Inery

About Inery

Inery presents itself as a layer-1 blockchain infrastructure specifically engineered for decentralized database management, aiming to establish a new paradigm for data handling in the Web3 era. The company was co-founded in 2020 by Dr. Naveen Singh, who serves as the CEO, and Ivan Vujic. Dr. Singh, an entrepreneur with over 15 years of experience in IT, telecommunications, and healthcare, was previously an Olympic-style wrestler. His background in the IT sector exposed him to the vulnerabilities of conventional database architectures, such as data breaches and privacy issues, which motivated the creation of Inery to address these shortcomings.

The core of the business is IneryDB, a decentralized database management system that integrates blockchain functionalities like immutability and security with the performance attributes of distributed databases, such as low latency and complex query capabilities. This hybrid model is designed to offer a secure, low-cost, and tamper-resistant method for data management where users and enterprises retain full control over their data. The platform operates on a Proof of Stake (POS) consensus mechanism, making it less energy-intensive, and is governed by a DAO (Decentralized Autonomous Organization) to ensure decentralization among stakeholders. Inery's native utility token, $INR, is used for governance, transaction validation, staking, and accessing storage on IneryDB.

Inery targets a broad client base, including governments, financial institutions, healthcare providers, and developers in sectors like GameFi and the metaverse. The system is designed for cross-chain interoperability, allowing applications and systems to connect and transfer data seamlessly. For developers, Inery provides tools and libraries for various programming languages to facilitate the creation of decentralized applications (dApps) and integration with existing content management systems. The company has secured investments from venture capital firms including Global Emerging Markets, Metavest Capital, and Truth Ventures, reaching a valuation of $128 million as of September 2022.