Web3 is the buzzword on everyone’s lips, but when you put the craze aside for a moment, there’s a burning question that needs to be asked: can these projects completely replace Web2… and what’s standing in the way that this happens?
The likes of Google and Facebook have made a killing in the Web2 era, amassing billions of dollars in profits and a profound influence on the shape of the Internet. But its continued influence is far from guaranteed. The 30-year history of the web is littered with the collapse of indestructible companies… MySpace being a notable example.
Amid countless concerns about how user data is collected and used, as well as fears that content creators aren’t being adequately compensated 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 the Metaverse.
While the vision and ambition of Web3 startups is to be applauded, there are challenges that need to be addressed. Critics rightly point to the high energy consumption of some blockchains, especially those based on a proof-of-work consensus mechanism. They argue that creating a level playing field online cannot come at the expense of the environment. And with a dizzying number of DeFi protocols and cross-chain bridges falling victim to exciting hacks, with billions of dollars lost, there are also security issues to consider.
For Web3 projects to reach their full potential, the infrastructure they rely on must have fully decentralized data management, and that means removing reliance on centralized cloud providers like Amazon Web Services. Owners also need to be in the driving seat and blockchains need to be immutable, affordable and more environmentally conscious. Tickling all these factors is no mean task.
Great ideas, worrisome teething problems
The Metaverse has been touted as a $1 trillion opportunity by JPMorgan, a silver bullet that could revitalize the music industry and reinvent the way we work and play. But before virtual worlds can truly become mainstream, complicated security and privacy challenges must be overcome. Lack of interoperability also risks hindering adoption. And while the Internet was pretty clunky in the early days, Metaverses have a long way to go before they’re usable and intuitive. The aspiration of people using blockchain technology without even realizing it is still far away.
And that brings us to some of the other use cases that have been proposed for blockchains. Several entrepreneurs strongly believe that these immutable ledgers could drag the healthcare industry into the 21st century, ensuring that medical records are properly digitized and easily transferred between facilities. Here’s the problem: This is a data-heavy industry, and patient confidentiality is sacrosanct. There are huge opportunities for networks that can achieve interoperability, immutability, security, transaction transparency, and medical data sovereignty. Blockchain could also be revolutionary if it addresses the huge volume of counterfeit drugs in this space, with some estimates suggesting that 10% of drugs in circulation are counterfeit.
So… what’s the answer?
Inery is a Layer 1 blockchain that aims to address some of these burning issues: seamlessly connecting systems, applications, and a multitude of networks. Its database management solution, IneryDB, stands for high performance, low latency and complex query search, all while ensuring that data assets remain fully controlled by their owners.
The team behind this Proof-of-Stake network says 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 a second All this is achieved without compromising security.
Dr Naveen Singh, CEO of Inery, told Cointelegraph: “With Inery, our efforts are focused on envisioning a decentralized, secure and environmentally sustainable architecture for database management. Inery enables an affordable and scalable that enables people to issue and control data assets. to enable a new paradigm for data accessibility.”
Inery says it has already achieved a number of major milestones and has been listed on Huobi. The network’s testnet has now launched and has secured a $50 million investment commitment from GEM, as well as other contributions from the likes of Metavest and Truth Ventures. It has also attracted some big-name talent. The founder of Orange Telecom now serves as chairman, and Apple’s former vice president of global marketing joins as a senior adviser.
Looking ahead, the project aims to establish strategic partnerships that unlock compelling use cases for its systems in more industries. The mainnet is expected to launch in the first quarter of 2023, paving the way for developers and users to properly discover what the future of Web3 should look like.
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