Inery Aims to Eliminate Entry Barriers to Web3, Blockchainby@inery

Inery Aims to Eliminate Entry Barriers to Web3, Blockchain

tldt arrow
Read on Terminal Reader

Too Long; Didn't Read

Inery, a decentralized data system, is both a layer 1 blockchain and a database management solution built on top of it. It is designed to overcome the shortcomings of centralized data management and eliminate Web3 and blockchain entry barriers. The project features low network latency and ensures owner-controlled assets, high security, and high performance. Inery is set to serve industries such as gaming, aviation, government, and finance, as well as the healthcare sector, the education sector, and others. It also allows developers with tools to create, deploy, and launch their applications on the top layer-1 chain.

Companies Mentioned

Mention Thumbnail
Mention Thumbnail

Coin Mentioned

Mention Thumbnail
featured image - Inery Aims to Eliminate Entry Barriers to Web3, Blockchain
INERY PTE LTE HackerNoon profile picture

@inery

INERY PTE LTE

react to story with heart

Inery, a decentralized data system, is both a proprietary layer 1 blockchain and a database management solution built on top of it. It is designed to overcome the shortcomings of centralized data management and eliminate Web3 and blockchain entry barriers. The project features low network latency and ensures owner-controlled assets, high security, and high performance.

Inery blockchain’s DNA comprises:

  • A public blockchain designed to support the project’s complementary decentralized data management system, IneryDB.
  • A DAO-governed system that ensures decentralization and cooperation between all stakeholders.
  • Cross-chain compatibility via Inery’s GUI, which enables data interchange across chains.
  • A chain running on SDPOS (self-delegated proof-of-stake) consensus to prevent Sybil attacks, decrease energy consumption, and increase throughput, while ensuring sustainability.
  • Unrivaled speeds and low costs, achievable via MEM nodes.
  • High-performance and low network latency.
  • Immutability or tamper-resistance, which makes it impossible to modify or delete to ensure accountability and integrity through data history.

What Inery Does

The blockchain market is projected to be worth $163.83 billion by 2029, with a 56.3% CAGR during the 2022-2029 forecast period. However, much of this market is currently saturated with blockchain projects without real-world applications and use cases. For instance, some projects try to solve problems that have already been solved, create their own problems, or completely hop on the hype of this disruptive technology to make profits.

And while the blockchain space is full of projects without utility,  Inery is applicable in the decentralization of data systems, data management, and security increase in diverse industries.

For example, an individual or business using the network would be able to control and manage their data in an open and secure way. The user is guaranteed privacy and security against data breaches. The business also enjoys low data management costs, while maximizing enterprise performance.

Noting the apparent drawbacks of legacy storage infrastructures, including data manipulation, data loss, and unfair use of user data, the decentralized and distributed nature of the Inery network safeguards users from a single point of failure. User or business data is spread across the network to eliminate this exposure.

Consequently, the project successfully prevents private individuals or central organizations–who are mostly tech monopolies– from unfair use of user data and breaching privacy policies.

Companies like Meta, formerly Facebook, have faced multiple lawsuits against privacy concerns, like the Cambridge Analytica case, for example, that saw tens of millions of users’ private data illegally shared with an analysis company in 2018. Accessing data on a blockchain-based data system requires the third party to acquire consent from the user.

What Inery does, in this case, is give the users the power to dictate who can access and use their information while getting compensated for it. It also offers interoperability capabilities to enable businesses and metaverses to communicate or share information/assets in a smooth and secure manner.

What are Inery’s Real-World Use Cases?

Inery is set to serve industries such as gaming, aviation, government, and finance, as well as the healthcare sector, the education sector, and others.

The decentralized data system provides developers with tools to create, deploy, and launch their applications on top of the layer-1 chain. It also allows the developers, and businesses, to store, control, and access their data securely on the distributed and decentralized infrastructure.  Furthermore, it aims to establish a foundation for a truly decentralized Web3 through connecting metaverses, dApps, and chains.

For instance, in healthcare, Inery can be instrumental in giving patients control over their data, tracking and tracing drugs to avoid counterfeit activities, providing a single point of truth to shareholders, and ensuring data interoperability between different healthcare verticals. In addition, the solution provides e-commerce with a way to manage assets–credential management and asset tracking, for instance, and access data with complete control, transparency, and security.

Enterprises and governments may also deploy their applications on top of the Inery blockchain. Inery equips financial institutions with a modern and mature database infrastructure to enable communication and data sharing across departments while maintaining high performance and low transaction costs. These financial institutions can also leverage the infrastructure for issuing and managing assets, secure data management, and document access, control, and tracking.

Inery’s data management system has a myriad of features that make it applicable in all industries that involve data. These are:

  • INR GUI – Inery’s data management dashboard allows users to communicate with the blockchain at a layman’s level.
  • Complex Queries – Inery allows CRUD (create, read, update, and delete) operations, the capability to create and consume non-relational databases, and enables common queries, i.e., Advanced Filter/Sort, Select, Parameter, Summary, AutoLookup, and Action Queries.
  • Value Contracts – Users can predefine permissions, which creates trust, transparency, and automation in the ecosystem.
  • Library – Inery offers a powerful query API to enable flexibility in developing Web3 applications.
  • Language Tower – Developers can communicate with Inery’s decentralized data management system, IneryDB, with any programming language.

About $INR Token

$INR is the network’s native token, deriving its value from practical utility within the ecosystem. The token is essential in securing and powering the data system. Its purpose includes:

  • Staking – Network users can become nodes by staking $INR tokens and get rewarded for validating transactions and creating blocks.
  • Storage – Token holders can use $INR as an exchange unit to access IneryDB.
  • Access – $INR tokens are essential when accessing the network’s goods and services, as well as incentivizing actions.
  • Validators – As earlier established, the token is instrumental in securing and powering the network via staking. It enables block verification and completion, proof validation, and transaction relays.
  • Grants – Grants in Inery’s Grants program are disbursed in the form of $INR.

About the Company

The company is headquartered in Singapore, with offices in Dubai, Serbia, and Switzerland, accommodating in-house teams dedicated to the development and success of the project.

Inery Core Team

The central team behind Inery vision comprises of Dr. Naveen Singh (Chief Executive Officer and Founder), Ivan Vujic (Chief Technical Officer and Founder), Simon Murray (Chairman), and an Advisory board of Satjiv Chahil (Principal advisor), David Munro Anderson, Bally Singh (Marketing advisor), Obi Cubana, Mohammad Danish (Legal advisor), Stefan Oksner, and Paul Taylor.


Website | Twitter | Telegram | Telegram Ann | LinkedIn | Discord | Reddit | Instagram**


INERY PTE LTE HackerNoon profile picture
by INERY PTE LTE @inery.INERY - layer-1 blockchain laying the foundation for web3, by providing the industry with a decentralized data system
Read More About Inery

RELATED STORIES

L O A D I N G
. . . comments & more!
Hackernoon hq - po box 2206, edwards, colorado 81632, usa