Web3 is a buzzword that’s on everyone’s lips, but putting aside the mania for a moment, there’s a burning question to ask: can these projects completely replace Web2…and what’s standing in the way of that?
Companies like Google and Facebook have made real breakthroughs in the Web2 era, accumulating billions of dollars in profits and having a huge impact on the shape of the Internet. But their future impact is far from guaranteed. The 30-year history of the Internet is full of failures of once indestructible companies… MySpace is a prime example.
Amid countless concerns about how user data is collected and used, and fears that content creators aren’t being rewarded for their hard work, Web3 is positioning itself as a democratizing force that puts power back in the hands of the public. Even the Web2 giants themselves see the potential of this new approach — it’s been almost a year since Facebook changed its name to Meta and announced plans to focus on Metaverse.
While the vision and ambition of Web3 startups is to be commended, there are issues that need to be addressed. Critics rightly point out the enormous power consumption of some blockchains, especially those based on the Proof-of-Work consensus mechanism. They argue that creating a level playing field online cannot be at the expense of the environment. And with a staggering number of DeFi protocols and bridges falling victim to exciting hacks, with billions of dollars lost, there are also security concerns to consider.
For Web3 projects to reach their full potential, the infrastructure they rely on must have fully decentralized data management, which means eliminating dependence on centralized cloud providers such as Amazon Web Services. Owners should also be at the helm, and blockchains should be immutable, accessible, and more sustainable. To note all these factors is no small feat.
Big Ideas, Troubling Teething Problems
JPMorgan is touting Metaverse as a $1 trillion opportunity — a silver bullet that could revitalize the music industry and reinvent the way we work and play. But before virtual worlds really go mainstream, complex security and privacy issues need to be addressed. Lack of interoperability can also hinder implementation. And while the Internet was rather clunky in its early days, the Metaverses have a long way to go before they become usable and intuitive. The aspiration of people using blockchain technology without even knowing it is still far away.
And that brings us to some of the other use cases that have been proposed for blockchains. A number of entrepreneurs strongly believe that these immutable ledgers can drag the healthcare sector into the 21st century by ensuring that medical records are properly digitized and easily transferred between institutions. Here’s the problem: This is a data-heavy industry and patient privacy is inviolable. Great opportunities open up for networks that can provide interoperability, immutability, security, transaction transparency and sovereignty of medical data. Blockchain could also be nothing less than a revolution if it can deal with the sheer volume of counterfeit drugs that are in this space – by some estimates, 10% of the drugs in circulation are counterfeit.
So… what’s the answer?
Inery is a layer 1 blockchain that aims to solve some of these thorny problems — seamlessly connect systems, applications, and multiple networks. Its database management solution, IneryDB, delivers high throughput, low latency, and complex query lookups, while providing full control over data assets to their owners.
The team behind this Proof-of-Stake network claims it is scalable, resistant to Sybil attacks, energy-efficient, tamper-proof, and fast—capable of 5,000 transactions per second, with new blocks created every half second. All this is achieved without sacrificing security.
Dr. Naveen Singh, CEO of Inery, told : “With Inery, our focus is on building a decentralized, secure, and environmentally sustainable architecture for database management. Inery offers an affordable and scalable solution that allows people to issue and control data assets. to activate a new data accessibility paradigm.”
Inery says that she has already achieved a number of important results and has been registered on Huobi. The network’s testnet is already up and running and has received a $50 million investment commitment from GEM, as well as other contributions from companies such as Metavest and Truth Ventures. It has also attracted some notable talent. The founder of Orange Telecom is now chairman, with Apple’s former VP of global marketing joining him as chief advisor.
Looking ahead, the project wants to enter into a strategic partnership that will open up compelling use cases for its systems in more industries. It is hoped that the mainnet will go live in the first quarter of 2023, giving developers and users a fair idea of what the future of Web3 should look like.
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