Living in the modern information age, we accept our bond to the data-driven economy. The importance of data these days is paramount: it is no longer possible to speak about retailing without reference to consumer analytics or practice business on the internet space without encroaching upon digital marketing activities. The digital era transformed data into a bespoke currency of the 21st century – that is why data collection and storage is pivotal to the healthy operation in the modern business landscape. However, as the cases of data breaches are encountered all across the internet space (not to overlook the scandalous Cambridge Analytica case), the importance of data protection raises exponentially – especially on the scope of private organizations, which are frequently lacking proper measures of protecting the safety of their digital records.
Another problem is that the data management systems are stuffed with errors, lack real-time updates and are prone to technological failures. This has a direct impact on the quantitative results, as on average companies face a reduction of $15 million per year from their bottom line. On the positive side, modern technological advancements have enabled ways to solve previously inconceivable problem. Inery, a decentralized data management system, is a symbol of a breakthrough in the space: by putting blockchain technology as its primary weapon in countering data fraud and inadequacy of operation, it offers distributable database infrastructure coupled with non parallel data speed and integrity as facilitated by decentralized technology. Aiming to address key pain points in the field of modern data management, the company introduces a broader Inery ecosystem that comprises two main elements: IneryDB, the first in a decentralized database management system, and Inery Blockchain, the technology powering cross-chain big data management coupled with application deployment. The solution by Inery can be deployed across various sectors and entities, namely government and healthcare, but also GameFi and Aviation – and with INR token powering the blockchain, it has even more chances of bringing public utility. Ultimately, Inery becomes the pioneer in the field of decentralized database management solutions and thus, kick-starts the crucial new stage in the evolution of the data industry.
I reached out to the CEO of Inery with a few questions to gain a deeper perspective on the matter.
1. To begin with, could you give us a short pitch of Inery?
Inery is the first-ever layer-0 blockchain offering the solution of decentralized database management with the vision to enable a new paradigm for data. Inery is designed to enable cross-chain communication of data, greater speed, and better security. It specifically addresses database management integrated with blockchain functionalities and distributed database management properties.
The Inery database management solution (IneryDB) allows a secure, low-cost, and immutable way for database management where the control of private information remains in the hands of users and enterprises. It sets the base for the web3 future to enable value creation by seamlessly connecting with other systems, applications, and layer-1 networks.
2. How did you and your team arrive at a solution for establishing a decentralized data management enterprise?
Our initial inspiration for Inery stemmed from creating a more democratized place for data access and control of our assets as well as empowering users and organizations to manage their database on a secure network. So what we did was combine the conventional database management properties with blockchain functionalities. This enabled us to create a more secure, immutable, decentralized and owner-controlled architecture for database management.
3. What are the main problems present in the data industry – and how does Inery resolve those?
The current systems for database management have become redundant. Conventional database management solutions are strife with complications, lack of secured infrastructure, and absence of user control over their data assets.
And we have seen these issues repeatedly. From cyber attacks to data breaches – we, as users, have faced these challenges again and again. Leveraging blockchain technology. Inery introduces a decentralized and distributed infrastructure for database management. The platform integrates key functionalities of blockchain that facilitate immutability, security, and user-controlled data assets with the distributed database infrastructure to enable high throughput, low latency, and complex query functions.
4. What makes Inery a modern powerful solution amidst competitive pressure from the traditional tools?
Inery has been closely monitoring the space by observing database management service providers and blockchain projects. On the surface level, we have adopted the solutions that have worked well in the conventional and blockchain field.
On a deeper level, we have incorporated fundamentals that have never been done before. One of the examples of a distinct methodology is the usage of micro and metadata which gives Inery a quantum leap in terms of scalability in handling vast amounts of data. We’ve also tried to push the boundaries by going beyond IPFS and decentralized storage solutions to a full-fledged database management service that is equipped for fundamental functions such as CRUD — create, read, update and delete — and complex query capabilities.
We feel that by adopting the best from the conventional and decentralized worlds, IneryDB opens the doorways to web3.
5. In which contexts can Inery be applied, and what are its main use-cases?
First and foremost, The possibilities with the Inery database like are virtually endless and can cater to the needs of various industries. For almost all industries, Inery provides a trusted architecture that they can use for storing sensitive information, especially for the financial ecosystem, Inery could serve as a secure database for asset issuance, tracking, and trading.
Inery could also prove to be extremely beneficial for CRM applications, surveillance systems, healthcare division, and virtual reality/GameFi industries.
6. Inery blockchain – how would you characterize it?
Inery is a layer-0 blockchain that is programmed for database management. What this essentially means is that similar to how Ethereum is programmed for securely executing and verifying smart contract codes; Inery blockchain is designed to specifically deliver database management.
7. Speaking about the Inery ecosystem, what are its main strengths? Any plans to expand it in the future?
Some of our main strengths include:
- Our layer-0 blockchain designed for database management
- Team expertise
- Offering solutions beyond data storage and IPFS
- Leveraging best solutions from legacy database management and blockchain field.
8. If we are speaking about Inery Token “INR”, what main purposes does it serve?
$INR is the native utility token of the Inery ecosystem. It accrues value from engaging and assessing the Inery ecosystem.
Governance – A right to vote and introduce governance proposals for upgrades.
Validators – Secure the Inery blockchain by validating transactions, verifying and finalizing blocks.
Access – Incentivize actions and engage with products or services within Inery.
Staking – Stake $INR tokens in staking pools to earn transaction fees and staking rewards.
Grants – Inery’s Grants program offers recurring grants disbursed in the native token $INR.
Storage – $INR is the unit of exchange to access decentralized storage of IneryDB.
9. Finally, what is Inery roadmap for the rest of 2022?
Here’s how the roadmap of Inery looks like in terms of what we’ve achieved and the upcoming milestones
2020 H1: Inception of Inery, API development, Testing
2020 H2: Blockchain deployment on several servers, Applying new testing scripts
2021 H1: Testnet launch, Development of the explorer
2021 H2: Private testing, Development starts for Inery
2022 H1: Public Testing, Mainnet Launch
2022 H2: Programming library module development starts