AMA Recap: CRYPTO MINERS X RUBY PROTOCOL

Ruby Protocol is a private data management framework for Web 3.0 that proposes and implements a privacy layer interacting with the multichain ecosystem. It is a fine-grained private data access-control gateway across different entities and organizations in the decentralized and traditional financial world. Built on functional encryption, Ruby protocol will be the true embodiment of the decentralization spirit of the cryptocurrency movement. Ruby will also design and implement a private payment scheme specifically tailored for the monetization of private data. Ruby protocol is not only the next-generation privacy protocol for Web 3.0 in a multi-chain world but is also ready to open a brand-new chapter for regulation compliant decentralized financial service.

We hosted an AMA session with Ruby Protocol on 12th August.

Mr. Ramsy was the host from Crypto Miners and Mr. Suhas Hegde, co-founder of Ruby was the guest. He shared delightful knowledge and unique features of Ruby Protocol.
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Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to the Crypto Miners AMA session With Ruby Protocol

To help us learn more about Ruby Protocol, We are lucky to be joined By Mr. Suhas

Hello Suhas 👋

Suhas Hegde:
Hey Crypto Miners Community! Excited to join you all for today’s AMA.

Hello Ramsy! Thanks for hosting us.

Ramsy | Crypto Miners:
Welcome here Mate ❤️

Thanks for joining with us today

Suhas Hegde:
👋

Ramsy | Crypto Miners:
How are you doing today suhas?

Hope all are fine

Suhas Hegde:
Doing Fantabulous

Ramsy | Crypto Miners:
Great 👍

I’m pretty sure that our Community is very much excited to learn more about Ruby Protocol✌️

So without wasting any time let’s get started if you’re ready!!

Suhas Hegde:
I’m quite excited to talk to the community too.

Let’s begin

Ramsy | Crypto Miners:
First of all Please introduce yourself?

Suhas Hegde:
Sure thing!

Hi everyone, I am Suhas Hegde, I am the Co-Founder and Tech lead for Ruby Protocol. I have always been a strong advocate of free software, open source, open data collaboration models for fintech. I am a Computer Science Engineer by education and have worked with reputed blockchains like Waves, Digibyte, GXChain, Beam , Concordium in the past.

During my time at NASDAQ I worked on protecting Cyber Security Data without losing forensic detail using Blockchain. Encrypting data without impacting integrity of the high volume processing data with the use of Blockchain.

I have been passionately involved in the blockchain industry since late 2013- early 2014. Privacy is something that is close to my heart as I believe that i should be every humans right, my past professional record even reflets that I like privacy preserving protocols a lot.

Ramsy | Crypto Miners:
Wow, You got a great experience 👌

Suhas Hegde:
Thank you! It’s been a never ending learning journey so far. And an exciting one

Ramsy | Crypto Miners:
Now let’s see our second question from this segment

Q2: What makes Ruby unique compared to others in the web3 space?

Suhas Hegde:
Good question, for this we need to understand what Ruby is doing and why it’s important.

Let me tell you more

Ramsy | Crypto Miners:
Go ahead 👍

Suhas Hegde:
Ruby Protocol is a private data management framework for Web 3.0. We propose to implement a privacy middle-layer interacting with multi-chain. You can think of Ruby as a fine-grained private data access-control gateway across different entities and organizations both in the decentralized and traditional financial world.

Built on functional encryption, Ruby protocol will be the true embodiment of the decentralization spirit of the cryptocurrency movement. All the encrypted data will be stored in a decentralized cloud such as IPFS.

Decentralized functional encryption will be adopted to satisfy the users’ privacy needs. Moreover, our policy management layer will make sure the design of the underlying attribute and policy universe is well-tuned to the regulatory compliance requirement.

Ruby will also design and implement a private payment scheme specifically tailored for the monetization of private data.

Ruby protocol is not only the next-generation privacy protocol for Web 3.0 in a multi-chain world but is also ready to open a brand-new chapter for regulatory-compliant decentralized financial service.

