I don't really think the information is being compressed that much right now though but I did hear a bit about it being compressed in the future as the size of the blockchain will be an issue at the current rate. Would it be applied to just new data going onwards or also applied to old data as well?
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The compression is possible right now, said Blocktrades, witnesses just need to do it on their nodes. From what I understood, it's a service/option available for the entire hard disk but only compresses new files. It leaves uncompressed files like that. To compress a blockchain file, the witness would have to use a compressed image or rebuild it from scratch with compression turned on, from what I understood. Since I never ran a witness, I'm not super-familiarized with their terminology.