All the inventory is stored server side already. The only thing changing is how they're modified. Alpha, the server would tell the client where the item was, and the client would tell the server what it did with it. In beta, the client tells the server what it would like done, then the server does it and tells the client it's done. Inventory storage shouldn't really change at all. No items should be lost. Unless he's totally rewriting the save code completely from scratch with no backwards computability, your servers should move over seamlessly. I have faith in him.
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