Once in a while we get those holy sh*t moments here on Steem.
Yesterday's announcement was one of them.
For those who missed it, Steemit Inc provided an update about the MIRA project and it was powerful. I will do my best to explain some things about it and why it is so important.
To start, Steemit Inc takes a lot of hits from the community and rightly so in my opinion. For the better part of 2.5 years they over promised and under delivered. This concluded that fateful day in November when it was announced the company was bleeding money and had to enter survival mode.
Since that time, they laid off a bunch of people requiring them to narrow their focus. This was one of the best things to happen to Steem since I joined.
What Is MIRA?
To briefly cover this, MIRA is an adapter that ties the Steem blockchain code to RocksDB. This enables the conversion without having to rewrite the entire code of the base layer which would take an eternity.
RocksDB is a database structure designed by Facebook for their newsfeed. The basic advantage to this is it allows systems like this to use SSD technology over RAM. This comes into play in terms of cost.
Consider a laptop. The device might have a 500 GB HDD with 8 GB RAM. Obviously, the RAM is for running applications while the HDD is where videos, documents, and audio is stored. Why didn't they just use 500 GB of RAM? Because then your laptop would cost the same as the national debt of Peru.
Presently, the blockchain is run on RAM. This is a design that Dan Larimer prefers. EOS, STEEM, and I presume, Bitshares use the same structure. The RAM situation of last year with EOS is well chronicled. This is a drawback to it.
So what does this all mean and what are the benefits?
Decentralization
By using RocksDB, the amount of RAM memory needed to run the blockchain drops. This applies to both Master and Witness nodes. We are going to see a lower break even point for Witnesses meaning that more could be willing to open up nodes.
At the same time, and equally as important, is the drop in price of Master nodes could result in more being set up. When you see a 75% drop in price, one could open up 4 nodes for the same money. Presently, there are only a handful of nodes outside of Steemit. It was the price of these nodes that was getting so costly for the company.
The Holy Sh*t Moment
The other benefit can be explained with an analogy.
Have you ever noticed that each time you buy a new laptop, let us say in 3 or 4 year intervals, the amount of hard drive space increases. A couple generations back, entry level devices has 256GB. Then we saw 500 GB standard a couple years later. Today, it is not uncommon for a lower end laptop to have 1 TB of memory.
All the while, the cost of the laptops remained fairly constant.
Here is the major point. The cost of this memory gets cheaper over time.
This means, that by going to RocksDB, depending upon the deflationary pace of SSD memory, the cost of running the blockchain could get cheaper over time. If the price of memory drops faster than the increased need of the blockchain, we will see added hardware cost less than what it is replacing.
Here we see how scaling issues are handled. Often, those issues are not as much technical as financial. Most anything can be scaled with enough money. There does come a point where it simply is not cost effective. If, for example, to scale, it took a $20,000 server per user, scaling is technically possible but not financially.
As you can see, Steem will have no financial limitation on its scaling if the price of SSD memory continues to drop at the pace it has been.
Resource Credits
Do you remember these things? They haven't gotten much attention of late but they did when Hard Fork 20 took place. One of the major changes at that time was the implementation of this. While it was the cause of major disruption at the time, it did give the blockchain an idea of the cost of what it takes to transact on the blockchain.
I do not know the algorithm used but Resource Credits are, essentially, the cost of operation of the blockchain. This is what caused such an uproar by those who feel this all should be free. There is a cost to run a network, every network. None are free. Hardware, memory, and coding all requires money. We all know the only reason Facebook is "free" is because they mine the data and sell it. Thus, it is not free.
To give a general idea, the Resource Credits today are the total cost of the blockchain based upon the activity. If that activity doubled in a day, then in theory, the RCs for each transaction should halve. The reason being is the cost of running the blockchain remained the same, for the most part, from one day to the next. Obviously, this is in theory and there might be other factors in play that do not make it exact.
Now, bringing it back around, if the blockchain can get cheaper to operate over time because of the change to a memory that decreases in price, then we should see a drop in the price of Resource Credits. Hence, it will be less expensive for people down the road to operate on Steem as compared to today.
How would things change if, instead of needing the equivalent of 15 SP in Resource Credits to be active on the blockchain, one could get by with 5?
Here is a chart that shows the drop in SSD pricing which is at the core of this entire discussion.
https://www.techproviderzone.com/devices/why-ssds-are-taking-over-in-storage
We often talk about community and how it is important in making a blockchain. That is true and why I prefer the word "ecosystem" when describing what is forming. That said, it is important to have a highway under you that can handle the traffic. For all the grief we give them, it does appear that Steemit Inc is on the right track here.
It is very exciting to consider the idea that as time goes by, the blockchain could actually get less expensive to run. In fact, the likelihood of this happening based upon the known deflationary rate of Informational Technology is very high. We have decades of evidence that shows how memory, processing and software decreases in price over time.
Things are really getting interesting.
Here is a video that @vandeberg, developer for Steemit Inc.
He also posted a full write which provides further (and more concise) details about the changes being made.
https://steempeak.com/mira/@vandeberg/what-is-mira
If you found this article informative, please give an upvote and resteem.
Holy shit
My thoughts exactly. 👍
Posted with
Shoot... it's right there!
Excellent explanation of a transformative development.
Fundamentally, true decentralisation requires nodes to be run on commodity hardware so large numbers of people can run nodes.
But transaction times are also important for many potential blockchain applications.
