Decentralized storage and data management: Web3 meets the metaverse
The move from Web2 to Web3 and the metaverse has created a demand for data storage, especially when it comes to user-generated content (UGC). The need for convenient and secure data storage has always been there, considering the high costs and shortcomings of centralization. But as the world moves closer to bringing the virtual world online, the priorities have become even clearer.
The boundary between the real world and the virtual world is blurring day by day. The pandemic has contributed to the shift in online activities like travel, shopping, entertainment, etc. Data production is also technically off the charts, with a massive shift from passive browsing to user-generated content. The size of the global user-generated content platforms market is to be valued to $18.65 billion by 2028. Combine these two – exponential data growth and the UGC model – and there is a need for massive data storage.
Evolution of data storage
Chip technology and advancement in algorithms have changed the whole conversation about data storage. However, unlocking data value and security needs has only fueled the thirst for innovation and advanced architectures for data storage. Through integrations and iterations, the world has moved from basic disk storage to cloud storage, an improvement over hardware shortcomings. Now we have decentralized management solutions like Inery that focus on changing the narrative around data management.
Data storage is one of the building blocks of blockchain technology, making it an essential part of metaverse development. Seamless activities in the virtual domain depend on the absolute relationship between data sovereignty and data security, which can only be found in decentralized storage and management solutions. The metaverse and Web3 generate commercial aspects, given that it is also a creator economy.
Think of dual data storage: if it’s not centralized, it’s decentralized. If centralized, the data is stored in a central location or server, giving it a single point of failure. Moreover, users have to pay for data storage and worry about data security. Decentralized storage solutions distribute user data across multiple sets of autonomous network nodes.
Decentralized storage features ensure data redundancy, online privacy, user control over their data, and value-driven data, while optimizing long-term storage and data security. The sharing model also keeps costs low. Essentially, integrating database management with blockchain technology brings scalability, high efficiency, top-notch security, reliability, and automatic fault tolerance. Therefore, the importance of data sovereignty and security in metaverse and Web3 clearly depends on blockchain-based data management systems like IneryDB.
Web3 meets the Metaverse
A common consensus on the definition of Web3 revolves around the open, trustless, and permissionless features that the Inery team prioritizes in the development of the IneryDB solution. Without a reliable and stable data management system to address the huge data footprints of online users and user-generated content, the Web3 experience will be meaningless.
Therefore, the final nail in the ark of the metaverse is its economic system. For example, an open payment system for instant, transparent and fair P2P transactions; and the ability to monetize virtual and in-game items or creations to encourage transactions and circulation of digital assets.
These factors mitigate against trusted blockchain solutions. Otherwise, all these technologies and inventions will be worthless, especially when user data can be easily corrupted or metadata becomes invalid. Inery is one of the flagship projects in the development of decentralized storage solutions to ensure the success of Web3 and the metaverse.
Inery, Public Testnet and the economy of creators
IneryDB is Inery’s database management solution. It combines blockchain features with distributed database management properties to achieve high performance and low network latency. After nearly two years of development, Inery released its first Public Testnet on August 10. The Testnet is a glimpse into the future of data storage and decentralized database management solutions. Essentially, developers are thrilled with secure, immutable, and low-cost data storage. As a foundation for Web3 and the metaverse, IneryDB integrates DBMS features and dynamics such as CRUD (create, read, update, and delete), complex query search, immutability, and library functions into the Inery blockchain.
The Public Testnet is a demonstration of the openness, control, and transparency that decentralized storage solutions bring to the creator economy. It gives participants access to features that enable the creation of smart value contracts, $INR token transfers, block verification, the creation of smart value contracts for NFTs and crypto, transactions and l exchange of $INR tokens. Participants can also become block producers. The recorded data is immutable. In summary, the Public Testnet is a simulation of what data should look like with a focus on data value, sovereignty and security.
Inery continues to lay the groundwork for metaverse and web3 development, as data and user-generated content continue to grow in the metaverse and web3 spaces, coupled with the massive change in the physical online world. Inery’s goals of returning data control to users and achieving democracy align with the needs of the Internet iteration.
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