this post was submitted on 28 Jul 2024
15 points (82.6% liked)
Monero
1574 readers
24 users here now
This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
Wallets
Android (Cake Wallet) / (Monero.com)
iOS (Cake Wallet) / (Monero.com)
Instance tags for discoverability:
Monero, XMR, crypto, cryptocurrency
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Scaling: if a lot of people suddenly have a need or want to use Monero, can it handle it? There is the dynamic block size, but no layer 2 to move transactions away from the chain. How many transactions per day can be handled before fees get to BTC levels? And how much would that grow the chain per day? It is my understanding that Full Chain Membership Proofs will increase the transaction size, so prefrebly add that to the equation.
Fees are designed to decrease as there is more transactions. Recent stress tests have shown the network can do about 500k transaction per day before some stability issues start. Fixes and improvements are in the works. We are most likely still 5 years away from any significant TX volume on Monero.
Whare do you get this 500k figure from?
I was participating in the stress test and noticed node stability issues around that level. It could be +/- 200k, we will see when an official report is released regarding the test.
But for certain at current state Monero cannot handle 1 million tx per day without problems.
@tusker @aldalire
Which sites can we look to for past and incoming reports?
Pretty sure it will appear here and on reddit.
@Berg @aldalire the fees in monero work diferently than bitcoin..
Monero has an dinamyc block size which means that once the blocks become full the blocksize limit will expand, this is done slowly to avoid spam just otherwise empy blocks.. also with the encrease of blocksize the fees get lower.. (I dont recall the math used here)
But that sayed, its not a perfect system but the community is willing to adapt as needed..
Search for videos or articles by Mr. Monero Core 'Francisco Cabanas' aka ArticMine
YouTube: [Scalability expert Francisco Cabanas aka ArticMine discusses how #XMR is handling the sky rocketing daily transaction count!](: https://www.youtube.com/live/UeUGiSreegs?si=6EtFL6ePufwk8INy)^___^
Unfortunately can't handle at this moment.