Until MIRA Fast transaction times meant lots of RAM = $$$ = low decentralisation.
MIRA changes that and makes Steem the first blockchain with fast transaction times AND low cost nodes.
And THAT is a whole new ballgame!
This is an enormous point. We are entering a new era with this step forward. The trade-off of speed for high cost is ending.
I have to resteem this. It's probably the best explanation of the impact MIRA brings to the Steem blockchain. Thanks for that!
Lower cost will bring higher decentralization and make the platform more resilient
The decentralizing of the network while also providing the ability to scale is vital. We are seeing that with a system that enables costs to decrease as time goes by.
This will instill a great deal more confidence in developers going forward I would think.
Indeed. Scalability is essential. Especially if Steem wants to be positioned as a platform having the capability to handle billions of users and millions of dApps
Posted using Partiko Android
Great timing as a boost was needed. I also liked the way they explained the process of testing and ensuring it was deployed correctly to avoid another Hard Fork 20 moment. Improving decentralization is closer now than ever as distribution continues to improve as well!
Posted using Partiko iOS
I will give the Steemit Inc team credit, they are on the ball now it seems.
This is a huge accomplishment and will be a major milestone when rolled out.
Thanks for sharing! Very positive outlook!
Posted using Partiko iOS
There's Hope.... Nice.
What a neat perspective and interpretation that may not have occurred to us.
Recently, I was entertained by the fact that the first computer I built (486-dx) was like $1400 and so was the one I bought a couple years ago.
I am hoping this reduction in cost will leave more money to invest in the innovations you know steemit wants to create. I also think that this may end up helping the new folks with resource credits as they are the key to real adoption and growth here.
Taskmaster always doin the thinking for me!
Posted using Partiko iOS
Someone should really take the time to inform mainstream crypto news websites about this. I haven't found a single article about this, outside of Steem.
Great write up, I'm stoked about the changes that Mira will bring!
Thank you for the comment @daan.
I would say the mainstream crypto media basically ignores Steem. That is okay. There will come a time when they cannot. I think if we just keep our noses to the grindstone, as they say, keep growing, creating, and expanding, things will all pan out very well for us.
The Apps are starting to have an impact and reach outside the system. It will take a while but we will see more people involved.
Posted with
Super excited for Mira
Super super excited for SMT
For good reason. They are both exciting developments. MIRA looks like a certainty at this point; SMTs a promise but the track record for Steemit Inc of late is getting better.
Exciting times @nathanmars. 👍
Posted with
Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!
I wonder if MIRA will do anything to help with the cost of creating accounts. When I first claimed a ticket a month ago, it took a bit over 8T resource credits to do so. Now, it’s a bit more than 10T RC.
I would presume it will at some point. The entire blockchain cost is contained in all the facets of use, including account creation.
That needs to come down if millions are to be on-boarded.
The cost of account creation is close to 1000x more expensive than any other transaction. For us to get users. It would need to be dropped 5x-10x the cost to get us close to a billion users in 2-5 years.
Per 1million Steem its currently about 220-330 accounts every 5 days you can generate.
I'll be honest, if I could run a partial node off of a home computer in my basement, I would. Just saying...
Then DO IT! 😅 I have done it!
Gotta get the appropriate hardware first! 😂
Posted using Partiko Android
Start a new post... let's work it out! =) mention me!
This really is gamechanging @taskmaster4450, and I am very happy that Steemit Inc finally got their code together and started with this rollout, and the next thing on the list is SMTs, so we will most likely have both SCOT and SMT, that's great, you have SMT on the blockchain that offers the standard thing and then you have SCOT which is a layer 2 and offers more flexibility.
Even in this down market I still have faith that STEEM will succeed in the long run. Perhaps this would be a good time to take another chunk of investment out..
Best elegant and simple explanation of the main benefit of MIRA over time. Loved the post @taskmaster4450 and will resteem it!
Thanks for the explanation, I had no knowledge of this before.
Upvoted and resteemed
Posted using Partiko iOS
Great explanation, really appreciate the details you broke down. I didn't know much about the RocksDB but I'm glad that it was a worthy step. I do agree that on some aspects, with the grief that many people give STInc, they seem to have the intent correct but the delivery of that intent is where it under performs often. It will be a great moment when the overhead cost for the master nodes goes down so that more people can bring them online. Some day I would like to experiment with putting a witness node online and information like this makes it easier to plan it.
Hi @taskmaster4450!
Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 6.420 which ranks you at #189 across all Steem accounts.
Your rank has improved 7 places in the last three days (old rank 196).
In our last Algorithmic Curation Round, consisting of 207 contributions, your post is ranked at #3. Congratulations!
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server
Like it should be! Memory prizes have to be low... 😀
Posted using Partiko Android
Thanks for the break down explanation! This is amazing! Makes me more secure in my choice to make this my main investment. Resteemed for more exposure to this information! We need some bullish Steem news!
Very interesting article ! And easy way to formulate it for newbies !
Thank you.
Posted using Partiko iOS
An historic event that will make a covergence point to the moon. :)
Posted using Partiko Android
It should be noted that Facebook built on earlier work on LevelDB by Sanjay Ghemawat ([email protected]) and Jeff Dean ([email protected]) and RocksDB would not have been under a GPL licence orherwise.
Thank you for a very easy explanation of MIRA!!
@novacadian sent me here so I thank him too!
Thanks @taskmaster4450 for making things a lot very easy for someone like me to understand.