AMA Recap: CRYPTO MINERS X RUBY PROTOCOL
Ruby Protocol is the Privacy-centric Data Monetization Framework for DeFi and Web3.0 Powered by Polkadot. Ruby Protocol is a data monetization framework based on functional encryption powered by Polkadot. It designs and implements a fine-grained data monetization framework serving as a privacy layer interacting with smart contract platforms. It enables end-to-end encrypted data monetization on public blockchains (e.g. Ethereum, Polkadot) and decentralized data solutions (e.g. IPFS). Ruby will design and implement a fine-grained personal data monetization framework, which would serve as a second-layer/middleware protocol interacting with the substrate module. The framework will enable a data owner to enforce a fine-grained access control policy over his/her encrypted private data using functional encryption, and share predefined computation results over the private data with a data purchaser in exchange for economic compensation. The access control policy will be built into the substrate module, and the data monetization transaction will also execute via the Substrate module, which is why this solution is defined as a second-layer/middleware protocol.
We hosted an AMA session with Ruby Protocol on 2nd February.
Mr. Ramsy was the host from Crypto Miners and Mr. Graeme Fox was the guest. He shared delightful knowledge and unique features of Ruby Protocol.
.
Segment 1️⃣: Introduction
.
Ramsy:
Hello everyone 👋 and welcome to the Crypto Miners AMA session With Ruby Protocol
To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr. Graeme Fox
Graeme Fox:
Hey Ramsy, great to be here!looking forward to the AMA
Ramsy:
Hello there 👋
Wolcome here,
Thanks for bringing Us Ruby Protocol❤️
Graeme Fox:
Not a problem, excited to share more
Ramsy:
I'm pretty sure that our AMA participants are very much excited to learn more about Ruby Protocol , So let's get started 🚀🚀
First of all Please give us a brief explanation about 'Ruby Protocol' .What popped up in your mind to create such a platform in this Space?
Graeme Fox:
Yeah for sure! Ruby Protocol is a cross-chain, privacy-first infrastructure, powered by Polkadot. Our layer-1 protocol utilizes Functional Encryption (FE) cryptography, which allows users to adopt a modular approach to data privacy and ownership. This novel solution will allow users to encrypt sensitive information on-chain, which can only be decrypted by holders of an approved private key.Our Co-founders worked on other Web3 projects togther and while doing so they realized the lack of privacy in the space. Since they shared a mutual bond for privacy and saw that the Polkadot Ecosystem was lacking a privacy hub, they decided to create Ruby to fill the gap.
Ramsy:
Thanks Graeme For this awesome start about Ruby Protocol ❤️
Now let's see our second question from this segment...
Q2) So what are your main features and advantages that discern you from other Projects?
Graeme Fox:
Our main feature that makes us different than other projects in the space it the use of our privacy tech called Functional Encryption. This is a new type of privacy cryptography that our in house cryptography team has created to tackle the challenge of private transactions on public blockchains. From my knowledge we are the only project in the industry using it.Then by building on Polkadot we can use the Functional Encryption to provide Privacy-as-a-Service to other Parachain and dapps in the Polkadot ecosystem. As well as allowing privacy-first smart contract applications build on top of our protocol.
Ramsy:
Sounds Good 👌
Q3) How has the experience and background of your team been effective in the success of your project so far?
Graeme Fox:
Let me dive into each of our co-founders a little bit as they all have impressive backgrounds.Tyler Gellatly our Head of Strategy and Operations is an alumni of Y-Combinator, employee number one at a successful SaaS company and has been in the Blockchain space since 2017. Suhas Hedge has been in the crypto space for a long time and has worked at successful blockchain companies like Concordium and Beam. He has also led software development projects at Nasdaq. Beni Issembert is also a crypto industry vet. He is the former Privacy CMO at Beam and currently CMO at Concordium. He is our Chief Advisor.
So the team has lots of experience in the crypto space and we also have our own cryptographic team! The combination of all this experience and talent will make for a successful project.
Ramsy:
4) Now Share us about your Native tokens, What are the some of utlities of $RUBY in Your Ecosystem? And if possible share to us the Tokenomics
Graeme Fox:
The three main utilities of the $RUBY token are:1. Staking - All nodes/collators are required to stake RUBY to secure the decentralization of the Ruby Protocol
2. Governance - RUBY token holders can create and vote for proposals
3. Transaction Payment - The Ruby token will be used for transaction fees on the protocol
For the tokenomics, I will give a brief overview as it is quite in depth. We have tokens allocated for private sale, public sale, Parachain loan offering, community/ecosystem development, developer adoption, etc. If you want to find out more information, please check out our Project Wiki
Ramsy:
Let's move to our last question from this segment
Q5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from Ruby Protocol? If possible could you please share road map with us.
Graeme Fox:
The team started putting this project togther in late 2019. Since then the main focus of the project has been building out the Whitepaper, Website, Social channels and most of all the Functional Encryption Cryptography.We have submitted two milestones to the Web3 Grants team regarding our Functional Encryption. Both were accepted and Milestone 1 has already been approved. Milestone 2 is currently under final reviews and just waiting to hear back from the Web3 team now.
