April 25th, 2018
The Blockchain is the latest buzzword that has now become a part of everyone’s vocabulary in this tech era. Blockchain is used to manage a database that records transactions of Bitcoin or any other digital cryptocurrency. It could also be called a Digital Ledger for those type of transactions. But every major trend and technology has its limitation. And one of the problems of blockchain technology is the scaling problem. As this technology is making its way into every field, one of the common questions asked by digital currency users is whether blockchain will run out of space or not. Over time blockchain’s technology use will increase and at some point the space will become a matter of concern.
Is There A Problem?
Not thousands, but millions of transactions take place in the form of cryptocurrency through blockchain. All these transactions are handled by Visa. Although Visa has massive central servers they still will need more space to handle the storage. A 100 or 200 Mb is just not enough space to handle a problem. For a single high-layered chain, if we can get 1000x capacity then this problem might be solved. Maybe high-tech layered protocols and side chains are required to solve this problem. But if side chains were removed then only a larger block could occur, otherwise there is less of a chance of a larger block size.
Will the transactions be so much that eventually, the whole technology will run out of space? No, not anytime in the foreseeable future. It applies on every processor and circuits. Right now, Bitcoin is at about 130 GB, which will continue to increase. Every day, digital currency transactions are increasing and this clearly means more space is necessary. To handle this, a computer has lots of memory. The thing to understand, is that cryptocurrencies do not take memory directly. It is stored in the form of blocks. After 10 years, some Type of memory will be enough to handle these transactions.
Another thing to consider, is the optic bandwidth doubles every 9 months, which significantly increases the memory in the present scenario. But again there is another problem and that is last mile problem. Miners that are deeply invested need full nodes, but if you are not interested in the record of every transaction then you may not need it. Also, the cost of a node is not funded in the case of cryptocurrency. Fixing the number of nodes in a year would be fine. This style can’t be changed because once the design of cryptocurrencies is made, it’s difficult to change. There are many companies that are ready to provide node services that would make things easy for cryptocurrencies. Also, it will not be as costly as memory space. Node services will always be available at reasonable rates.
If you are still worried with the memory problem, make sure you use a client like electrum, which doesn’t require storing blockchain on a hard drive. But if you use a low bandwidth internet connection, you won’t require a full node and relay transactions.