Nobody else in the Web3 space, is building using functional encryption. We are the only project who is focusing on building with this revolutionary technology. Our Chief Architect and Cofounder, Dr. Hisenberg Lin, has a double PHD in advanced cryptography and specializes in Functional Encryption.

Ramsy | Crypto Miners:
Q3: What is Ruby’s short-term, and long-term goal as a project?

Suhas Hegde:
Right

Ruby is here to be the defacto privacy middleware for the web 3.0 Ecosystem. This is essentially our long-term goal.

Just like Rome wasn't built in a single day, all great things take time to build. And in the privacy business, we have no second chances, so we need to make sure we have the most robust technology in place which requires a lot of scientific research, testing and simulations before public release.

So far we have passed both two Web 3.0 grant milestones and are working on important milestones for our Substrate builder program application. Our tech teams are working tirelessly to deliver Functional Encryption to the masses.

For the Substrate Builders Program we have the following milestones spread over the next few months :

https://github.com/rubyprotocol/Ruby_documents/blob/main/SBP_milestones.md

At the end of this, we should have SDK’s ready for all kind of prioritized, important technical integrations and partnerships.

Each month we release a monthly review of previous highlights that have happened. See the latest updates from July Review here:

https://rubyprotocol.medium.com/ruby-protocol-monthly-review-july-2022-94f0baf38f39

This pretty much speaks for our short term and longterm goals.

One step at a time

Ramsy | Crypto Miners:
Thanks Suhas for this well detailed introduction about Ruby:)

That’s the wrap up of our the first part of the AMA session

Let’s now proceed to our Twitter Questions section

i hope you’re ready for that!!

Suhas Hegde:
Yeah!

Lets go!

Segment 2️⃣: Twitter Questions

Ramsy | Crypto Miners:
1: Why do you think Ruby Network will still be required when there are so many projects involving data-based privacy computing, including successful ones like Oasis, PlatON, Phala, and Enigma? What sets Ruby apart most from the competition?

Suhas Hegde:
Good question.

Data privacy is always high on the agenda when it comes to the Crypto community. Since 2015, different projects have been working to improve that on three directions:

1. Anonymous currency, represented by Zcash, Monero, etc. They mainly meet the needs of anonymous payment.

2. The privacy projects for crypto payment and transaction, represented by Tornado, zkSync, Starkware, Raze Network, etc. They mainly meet the privacy needs of smart contracts.

3. Data-based privacy computing projects, represented by Ruby Network, Oasis, and PlatON. They mainly meet the privacy computing needs of the data transaction market.

On the track of data privacy computing, Ruby’s main competitors are Oasis, PlatON, Phala, Enigma, ARPA, etc. Ruby’s main di erentiated advantage lies in proposing a privacy computing solution based on user data attributes for Functional Encryption computing. Users can have finegrained control of their data so that data buyers can obtain the computing results while the user’s specific data content remains private.

However, there are mainly two problems with ACL-based solution:

First, it does not provide con dentiality protection on the access control policy. On the other hand, functional encryption not only can enforce con dentiality requirements on the underlying message but also the secrecy of the access control policy.

It is also hard to extend the access control policy to the real world beyond blockchain platforms given most of these access control lists can only be implemented as smart contracts that run on the smart contract platforms.

In contrast, a functional encryption-based solution ( which Ruby Protocol is building ) can be adjusted to the access control policy that is defi ned on terms outside of the blockchain world.

For instance, a user of TradFi can obtain secret keys corresponding to a certain KYC information from a TradFi institution to verify one’s identity for a DeFi app. In other words, functional encryption is a perfect tool to build a fine-grained access control portal bridging
the Web 2.0 world and Web 3.0.

Hence, we beleive that there is a strong need for Ruby Protocol to enable the privacy world further

Though we are always open in enabling all privacy preserving technologies that align with our values and goals.

We are building something very unique in this space.

Ramsy | Crypto Miners:
2: How do you plan to develop use cases on Ruby? Which array will you prioritize first in the arrays of DeFi, DAO, NFT etc..?

