I was thinking about the blockchain length and how future transaction volume will be addressed in Peercoin.
At the moment might not be an issue but, looking at the bitcoin-qt database size now is already over 25 GB
When Peercoin will be as successful as I hope, the blockchain size is going to grow at a very fast rate, probably making impossible with an average home computer to store the data of the peercoin transactions and thus requiring centralized datacenters that can hold the huge volume of data.
Having a volume of several GB of blockchain expansion per day can pose a big threat to the most important aspect of any cryptocurrency - decentralization.
Does Peercoin have a already a strategy to solve this problem?
Is Proof of Stake dependent on the full database for the minting process?
Well Peercoin already has a few things going on for it to help in that regard.
First, the transaction fee. It’s fixed at 0.01 PPC per kb. So it’s pretty expensive, especially if PPC were to be worth a lot. This was done on purpose as Peercoin is designed to be serve more as a backbone currency than one used for micro-transactions. Of course the fee could always be adjusted at some point, but that’s a different conversation.
Second is that minting currently requires at least 30 days of idle coins before it’s possible to mint a block. So you’re encouraged to hold onto your coins rather than move them around. If you look at Dogecoin where throwing coins around willy nilly was encouraged, you’ll see that although it isn’t half as old as PPC, it’s blockchain is almost 20x bigger.
I’m not saying those two things are a solution to the problem, but they do help. I can personally say that there’s been times where the price of PPC was crashing and I wanted to move my coins to the exchange, but the thought of losing all my coin age stopped me.
For an actual solution, people keep talking about Open Transactions. I don’t really understand what it is, I just know it would supposedly allow a lot more transactions without bloating the blockchain.
Open transaction is off chain platform, so if in future majority ppc transaction takes place in OT, the block chain will never grow too big, increasing rate even less than today.
I think the micro payment on block chain is just stupid. We need centralized solution but with low trust to servers, open transaction is just this kind of off chain universal platform.
[quote=“sabreiib, post:3, topic:2799”]Open transaction is off chain platform, so if in future majority ppc transaction takes place in OT, the block chain will never grow too big, increasing rate even less than today.
I think the micro payment on block chain is just stupid. We need centralized solution but with low trust to servers, open transaction is just this kind of off chain universal platform.[/quote]
I had a look at the Opentransaction.org website, and seems that the system could be a big help for the long block chain issue.
The documentation on the website seems quite complete but is too complicated for the average user to increase adoption of the system. I understand that the project is quite young but a good concise summary about what OT does and the potential application could push more users to use it .
[quote=“GLock, post:4, topic:2799”][quote=“sabreiib, post:3, topic:2799”]Open transaction is off chain platform, so if in future majority ppc transaction takes place in OT, the block chain will never grow too big, increasing rate even less than today.
I think the micro payment on block chain is just stupid. We need centralized solution but with low trust to servers, open transaction is just this kind of off chain universal platform.[/quote]
I had a look at the Opentransaction.org website, and seems that the system could be a big help for the long block chain issue.
The documentation on the website seems quite complete but is too complicated for the average user to increase adoption of the system. I understand that the project is quite young but a good concise summary about what OT does and the potential application could push more users to use it .[/quote] https://www.youtube.com/watch?feature=youtu.be&v=uJKWDC4q5rA&app=desktop
[quote=“sabreiib, post:5, topic:2799”][quote=“GLock, post:4, topic:2799”][quote=“sabreiib, post:3, topic:2799”]Open transaction is off chain platform, so if in future majority ppc transaction takes place in OT, the block chain will never grow too big, increasing rate even less than today.
I think the micro payment on block chain is just stupid. We need centralized solution but with low trust to servers, open transaction is just this kind of off chain universal platform.[/quote]
I had a look at the Opentransaction.org website, and seems that the system could be a big help for the long block chain issue.
The documentation on the website seems quite complete but is too complicated for the average user to increase adoption of the system. I understand that the project is quite young but a good concise summary about what OT does and the potential application could push more users to use it .[/quote] https://www.youtube.com/watch?feature=youtu.be&v=uJKWDC4q5rA&app=desktop
:)[/quote]
Especially the first video, was very useful to understand a bit better what Open Transactions is. The simplicity of the Monetas interface for Android was really fascinating
Why would any of you say it’s not an issue just because PPC is designed for lower transaction volume? It definitely is an issue, because it’s growing. Remember, no cryptocurrency is mainstream yet, and yet they are already accumulating quite a lot of transaction data. That transaction data is not going to be something you can just keep around on every single computer.
