One of the major issues of blockchains is that they get bigger and bigger, for instance the Bitcoin blockchain will exceed 250Gb by 2020:
This severely hurts the decentralization philosophy of cryptocurrencies, because nodes who can’t keep up with the growth of the blockchain cannot store it on their computer.
My idea is to limit the number of blocks. For example, the blockchain would contain all the last 1000 blocks, but all the blocks before that would not only be deleted by the nodes to lighten the blockchain, but all the transactions they contain would also be considered invalid because of the protocol. Whenever we add a new block, we forget the old one. Thus, the data structure of the blockchain would become a queue instead of a simply linked list like today.
But if you delete a block, all the creditors of the transactions would lose their money!
Yes, but it would encourage them to spend their money before the 1000 blocks limit comes, and making money circulate is very beneficial to the economy. It would also solve the problem of “sleeping money” where users lose their private key and all access to the coins is lost forever. The desktop assistant of the cryptocurrency would warn the user when some of their money is about to expire so they have to quickly use it. If they really don’t want to spend their money and it is about to expire, they can just create a second account and transfer their credit to the second wallet so that their money won’t be deleted because it would be stored on a new block.
But if you delete a block, all the debtors of the transactions would gain money out of thin air!
Not really, (edit not complete, will finish later)