Suhas Hegde:
To be honest, we are not familiar with Gear! 😂

If you meant, how we plan to develop usecases on Ruby, I can tell you more

Let me explain now. This is a long one

Ramsy | Crypto Miners:
No prob

Suhas Hegde:
As far as the use cases are concerned

Bridging CeFi and DeFi apps seems of most relevance in today’s world.

A user will be able to set up a Ruby account and connect with his bank account or centralized exchange accounts such as Binance. The relevant KYC information will be categorized and encrypted with the respective policy, such as KYC level 1" AND \Exchange: Binance” AND \DeFi app type: tier-1 DEX”, and uploaded to the storage layer ( which can be a secure decentralized storage provider, so all data is secure )

Only when the DeFi apps present a secret key corresponding to all these attributes , will be able to decrypt more detailed user information.

The Ruby API will establish an alliance between CeFi institutions and DeFi apps, and serve as an access control gateway to guarantee all the private data flow between both sides concords with the necessary regulation, etc.

Ruby Protocol’s privacy solution embodies the built-in attributes of data programmability, traceability, and verifiability, all of which will lead to greater adoption of distributed applications in auditing automation and compliance monitoring, and it will guarantee high assurance. Ruby Protocol’s solution can serve as a fundamental tool for CeFi to transit to DeFi.

Why CEFI would want to use us?

- Their users are interested in using DeFi apps. The users care about the privacy of their KYC info. They can use Ruby to guarantee the fine-grained access control of the DeFi protocol. Since CP-ABE will allow the users to define the access control policy during registration, afterwards they don’t need to worry about any privacy issues anymore.

Why DEFI would want to use us?

The main reason is that they wanna be regulation-compliant. To access the users’ KYC info is crucial to regulatory compliance, and on the other hand, their users might not be very proactive to give out their private information.

But CeFi could happen to have some users who are interested in joining the DeFi game, and this is where Ruby protocol can play a central role by introducing the CeFi users to the DeFi world while addressing their privacy concerns.

DID / NFT gated access control to a particular event

Hosting an event in the metaverse/airdrop the ticket to satisfy certain requirements/conditions (holding specific NFT / maybe he/she was active in some sort of communities). Maybe he has some additional conditions (KYC/whitelisted/etc./Binance-approved, etc.).

We are gonna apply a special kind of FE, i.e., ciphertext-policy attribute-based encryption (CP-ABE). The CP-ABE allows the message encryptor to attach an access control policy to the ciphertext. Only those who satisfy the access control policy will be able to decrypt the message.

The event host will encrypt the event tickets under the access control policy using CP-ABE. The access control policy will be the one mentioned above, i.e., holding a specific NFT&active in certain communities&has certain level of KYC from apps such as Binance. How do u guarantee that the one who satisfies the condition can get the secret key he/she needs to decrypt the message? Well, the Ruby users could register at the beginning of the system, and he/she will receive the secret keys corresponding to those attributes. Whenever an event that requires the enforcement of access control depending on these attributes happens, the users can use his/her secret keys to decrypt the encrypted message, which will give him/her access to the event.

Ruby users can use off-chain information as well to identify their attributes (e.g. Age / Binance KYC)

We will enable DAO’s through governance privacy and make use of functional encryption to its best.

Hope that answers in detail how we plan to go about it.

Ramsy | Crypto Miners:
3: Scams and rugpull projects can trick sometimes even the most veteran investors on the market. So, my question would be then, what security and authentication methods will @RubyProtocol have to ensure that it will never invest in a scam project and lead users to them?

Suhas Hegde:
Well, Ruby Protocol is a technology builder and a privacy software provider. We are not providing any sort of investment advice. We can protect users by providing them with great technology that works.

We have a very sound treasury management in place to mange our internal treasury by able team members, so we will make sure standard security protocols are followed and we will not fall prey to any scams ourselves being experienced in this industry for almost a decade now.

Security Audits, multifactor authentication , regular network upgrades are our priority when it comes to security management.

Ramsy | Crypto Miners:
Sounds good 👍

4:Nearly 80% of investors only focus on short-term token price instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your tokens in the long term?

