Web2 internet monopolies have undermined the importance of data security to both individuals and corporations. As a result, data breach has become a more serious problem in recent years, with organizations spending up to $8.19 million and $8.64 million per data breach in the United States in 2019 and 2020 respectively, and a global average cost of $3.86 million per data breach. Between 2018 and 2019, identity theft rose by almost 46%. Thus, Web 2.0 has left behind user dissatisfaction, centralized processes, and poor data security.
Consequently, the centralized database has a lot of data access traffic that might lead to congestion. Because of a single access point, any attempt by numerous users to simultaneously access it causes an issue, which might undermine the system’s efficiency. The high reliance on network connectivity hence determines the database access speed.
The centralization of many operations leaves the application with a significant lag in performance. Additionally, the external server is sometimes a monolithic database in only one cloud region, contributing to this latency. Inery steps up to solve the centralized database management issues by giving complete control to users, data security and online privacy.
Web 3.0 Vision – Inery
The data stored in a single access point deprives users of control over their data. The data centre is also prone to exploitations, failure, privacy compromises, server vulnerability, and massive traffic. Hence, decentralized database management systems like Inery are entrusted to bring security, interoperability, and data privacy to the users without sacrificing independence.
Blockchain may, in theory, provide fully trustless decentralization, but certain projects require data storage off-chain. This implies that we cannot completely achieve decentralization if we need data storage. However, the trade-off is worth it. Inery serves as the best suit for a web3 database management solution fully agnostic of its location, P2P, and free from hardware and network providers.
Inery is decentralized database management based on its own layer-0 blockchain, arguably its ecosystem being the first of its kind. Layer-0 blockchains prioritize speed and security. Inery’s objective is to provide a decentralized, secure and environmentally friendly groundwork for database management with an upgradable mode of accessing data. The platform creators believe that by offering a solution that allows businesses and consumers to manage, control, and retrieve their data effectively, they will be laying the groundwork for a new database management paradigm. The two critical components of the ecosystem are IneryDB, a decentralized database management solution, and Inery blockchain, a cross-chain dApp deployment platform.
Inery’s database management solution combines blockchain features with the distributed nature of databases. The core functions of blockchain technology, such as immutability, tamper-resistance, and decentralization, can profoundly impact current database management systems. It also incorporates desirable characteristics of traditional databases such as complicated search queries and low latency to provide an optimal solution for database administration.
On the other hand, Inery’s blockchain allows for innovation in the ecosystem. Its unique architecture allows cross-chain communication and high transaction throughput. . In addition, the cross-chain compatibility feature enables data assets to be moved across different networks without sacrificing security. Immutability, decentralization, and security differentiate Inery from the conventional distributed database.
How Inery empowers Web 3.0
Inery empowers Web 3.0 with its decentralized database management solution by ensuring owner-controlled assets, DAO governorship, decentralization, etc.
- Owner-Controlled assets and Interoperability
Decentralized infrastructure eliminates the single point of failure that comes with centralized control while giving control back to the user. Deploying data on Inery also assures immutability, and users can easily transfer and merge data between different chains with low latency and high throughput.
- Decentralized and distributed
Inery combines blockchain technology with distributed database management solutions to achieve a decentralized database solution. Inery handles data storage and management across several nodes in a distributed environment.
- Environmental sustainability and DAO Governorship
With the Inery blockchain, proof-of-stake (PoS) consensus algorithms are used to create a more sustainable and environmentally friendly foundation. In addition, the DAO governance structure of Inery ensures cohesion and decentralization among stakeholders, allowing for quicker decisions and upgrades. INR, the network’s native token, gives its holders the power to vote and suggest governance amendments concerning improvements in the Inery ecosystem.
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