Disk space and Satoshi's white paper prediction.

montello

full member

Activity: 126

Merit: 100

Quote from: Kprawn on June 16, 2014, 06:57:20 AM

The genius of this person, is to huge to comprehend.

A quote from Satoshi's white paper. " A block header with no transactions would be about 80 bytes. If we suppose blocks are
generated every 10 minutes, 80 bytes * 6 * 24 * 365 = 4.2MB per year. With computer systems
typically selling with 2GB of RAM as of 2008, and Moore's Law predicting current growth of
1.2GB per year, storage should not be a problem even if the block headers must be kept in
memory."

Why use memory as a benchmark?

Technology, sure did their part, in his prediction. Grin

Are we paying tx fees based on kb, because they want the blockchain {ledger} to be smaller?

Very inciting perspective he had everything thought of.

odolvlobo

legendary

Activity: 4298

Merit: 3209

Quote from: Kprawn on June 16, 2014, 06:57:20 AM

The genius of this person, is to huge to comprehend.

A quote from Satoshi's white paper. " A block header with no transactions would be about 80 bytes. If we suppose blocks are
generated every 10 minutes, 80 bytes * 6 * 24 * 365 = 4.2MB per year. With computer systems
typically selling with 2GB of RAM as of 2008, and Moore's Law predicting current growth of
1.2GB per year, storage should not be a problem even if the block headers must be kept in
memory."

Why use memory as a benchmark?

Technology, sure did their part, in his prediction. Grin

Are we paying tx fees based on kb, because they want the blockchain {ledger} to be smaller?

Transaction fees are normally based on the size of the transaction because there is a transaction limit, and it is not based on the value of the transactions or the number of transactions, but the size of the transactions. The current limit is 1 MB per block and transactions compete for that space using the transaction fee. The purpose of the limit is to provide an economic incentive to pay transaction fees, which give miners an economic incentive to mine.

bitsmichel

sr. member

Activity: 518

Merit: 250

Quote from: Kprawn on June 16, 2014, 06:57:20 AM

The genius of this person, is to huge to comprehend.

A quote from Satoshi's white paper. " A block header with no transactions would be about 80 bytes. If we suppose blocks are
generated every 10 minutes, 80 bytes * 6 * 24 * 365 = 4.2MB per year. With computer systems
typically selling with 2GB of RAM as of 2008, and Moore's Law predicting current growth of
1.2GB per year, storage should not be a problem even if the block headers must be kept in
memory."

Why use memory as a benchmark?

Technology, sure did their part, in his prediction. Grin

Are we paying tx fees based on kb, because they want the blockchain {ledger} to be smaller?

Because a benchmark of say CPU would not make a lot of sense, in this kind of application. Computation time of an individual machine, sitting on some numbers which is not crunching numbers is not that expensive. (Miners do a lot of number crunching). Memory or diskspace on the is limited. A payment system needs to be scalable over time, that is why memory is an important benchmark. In case too much memory is used, the operating system kills (closes) the application. If you are using a standard windows machine, you can test this by opening notepad and copy+paste large chunks of text in it. Notepad will eventually crash.

We pay fees to keep miners busy, afaik. Some wallets also charge a fee to the developers.

Kprawn

legendary

Activity: 1904

Merit: 1073

The genius of this person, is to huge to comprehend.

A quote from Satoshi's white paper. " A block header with no transactions would be about 80 bytes. If we suppose blocks are
generated every 10 minutes, 80 bytes * 6 * 24 * 365 = 4.2MB per year. With computer systems
typically selling with 2GB of RAM as of 2008, and Moore's Law predicting current growth of
1.2GB per year, storage should not be a problem even if the block headers must be kept in
memory."

Why use memory as a benchmark?

Technology, sure did their part, in his prediction. Grin

Are we paying tx fees based on kb, because they want the blockchain {ledger} to be smaller?

Topic: Disk space and Satoshi's white paper prediction. (Read 906 times)