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Our system need 10 million inserts per day(structural data), storage upto 3 months(which adds up to 300 million records, after which we can purge older records), no updates are required, and it should support simple queries(like queries on some particular columns sorted by date). Which data storage solution is efficient for this case?. We are thinking RDBMS will be slow for billions of records.

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MySql might work, if you can optimize the way you insert. http://dev.mysql.com/doc/refman/5.7/en/optimizing-innodb-bulk-data-loading.html

Of course it depends if your 1M inserts are evenly spread or you have picks.

If you have picks of very height TPS I would recommend aerospike.

MongoDb can also work, however you will need to use sharding.