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Possible Ethereum use case. (alien.top)

submitted 11 months ago by Instantbeef@alien.top to c/ethereum@blockchained.world

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What’s lovely about Ethereum or the idea of crypto is that it will be around for a really long time.

I just watched a video of a women cleaning off a strangers tombstone. She went over the persons story and his life. He was born during the 1850s and died in the 1920s. It was a really nice video.

I think we all want to be able to be remembered by our future generations and for what we all did during our lives. It serves as a noble reminder for those of us know looking at the humble lives our ancestors lived. Yes obituaries are preserved online but they are preserved on servers and by companies that could be long gone in just a few decades. They might cease to exists.

What do you think about preserving your legacy and your place in history by publicly putting it on the black chain?

I don’t think this will be the use case that brings people to crypto but I think it’s something that will be used once they are here after they see the value of it.

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[–] numtel@alien.top 1 points 11 months ago (1 children)

You're forgetting that the cost of storing data has always decreased. By having the revolutionary upfront price for data storage, it's a huge bet on this trend.

What happens if everyone starts using Ethereum as a data archive service?

The price of ETH goes to the moon. ETH price is determined not only by speculation but also by actual demand to pay to put data on chain. If it becomes commonplace to store data on chain, it will greatly increase demand for ETH.

I've made https://clonk.me to have conversations and share files on chain as NFTs and https://newgeocities.com to upload web pages on chain.

[–] Matt-ayo@alien.top 1 points 11 months ago

It doesn't matter if Eth price goes to the moon, the economic model is fundamentally flawed.

> Users start dumping data on-chain that must remain forever

> Eth price goes to the moon

Where in this equation are nodes being compensated for storing data? The fees that users pay to *add* data do not count -- that's a completely different cost than storing data. The nodes that join any time in the future are burdened **without payment** for all data that came before - the payment went to the nodes that added it and, apparently, Eth holders, if your solutions is 'Eth price goes to moon.'

If your argument is that people won't be able to add such data because it's too expensive -- just mete it out. Add it during low demand. It really doesn't matter; nodes get paid to *add* data, nobody gets paid to *keep* data; at least they aren't paid anything like a market rate. The solution now is just let fees increase to compensate the node cost, meaning new users pay for old uers - a truly awful economic model.

Anticipating the next argument: "the chain will just stay small enough so that storage costs decrease more quickly than archive costs." You are now a slightly better version of small-block Bitcoin (same economic model: don't allow arbitrary scaling) i.e. you have economic parameters set by developers and not the free market.

Automatic Transaction Rebroadcasting solves it. It gives you market prices for storage and pays that money to nodes actually storing it.