Chandler Guo, one of the names behind the latest Ethereum hard fork that led to the emergence of ETHW, conveyed the bullish expectation for the ETHW coin linked to the PoW mechanism. Guo added that he expects the value of the currently “very cheap” token to increase 100 times in ten years. Here are Guo’s statements and the latest developments in the altcoin ecosystem…
Volumes increase for altcoin ETHW
According to Chandler Guo, the “organizer” of the recent Ethereum hard fork, and the recently airdropped proof-of-work (PoW) altcoin ETHW will have the same value as Ethereum in a decade. Guo argues that the new token still has the potential to grow 100 times. Guo said the current price of the forked coin is “very cheap.” He therefore claimed that 100-fold growth is possible. Guo, a former Bitcoin and Ethereum miner, nevertheless acknowledges that ETHW still has a lot to do before this hundredfold growth is achieved. Guo uses the following expressions:
Currently, the price of ETH is high because there are many developers and more than 200 different projects working on top of the Ethereum proof-of-stake (PoS) Blockchain. On the other hand, ETHW has less than 10 projects. Still, ETHW is getting closer to Ethereum, which now operates with the PoS consensus mechanism. ETH PoW has two DEX (decentralized exchanges). Two bridges and two NFT exchanges have already been launched. Everything is going step by step and I think in a year more than 100 projects will be executed at the top of the PoW chain.
Alongside the launch of exchanges and bridges on the new chain, the daily trading volume of the protocol has been increasing since Merge. Coinmarketcap data from September 21, 2022 shows ETHW’s daily trading volume to be just over $100 million, while Guo insists the actual volume is closer to $1 billion.
Miners use “abandoned energy”
Meanwhile, the transition of the Ethereum Blockchain from a PoW to a PoS consensus mechanism will lead to a major shift in energy use. It has been widely reported that the transition will cause the protocol’s energy use to drop by more than 99 percent. When asked to respond to the claim that Bitcoin mining is harmful to the environment, the former miner flatly denied this claim. He said that instead of buying electricity from energy companies, Bitcoin miners, especially from China, prefer to use “abandoned energy,” which is often cheaper.
“Abandoned energy could be natural gas or hydropower that is not currently being used,” he said. According to Guo, local communities benefited from this in regions like Kazakhstan and Russia, where miners used this type of energy to mine Bitcoin. Meanwhile, regarding reports that Ethereum Merge may have given the U.S. Securities and Exchange Commission (SEC) grounds to initiate some sort of action against Blockchain’s co-founders, Guo noted:
I think Vitalik [Buterin] and the boss behind it, his name is Joseph Lubin. These guys know how to fix this problem because they have connections to Wall Street. He knows how to deal with the SEC.
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