Ergo, a platform for the next generation of smart contracts, has published an explanation on its blockchain‘s storage rent. Ergo asserts that the storage rent is nothing more than an original concept designed to cut down on dust. The business claims that this reduces the overall size of the Ergo blockchain while giving miners an additional economic incentive to participate in the network.
Dust refers to the trace quantities of crypto that remains after a transaction has been completed. Even if very little dust has any real worth, storing it in a large number of boxes requires a significant quantity of space.
Because of this, it is beneficial for a blockchain to include a procedure that can clean up this dust and make its storage more effective. The Ergo blockchain will handle this operation through the storage rent method, according to them.
The process of clearing up empty space is referred to as garbage collection in the field of computer programming. On the Ergo blockchain, the removal of empty boxes is a part of the garbage collection process, and storage rent increases this garbage collection procedure to include boxes that are almost empty.
The rent for the storage space is another variable in the equation. It is possible to make very simple adjustments that will make it fair for everyone. A hard fork would have to be performed in order to implement any modifications to the Storage Rent protocol, such as altering the interval of four years between price adjustments. It is best practice to steer clear of hard forks, which involve making major changes to the Ergo blockchain itself.
The fact that blockchain users have to pay for storage rent is one of the technology’s drawbacks; nevertheless, the associated costs are quite low and may be sidestepped by more routine usage of the blockchain within a period of four years, says Ergo.
