Current research has proven that this hypothesis is not possible at all. The current thinking is cells harnessed geothermal energy from gasses leaking from the earth's crust. The geothermal energy provided an energy gradient for harnessing ATP.
Because of energy constraints on the earliest forms of life the energy must have been harvested through chemiosmosis, because sufficient ATP cannot be made during fermentation.
It is good to know that even long standing theorys are being questioned today. It helps further our understanding of the orgins of life.
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