Suhas Hegde:
First of all, I need to tell you that we are not in a hurry to launch our token. We are focusing on building usable software

Great secure software takes time to build.

With good technology, appreciation of work and tokens will follow

There are several benefits to hold the Ruby Token.

The big scale of data transactions in the Ruby Data Marketplace or any Data Market place that we officially partner with will provide an important value capture scenario for RUBY token, acting as the core value support of RUBY token:

1) RUBY token is the fuel in the Ruby network. All related transactions on the Ruby chain will require RUBY token as commission.

2) In the data upload, storage, transaction, promotion, etc., of the Ruby Data Marketplace, RUBY tokens have real use values, which will greatly encourage users to hold them.

3) 70% of RubyDAO revenue will be used for repurchase and burning in the secondary market, which will reduce the inflation rate of RUBY tokens. The whole system may even become deflationary.

4) When submitting an on-chain proposal, community members need to stake a certain amount of RUBY tokens. So onchain governance requires, RUBY tokens.

These are just some of the brief benefits of holding the RUBY token.

Ramsy | Crypto Miners:
Let’s hear our last question from Twitter

5:CAN you explain How is Your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the Team?

Suhas Hegde:
Sure

RUBY token is the native token of Ruby Protocol. The initial total supply is 1 billion. It will be used for the security of the Ruby Protocol chain, and the construction and incentives of the data transaction market.

Hence, keeping all these factors in mind. The token allocations look something like this :

- Seed Round : 6%

- Private Round I : 8%

- Private Round II : 10 %

- Public Sale : 8%

- Parachain Bond Funding : 15%

- Ecosystem Development : 10.0%

- Foundation Reserve : 15.0%

- Founding Team : 10.0%

- Partners and Advisors : 5.0%

- Developer Adoption Program : 5.0%

- Early Staking Reward : 4.0%

- Community Reward : 4.0%

Hope this gives clarity on Tokenomics.

Ramsy | Crypto Miners:
Very clear 👍

That’s the wind up of our twitter segment

Suhas Hegde:
Thank you!

Ramsy | Crypto Miners:
Now Moving on to our last segment — Live Q&A

Shall We Go mate?

Suhas Hegde:
Sure! Will try to answer as many as possible in the limited time we have left — 15 mins

Let’s go

Ramsy | Crypto Miners:
lets go,

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) Nu Halo:
What chain is Ruby Protocol built on? Why did you choose it? Do you have plans to expand to other blockchains? The integration of a bridge in different chains is very useful for investors and their assets in terms of cost reduction?

Suhas Hegde:
We are currently building Ruby on Polkadot. We chose Polkadot due to several advantages that come with it.

Why we chose Polkadot :

- Ethereum can only run smart contract shards, Polkadot has more freedom to allow shards (parachains) the ability to create something not confined to a smart contract environment.

- Polkadot builds layer 1 blockchains giving developers complete freedom to build their blockchain. The relay chain acts like a “layer 0”, where Eth 2.0 you can only build on layer 2, binding the limitations of Ethereum to the development.
- Also, because Parachains can also bind parathreads the TPS is theoretically fully scalable and has no limit.

- Substrate uses a WASM-based runtime that supports compiling native Rust code to WASM. This makes it more efficient for our purposes than EVMs.

- We require a fast consensus. We want to achieve trustlessness through decentralization; as a result, we are building a layer-1 (L1) solution, which will reap the benefits of a fast consensus protocol.

- Polkadot’s GRANDPA consensus is one of the fastest consensus protocols available.

- We need interoperability. Leveraging Polkadot’s parachain architecture brings that interoperability to Ruby Protocol. As a result, we can support any parachain assets that will leverage our interface. This brings tremendous opportunity to grow the Ruby Protocol ecosystem.

Yes we are working on making Ruby EVM Compatiable and looking to eventually expand to other chains as well.

2) Itz Abhi ⚡️ :
On 2nd February there was AMA with RUBY PROTOCOL in Miners, where Graeme attended the AMA then You mentioned you will focus on para chain & launching testnet. Can you tell more about these are you done with these and what feedback did you receive from the community? What new products/features/announcements you have for us?

