If all targets of a particular type are exposing the same set of time series, then each additional targets' strings poses no incremental cost to most reasonably modern monitoring systems. If however each target has unique strings, there is such a cost. As an extreme example, a single 10k character metric name used by many targets is on its own very unlikely to be a problem in practice. To the contrary, a thousand targets each exposing a unique 36 character UUID is over three times as expensive as that single 10k character metric name in terms of strings to be stored assuming modern approaches. In addition, if these strings change over time older strings will still need to be stored for at least some time, incurring extra cost. Assuming the 10 million times series from the last paragraph, 100MB of unique strings per hour might indicate a use case for then the use case may be more like event logging, not metric time series.
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