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.
I think it would be great if you can run your own node with full chain history and still be compatible with the network which may have a shorter chain.
That way you can store your coins in the first block as long as you are willing to spend for the storage. Once you run out of storage you can just send the coins to yourself and drop 200GB off the chain on your node. ๐
@tusker what you are sugesting is that we can have a pruned blockchain (that already exist by the way), but in order to validate the transactions the miners nodes would have to have the full history (like we have already) is that it or I am missing anything ?
We would need a new proving mechanism to handle it, where the node with the full chain can generate a verifiable proof against some known constant that is able to be validated by the network without the network having the actual block. "Voodoo proof."
Otherwise we can just let node operators set their desired chain retention and you can click a button every 10 years to not lose your funds. Until a better solution is found,...while solving chain storage issues forever.