This year we are developing our parachain, launching our testnet and going to secure a parachain slot in the Polkadot ecosystem. From a community stand point we will be launching our ambassador program this quarter and focus on growing our community, as we believe that community is everything in a Web3 project.
for the rest of our roadmap, please check out our website, We will be adding updates to it later this week!
Ramsy:
Thanks Graeme for this well detailed introduction about Ruby Protocol:)
And that's the wrap up of our the first part of the AMA session ✅
Graeme Fox:
My pleasure!
Ramsy:
Let’s now proceed to our Twitter Questions section
i hope you're ready for that!!
Graeme Fox:
Im readylets do it!
Segment 2️⃣: Twitter Questions
Ramsy:
1) Ruby Network's main feature is its "Functional Encryption" cryptography. Would you explain briefly to us how can this be interconnected with NFTs and NFT related product because as we know NFTs are trendy nowadays? How does Ruby Network interacts with NFTs?
Graeme Fox:
So our Functional Encryption can be integrate with NFT projects in two ways. First we can have an NFT project build ontop of our protocol and second we can integrate to NFT projects in the Polkadot ecosystem. The benefits of building or integrating an NFT project with Functional Encryption are private transactions and private NFTs. Private transactions protect the purchaser and seller by keeping their data anonymous and private NFTs allow the holder to see a special feature of the NFT while everyone else can only see a certain public facing image.If you are interested, I wrote a tweet here that says the five types of Web3 projects privacy protocols will disrupt: https://twitter.com/Graeme_Fox/status/1481684480922374145?s=20
Ramsy:
2) Ruby's ultimate goals is be part of Polkadots parachain. With this, the project will be conuducting crowdloan. What are the events we should expect from your project's crowdloan? What are your plan to secure a spot on Polkadot's parachain?
Graeme Fox:
Great question. Our crowdloan participation details have not been worked out completely but we will definitely be holding events for the community. We have set aside a certain amount of our tokens for the crowdloan, that will be rewarded to all the people that contributed DOT. We are also looking into ways to possibly give bonus rewards to early Ruby community members. More details of our crowdloan will be released in the coming months as we get closer to participation. But ultimately, we will secure a parachain slot by building a strong community!
Ramsy:
3) Since Privacy is not a privilege. It is a fundamental human right.. How is Ruby PRotocol in terms of Privacy? What kind of features does it have as a Privacy-as-a-Service (PaaS)? Can users choose what data they want to share publicly or privately?
Here is our last question from Twitter
Graeme Fox:
Ruby is a privacy-first protocol, so projects building on top of Ruby will be able to design any privacy features into their application that they can think of. To name a few, they are private transactions, private store of assets, private governess voting and private social accounts. Then Privacy-as-a-Service will work in much the same way, but projects can selectively choose where they want to have private transactions in their application. So maybe they dont need a full suite of private functions and only want private DeFi transactions. They would be able to integrate our privacy services into their application specifically for that purpose.
Ramsy:
Thanks for Your Valuable Answers❣
And that's the end of our twitter question segment
Graeme Fox:
No problemready to move onto the next section when you are
Ramsy:
Let’s go then,
Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)
1)nikol🧿:
As I know Ruby Protocol is powered by Polkadot. Is there a reason why this is the best blockchain for the project instead of other popular ones like solana or BSC?
Graeme Fox:
Polkadot allows us two important factors. First and foremost it allows us to build our own privacy-first blockchain. By doing this we can have applications that want to build private applications build on top of us. And second, Polkadot has industry leading cross-chain communitcation (XCM) which will allow us to have Privacy-as-a-Feature. These benefits made building on Polkadot an easy choice.
2) John Wick:
Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Graeme Fox:
Yes! Token holders will be able to vote on referendum! They will be able to bring up items of the project that they would like to vote on as well as vote on ideas brought up my other token holders. Ideally we will move to a full DAO model in the future.
3) Noufal Basheer Noufu:
Where can I currently buy Token?
Graeme Fox:
Our Token is not available for purchase at the moment. Our TGE event will happen after we secure a crowdloan spot.
4) Falcon:
Which do you think is more Important:
A. Community
B. Investors and
C. Token Price
If all of The above is important to You, Whiich Should Come First??
Graeme Fox:
Community first and foremost! Our community means everything to us and comes above all else.
5) 𝑽𝑰𝑵𝑵𝑶 𝑱𝑶𝑮𝑶𝑻🇦🇪:
What's your interesting focus right currently? Are you focused on the community or market/Exchange or the products?
Graeme Fox:
Our current focus right now for the tech standpoint is building our parachain and launching testnet. Then from a community aspect it is to grow our community by doing more interviews/AMAs and launching our Ambassador Program!
*This segment ends here*
Ramsy:
Thankyou so much Graeme For your valuable answers and information about Ruby Protocol,
It Was Pleasure Hosting An Ama With You
Graeme Fox:
Thank you!I had a great time. You have a great community here!
Have a great day everyone.
✌️
Ramsy:
You too 🤝
Best of luck for the next
Community, if you would like to learn more about Ruby Protocol, here are some useful links for you:
Website: https://ruby.io/
Twitter: https://twitter.com/RubyProtocol
Telegram: https://t.me/rubyprotocol
Medium: Ruby Protocol
Discord: https://discord.gg/s2BgUKDqYz
GitHub: https://github.com/Ruby-Protocol
