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Web2 Internet monopolies have undermined the importance of data security for individuals and businesses. As a result, data breach has become a bigger problem in recent years, with organization expenses 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 increased by nearly 46%. Thus, Web 2.0 left behind user dissatisfaction, centralized processes and poor data security.
Therefore, the centralized database has a lot of data access traffic which could lead to congestion. Due to a single access point, any attempt by multiple users to access it simultaneously causes a problem, which can affect the efficiency of the system. The heavy reliance on network connectivity therefore determines the speed of database access.
The centralization of many operations leaves the application with a significant performance lag. Additionally, the external server is sometimes a monolithic database in a single cloud region, which contributes to this latency. Inery steps in to solve centralized database management issues by giving users full control, data security and online privacy.
Vision Web 3.0 – Inery
Data stored in a single access point deprives users of control over their data. The data center is also prone to exploits, outages, privacy breaches, server vulnerabilities, and massive traffic. Therefore, decentralized database management systems like Inery are tasked with bringing data security, interoperability, and privacy to users without sacrificing independence.
Blockchain can, in theory, provide completely trustless decentralization, but some projects require off-chain data storage. This implies that we cannot completely achieve decentralization if we need data storage. However, the trade-off is worth it. Inery is the best choice for a web3 database management solution that is completely location-agnostic, P2P, and free of network hardware and vendors.
Inery is a decentralized database management based on its own layer 0 blockchain, its ecosystem being arguably the first of its kind. Layer 0 blockchains prioritize speed and security. Inery’s objective is to provide a decentralized, secure and environmentally friendly base for managing databases with a scalable mode of access to data. The platform’s creators believe that by delivering a solution that enables businesses and consumers to efficiently manage, control and recover their data, they will lay the foundation 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 functionality with the distributed nature of databases. Core features of blockchain technology, such as immutability, tamper resistance, and decentralization, can have a profound impact on today’s database management systems. It also incorporates desirable features of traditional databases such as complicated search queries and low latency to provide an optimal solution for database administration.
On the other hand, the Inery blockchain enables innovation in the ecosystem. Its unique architecture enables cross-chain communication and high transaction throughput. . Additionally, the cross-chain compatibility feature allows data assets to be moved across different networks without sacrificing security. Immutability, decentralization and security differentiate Inery from the conventional distributed database.
How Inery strengthens Web 3.0
Inery empowers Web 3.0 with its decentralized database management solution by ensuring owner-controlled assets, DAO governance, decentralization, and more.
- Owner-controlled assets and interoperability
Decentralized infrastructure eliminates the single point of failure associated with centralized control while returning control to the user. Deploying data on Inery also ensures 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 manages data storage and management across multiple nodes in a distributed environment.
- DAO Environmental Sustainability and Governance
With the Inery blockchain, Proof of Stake (PoS) consensus algorithms are used to create a more sustainable and environmentally friendly foundation. Additionally, Inery’s DAO governance structure ensures cohesion and decentralization among stakeholders, enabling faster decisions and upgrades. INR, the native token of the network, gives its holders the power to vote and propose governance amendments regarding improvements to the Inery ecosystem.