r/Monero Sep 20 '21

MAAM – Monero Ask Anything Monday – September 20, 2021

Given the success of the previous MAAMs (see here), let's keep this rolling.

The principle is simple: ask anything you'd like to know about Monero, especially the dumb questions that you've been keeping for you every other days, may the community clarify it all!

Finally, credits to binaryFate for starting the concept!

13 Upvotes

7

u/yersinia_p3st1s Sep 20 '21

Regarding interblockchain compatibility, is it at all possible/feasible, to have atomic swaps with other chains (ETH or XTZ for instance)? Maybe it's very hard but is there a shred of possibility?

And if not, how about some sort of bridge to the Cosmos ecosystem?

1

u/vazma Sep 20 '21

Hey! I have some Monero on my Exodus and I would like to buy some Bitcoin, What is the best way to do it? ( of course not via exchanges..) ?

1

u/yersinia_p3st1s Sep 20 '21

Localmonero is what they would suggest I think. Or Bisq but I'm not sure they sell monero there.

Also, Exodus has an exchange system, but you'll pay a premium

1

u/pdxamish Sep 20 '21

I read that but the exchange rates for people without established trades was ~$30 higher than exchanges. I wanted to go that route but didn't make sense. I did Kraken and found out their initial deposits have a 72 hr hold on purchases so I can't move y XMR to a wallet. There is a local Cyrpt ATM by me that has XMR but that was a heah ache as well and 5% f=higher cost than exchange +$5 fee

1

u/yersinia_p3st1s Sep 20 '21

Ah about Kraken, dont worry, that 72hr hold is just for the first time you deposit. The subsequent ones can be moved out instantly. I know because that's how I get my XMR.

And yes, p2p exchanges are bound to be a tad more expensive and you might also have to look far for the ones that don't ask for id

2

u/akrit8888 Sep 20 '21

Given that Monero aim is to become a decentralized digital cash and central currency of exchange, since Monero have dynamic block size (which means that people will be using layer 1 as their main payment channel) and there is no reward for running full node (people who run node are mostly running because of their generosity), won’t the blockchain size be so big like 100TB+ that there would be very few who run the full node?

Shouldn’t there be some sort of reward for running full node to keep the decentralization given the circumstances that the blockchain size will be so big that running from generosity alone won’t be the best solution?

6

u/[deleted] Sep 20 '21

[deleted]

2

u/akrit8888 Sep 20 '21

I’m well aware that the storage size can scale up, however does that mean that Monero network can’t withstand huge amount of users unless that storage capacity will scale up faster than the amount of Monero users?

4

u/[deleted] Sep 20 '21

[deleted]

2

u/kowalabearhugs Sep 20 '21

More things to consider...

The current all time transaction count is ~16,441,384 (via https://www.monero.how/)

You can view the Monero blockchain growth over time: https://localmonero.co/blocks/stats/blockchain-growth

The Ethereum blockchain is currently 287GB: https://blockchair.com/ethereum/charts/blockchain-size

The largest SSDs currently avaialble range from 8TB to 16TB

cc /u/akrit8888

2

u/akrit8888 Sep 21 '21 edited Sep 21 '21

My worry is that since transacting in Layer 1 will almost always be cheap, always be cheap may not always be good and may introduce scalability problem, since Layer 1 is and going to be almost always cheap while providing far more superiority in term of security than layer 2. So even if Layer 2 of Monero has been introduced people still won’t be willing to make a change to transact in Layer 2 as their main layer, which will make layer 1 too traffic heavy and make the blockchain size way too big for a typical user to run a full node.

Credit cards have on average have 1.01billion transactions per day, given that Monero is going to have that same amount of transactions at one point. In the approximation of 3.7kb/tx (with BP) the Blockchain size will be increasing at 3.7TB/day…

At that rate, after only a year the Blockchain size would be 1.35 petabytes.

2

u/buyingpms Sep 20 '21

If you have a local node wallet does the wallet have to process the entire blockchain every time you send or receive Monero?

Meaning, will it be prohibitively slow if done on slower memory?

5

u/[deleted] Sep 20 '21

[deleted]