Post
Topic
Board Development & Technical Discussion
Merits 4 from 1 user
Re: A useful PoW without replacing Nakamoto Consensus
by
n0nce
on 01/11/2022, 02:46:58 UTC
⭐ Merited by BlackHatCoiner (4)
In an ideal case, the blockchain doesn't need to issue coins to reward the miners like Bitcoin.
It is like a free protection to the PoW blockchain network.
Nothing is free; there's always a cost involved.

The amount of computation spent on consensus is no longer limited by the Bitcoin price.
It is; nobody will buy tons of storage drives altruistically. They will want a reward. And since mining / staking / ... rewards are paid in cryptocurrency, meanwhile hardware is priced in fiat, the exchange rate always has an impact.

The real storage demand will power the consensus/block generation. [emphasis mine]
The more data stored on the blockchain storage system will be turned into the chain security.
(Maybe we still need the concept of token, such as ERC20 to create something like USDT, so that users can pay the miners)

Thus, we can have a more cheap and decenterizaled blockchain storage powered by PoW.
People can mine the blockchain at home with common devices.
And there is no mining pool.
You say consensus is powered by storage (like pure Filecoin), yet still want PoW somehow mixed in. And how does adding file storage in parallel to a PoW (mining) blockchain suddenly allow people to mine again at home, without pools? Do you mean that people can do the 'hosting' part at home meanwhile ASIC farms still exist?

In general, I don't think a blockchain is the right data structure for decentralized file hosting. The reason is that blockchain doesn't scale. If everyone were to upload a mere 1GB, the blockchain would reach a size of 7 Exabytes, which would require you to buy almost 400 thousand (!) of the latest IronWolf 18TB drives. That runs you roughly 160 million USD. I don't think anyone would run such a node.

In practice, it means that storage space on the (any!) blockchain is extremely expensive due to the very fact that every single node will hold a copy of it. For anything except the most valuable information, it is cheaper, easier and overall better to use a different solution to store your data.

For decentralized file storage, you can generally just stick to Torrents.

For a normal user, they may prefer to purchase the storage with stable coin such as USDT or DAI, which is also different from Filecoin.
Have you modeled how expensive or how centralized this blockchain you envision, is going to be? There will be a linear correlation between nodes and storage price. And the price would need to be recurring & increase with increasing number of nodes; as well as somehow include a mechanism to account for storage getting cheaper. I hope you can see how this is overall a pretty bad system.