Tuesday, June 17, 2014

Still don't understand how we gonna handle Bitcoin if its size will be over 100TB


I believe we can achieve such size within 5 years, and I'm not pretty sure that Moore's law actually will work in the case if transaction volume will exponentially grow. I've made some calculations in the charts of my blog for two cryptocurrencies (Bitcoin & Litecoin): http://www.earlfox.com/2014/06/does-blockchain-size-depends-from-how.html And my calculations shows that each transaction approximately takes up to 1MB depending from the multiple parameters of currency. 2) Actually why the Litecoin's transactions are heavier? My calculations shows me that each Bitcoins transaction averagely takes only 500 kilobytes (0.5MB) in a blockchain, while averagely Litecoin transactions eats up over 1MB out of blockchain(!) - you can see it in chart mentioned above in my blog. So could somebody explain me again: what's gonna happen if such times (just hypothetically with all possible odds) will come faster than we expect the Moore's law to take effect: - What's gonna actually happen if the whole Bitcoin blockchain will have to be sustained on 20 HDDs? Does that means total end for miners decentralization? Does that gonna mean that only people who's will have 20 HDDs will be able to mine? Or if small sized HDDs also can mine, what is a problem with miners with a "Short Version of BlockChain?" I'm interested mostly in viable things only - where inconvenience buried? 3) I've heard that one of the solutions is a pruning the whole blockchain (for the convenience of miners). But if Bitcoin Foundation at some point will have to prune the blockchain and start it from scratch by leaving only last balances, then does the whole point of decentralization is going to be missed? Probably correct pruning won't cause any community effect of forking - in case if the whole transactions were transferred correctly onto a new blockchain - but what if TOO MANY OF USERS will want to fork in favor of holding 20 HDDs? The same question is boggling me about what's gonna happen if forks will be created naturally due to Global Internet Segmentation (what's gonna happen if Internet is splitted in half?)

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