In the realm of blockchain technology, Bitcoin Cash stands out for its low transaction fees and efficient processing times, making it an attractive platform for a variety of applications beyond simple cryptocurrency transactions. One intriguing possibility is the use of the Bitcoin Cash blockchain for storing data, such as strings of source code, within the memo part of transactions.
This concept opens up a discussion on the practicality and cost-effectiveness of leveraging blockchain technology for data storage, especially for developers looking to immortalize their source code in a decentralized ledger. Member.cash was a website that utilized memo.cash like technology to store articles on the Bitcoin Cash blockchain by stringing Bitcoin Cash memo data together to form paragraphs; this technology has motivated the following analysis. The following is an approximation based on anecdotal data; please provide constructive feedback if any of the following may not reflect reality.
The recent average transaction fee for Bitcoin Cash, a key factor in the feasibility of such an endeavor, is remarkably low, at approximately $0.013 per transaction. This cost-efficiency presents a unique opportunity for storing data on the blockchain; however, it also necessitates an exploration into the technical and financial implications of this method, particularly for larger data sizes such as source code files.
When considering the task of uploading five megabytes (MB) of source code to the Bitcoin Cash blockchain, one must delve into the specifics of transaction capabilities and associated costs. Given the blockchain's design, each transaction can carry a memo or OP_RETURN field, which has a size limit that traditionally stands at about 220 bytes. This limitation is crucial for calculating the number of transactions required to upload a significant amount of data.
By breaking down the numbers, if one were to upload five MB of source code, taking into account the memo size restriction, approximately 23,831 transactions would be necessary to complete the upload. The total cost for this operation, given the current average transaction fee, would amount to roughly $309.81. This calculation underscores the feasibility from a technical standpoint but also highlights the financial consideration involved in utilizing the Bitcoin Cash blockchain for data storage at such a scale.
This analysis serves not only to evaluate the potential of Bitcoin Cash for storing large data files like source code but also to stimulate further discussion on the innovative uses of blockchain technology beyond its original financial applications. As the blockchain landscape continues to evolve, exploring these unconventional applications could pave the way for new methodologies in data storage, distribution, and preservation, offering developers a novel approach to securing their source code for posterity.