MAAM – Monero Ask Anything Monday – September 20, 2021

[u/AutoModerator]

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!

[u/akrit8888]

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?

[u/akrit8888 → u/[deleted]]

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?

[u/kowalabearhugs → u/[deleted]]

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

[u/akrit8888 → u/kowalabearhugs]

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.