IOTA has just introduced its permanode solution dubbed “Chronicle” that allows node owners to seamlessly store all transactions and quickly access necessary data.
The limited storage problem
The IoT-based cryptocurrency project strives to make it easier for humans and machines to communicate. However, node owners often face inconveniencies that are linked to limited storage.
Once transactions fill up the database, they are not able to store new ones. This feature was partially resolved with the advent of local snapshots that allow running a node without storing the whole transaction history.
Still, the solution was not suitable for those types of data that need to be stored for a long period of time (for instance, financial records).
IOTA’s permanode solution
Chronicle allows node owners to store an unlimited amount of data. Moreover, they could charge IOTA tokens for providing access to their transaction history.
By querying a quorum of internal and external nodes the absolute truthfulness of the data could be ensured.”
In the future, IOTA will continue working on enhancing the capabilities of Chronicle. It will encourage its community members to take part in the process by offering grants.