Monero is striving to be a currency that everyone can use, the growth of the blockchain is starting to hamper this goal IMO.
I think we should consider dropping blocks off of the chain tail once we reach block height of 4000000. This will give us 10 years of storage capacity, more than enough IMO.
Similar to how you have to exchange bills of cash once they get worn, you would simply churn your coins to get your outputs into younger blocks.
We are trying to be digital cash not an inheritance vault. If we had this feature from the start 99% of the community would agree with it.
Please consider this.๐
*Edit: @4KB/tx * 100,000tx/day we are looking at ~400MB chain growth daily, this is not sustainable, let's take care of this now before it becomes a big problem
**Edit: A possible solution could be that nodes would have the option to set chain retention duration. So when syncing a new node you can select that you would like to retain 5 years of chain data, with a minimum boundary enforced that retains sufficient security. This way the network decides in a fair way how much chain data is useful to store.
No blockchain size is not problem. 16 TB it is a problem.
Agreed. Currently we are at ~190 GB with ~8.5 GB growth over the last 3 months. This is just 34 GB per year and a 500 GB SSD would last another 7 years at the current growth-rate. You can already get 2 TB SSDs for less than 150โฌ. Storage really isn't the issue, the biggest limitation is bandwidth.
Recently we saw transactions spike to 100k per day, that is ~400MB per day, 146GB per year of data.
If this tx volume were to be sustained it already makes the chain growth concerning and adoption is just starting.
I don't actually think 150GB per year is an issue. This still gives you +5 years on a 1TB SSD. That's half a decade of time, Monero is only 10 years old. Plenty of time for storage to advance.
and by then it's too late, hence this post before then...