Can we deal with storing chain data in a post 1,700 transactions per second world?

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What kind of storage capacity and download speed do BCH full nodes need in order for BCH to successfully operate as money for the world?

It has been claimed that visa processes 1,700 transactions per second, on average, so this number will be our main focus in evaluating what BCH needs to make this happen.

BTC, processing 1MB blocks every 10 minutes, is claimed to be able to process roughly 4.7 transactions per second.

If a 1MB block is being processed every 10 minutes, then it adds about 144MB to the chain each day, or 53GB each year. This amount of storage can easily be accommodated by the storage technology that we have today. So how does the space requirement scale in relation to the amount of transactions per second?

We will look at BCH in our next example, which currently has a block size of 32MB, and though they are not always filled to the brim as BTC blocks are, we will assume that each block meets the maximum capacity of 32MB. The chain, under these circumstances, will consume roughly 4GB of data per day and 1.6TB of data per year. This should provide about 150.4 transactions per second on average.

So what does the block size need to be in order to successfully allow 1,700 transactions per second? Assuming the 4.7 transactions per second when processing a 1MB block every 10 minutes, we would need about 362MB blocks in order for this to become a reality. If that were the case then each day would require about 51GB of data, and 18TB each year. This can run for anywhere between $350-$860 per year (for a 20TB HDD) which isn't unreasonable, but at the same time it could bar out some full node hobbyists. However, it surely won't stop many miners from being able to turn a profit.

According to AT&T Cable copper wires currently have speeds of 20-38 MB/S, while fiber technology offers 45+ MB/S. A network with 362MB blocks would only need to download about 0.6 MB/S, which again is easily within our means.

We can already do this today with our current technology, and our technology will continue improving at a greater rate than the rate of new humans being born who are wanting to use this technology and add their transactions per second to the ledger.

Outlook for big block BCH: Highly sustainable

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Comments

BCH blocks are 32MB, not 8MB.

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Thanks for the input.

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