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.
@tusker This should be a good idea. Also users who keep their funds as a mean of wealth storage can just move their funds into a new wallet every 10 years.
This would also help with eliminating the lost coins of wallets whose recovery keys have been lost. It would increase the value of the coin continuously.
Yes, and they would not even need to move it to a new wallet, they can just send the balance to themselves in their existing wallet and it would be sitting in the latest block. Ready for another 10 years of storage.
This difficult but vital decision should have definitely been made right from the start, as it is blatantly obvious they we cannot store all data forever. Then as tech improved it could be adjusted to 20 years in the future.