Suhas Hegde:
Yes, we will first launch on Kusama as a Parachain. There will be a testnet too ofcourse.

You can find out more by dropping by our community or reading our developments on Medium

3) Amina Peter:
You made an article post about the TORNADOCASH sanctions. I want to know if that has worried you? And if yes, Can you tell me why you are worried about that? Does it affect you in any way? And how have you learnt to avoid such happening to your project in the future?

Suhas Hegde:
No this does not worry us much because we are more on the privacy side and not on the anonymity side. There is a big difference between the two

4) jerii:
How to use rio? And Who contributed to the seed funding round for Ruby Protocol?

Suhas Hegde:
You can find out about some of our notable investors on our website.

5) Alleria Louise ( I won’t dm you first):
Do you plan for nft? If yes, when?

Suhas Hegde:
Why not! What’s the fun in announcing something beforehand? DID is an essential concept of identity in the Web 3 world

6) grahito‌‌:
While researching the Ruby protocol, I realized that it is supported by Polkadot, so what are the advantages and factors that the Polkadot ecosystem gives us to the Ruby protocol? Does XCM Polkadot exist on external networks?

Suhas Hegde:
Yup! I mentioned why we chose Polkadot earlier.

7) Maclloyed 1:
Audit is Very important,
Do you have AUDIT Certificates?
Or
Are you working to AUDIT your
Project, to make it more secure and
reliable?

Suhas Hegde:
Yes Audits are important, we will deploy security audits to all our external facing product lines.

Currently, we have not made any external releases and hence have not got a 3rd party audit yet. However, internally we follow standard best practices of agile software development and internally are always fixing bugs

8) Adele:
One of the use cases of Ruby Protocol is Patient-controlled Electronic Health Records that will allow patients to share their data with hospitals. Can you tell us more about this? What kind of data can be share? Will this be available only for public systems or private ones too?

Suhas Hegde:
This is for medical health records. And it will be very useful. Available to both public and private institutions through our third party partnerships.

9) ovam8270:
Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration ? What are your expectations from the community ?

Suhas Hegde:
Yes, all are welcome! We will even be governed by a DAO, so you can expect full blown decentralized styles of development and management

10) Prashant:
You mentioned “ currently, we’re committed to Polkadot first “. What will you start with? Can you tell us about your web3 milestones and substrates builders program? Will you work on multi-chain in the future?

Suhas Hegde:
Details of the Substrate Builders Program Milestones can be found here :

https://github.com/rubyprotocol/Ruby_documents/blob/main/SBP_milestones.md

11) Dan:
Many of the protocols have stopped withdrawals, some of them even went bankrupt. so my question is.. Is Ruby protocol fully prepared for the unpredictable black swan event so that investor funds are fully protected?

Suhas Hegde:
Our internal treasury management is very strong! We have experienced members

12) Amina Peter:
Why your project is yet to have security Audit? I learnt that you are yet to deployed external facing products on your protocol, could that be the reason for the delaying of the Audit?

Suhas Hegde:
Correct.

*This segment ends here*

Suhas Hegde:
I think I have answered as many questions as possible.

In the limited time.

Please drop by our community if you have any unanswered queries.

Ramsy | Crypto Miners:
I like your speed

Suhas Hegde:
Im sure our able team and community will help.

Ramsy | Crypto Miners:
Thankyou so much Suhas For your valuable answers and information about Ruby Protocol
It Was Pleasure Hosting An Ama With You

Time To Conclude Our AMA Section

Suhas Hegde:
It was my pleasure being here! Thank you

See you around.

Signing off

Ramsy | Crypto Miners:
Have a nice day Mate 👍

Community, if you would like to learn more about Ruby, here are some useful links for you:

Website: http://ruby.io/#/
Twitter: http://twitter.com/rubyprotocol
Telegram: http://t.me/rubyprotocol
Discord: https://discord.gg/BsefVwnd
LinkedIn: https://www.linkedin.com/company/rubyprotocol/about/
Medium: Ruby Protocol