (ETF).

Abandoned Energy

Commenting on the opposite coin’s prospects, Guo, who gained prominence after he performed a component within the Ethereum blockchain’s 2016 onerous fork, stated:

I do know one other group has forked ETH however no person is mining there, no person is itemizing their token. Only a couple of exchanges and mining swimming pools. It [the success of a fork] all is dependent upon who forked the ETH. I didn’t fork this in order that I may gain advantage from this. But others fork for their very own good or profit. That’s why they get wealthy from that — I don’t [do] that.

Meanwhile, previous to the Ethereum blockchain’s swap from a PoW to a PoS consensus mechanism, it was broadly reported this may end result within the protocol’s use of power dropping by greater than 99%. As anticipated, local weather change advocates have applauded the September 15 Merge, which some miners now concern will embolden opponents of the PoW consensus mechanism.

When requested to reply to the argument that bitcoin mining harms the surroundings, the previous miner outrightly rejected this assertion. He stated as a substitute of shopping for electrical energy from energy corporations, bitcoin miners — notably from China — usually desire utilizing “deserted power” which is cheaper.

Abandoned power might be pure fuel or hydroelectricity which isn’t at the moment being utilized, he stated. According to Guo, in areas like Kazakhstan and Russia the place miners are harnessing such power to mine bitcoin, native communities have benefited.

Meanwhile, regarding reviews that the Ethereum Merge could have given the U.S. Securities and Exchange Commission (SEC) grounds to launch or institute some form of proceedings towards the blockchain’s co-founders, Guo remarked:

“I feel Vitalik [Buterin] and the boss behind him, his identify is Joseph Lubin. This man is aware of how one can repair this drawback as a result of he has acquired hyperlinks with Wall Street. He is aware of how one can take care of the SEC.”

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