Ruby Protocol x IM community AMA RECAP
🐋TELEGRAM AMA : Im Community & Ruby Protocol
⏰ AMA Timing : 8TH Sep 2022 l 02:00 PM UTC I 21:00 UTC + 7
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 100$
➡️ The reward pool for the best 5 questions from Telegram is $50($10 Each) 💸
➡️ The reward pool for the best 5 questions from Twitter is $50 ($10 Each) 💸
Bà Tân | : Welcome everyone. Today Im Community will host AMA with Ruby Protocol.
Bà Tân | : Today our guest is: @Sir_Ramsey1 from Ruby Protocol.
Ahrix : Welcome @Sir_Ramsey1 to the IM community.
Bà Tân | : Today’s AMA will have 3 session
Session 1: Project Introduction
Session 2: Question From Twitter (https://mobile.twitter.com/IM_Communityitw/status/1567527063799865345) (will choose 5 question)
Session 3: Free Asking (will choose 5 question)
Suhas Hegde : Hello!
Mindaugas : Hello!
Suhas Hegde : Happy to be here
Mindaugas : excited to be here
Bà Tân | : So let’s start the first part of the AMA — questions from Im Community!
Bà Tân | : Q1: Please introduce yourselves?
Suhas Hegde : Sure!
Suhas Hegde : 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.
Mindaugas : I am Mindaugas, General Manager at Ruby Protocol. I am also co-founder at Sukhabvati Labs.
I was always very fascinated by the core characteristics of Blockchain and decentralized web3 solutions, so I jumped into Crypto completely many years ago.
I have recently graduated from Harvard Business School, have 13+ years of management & marketing leadership experience: A number of strategic and hands-on marketing solutions executed for global brands, tech start-ups. Built and scaled product and marketing teams up to 40+ worldwide.
Suhas Hegde : 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 it should be a human right, my past professional record even reflets that I like privacy preserving protocols a lot.
Thanks for the introduction from the Ruby Protocol team. ❤️
Bà Tân | : Our second question is…
Bà Tân | : Q2: Please tell us about the Ruby protocol and why people share care about this project?
Suhas Hegde : Great question!
LEt me take this
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.
Why would people care about it? Good question!
Built on functional encryption, the 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.
Bà Tân | : Nice, thanks for such a detailed answer, lets move on!
Bà Tân | : Q3: What are some of the features that Ruby will offer their end users?
Mindaugas : great question
Let me give you few value propositions aka usages !
Let’s start with Private KYC and Authentication….
It focuses on performing KYC such as biometric authentication without leaking private identity information. The functional encryption will be employed to guarantee that only controlled KYC information is revealed to the entity users are trying to authenticate to. It will ensure user data and identity confidentiality while performing the KYC step.
We got NFT-Gated or DID-gated Access
The trend shows that future access to various digital or physical experiences is likely to be gated by NFT or DID. Functional encryption serves as a natural mechanism to enforce any access-control policy defined on either NFT or DID.
Combined with smart-contract-based access control, it has the power to fundamentally redefine fine-grained access as a utility for both NFT and DID.
On the the next one… Regulations!
Regulatory-Compliant Asset Ownership
Ruby’s FE smart contracts are privacy-centric and underlie the relationship between asset owners and custodians.
The bug-free and algorithmically correct code can ensure the ownership of any digital asset. Its access control mechanisms can define who can own and transfer a specific asset in a regulatory compliant manner.
Last but not least…. We got AUDITING AND COMPLIANCE!
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 TradFi to transit to DeFi!
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2.
Bà Tân | : Session 2: Question From Twitter (https://mobile.twitter.com/IM_Communityitw/status/1567527063799865345) (will choose 5 question)
Bà Tân | : Q1: @alo_mona3 (https://twitter.com/alo_mona3) — What are the most highlighted features in your platform that can make it stand out in the market? Does #RubyProtocol (https://twitter.com/hashtag/RubyProtocol?src=hashtag_click) is open for beginners or only for crypto experts? How would you welcome non-crypto natives to explore in your platform?
Suhas Hegde : I think DID gated event is super cool as it will touch everyone-and, especially for non-crypto experts it will be super easy to understand — you will need to qualify for a very specific access control feature — it is super simple to understand > “you getting into the special party without sacrtificing your privacy details if you want”.
I think Privacy is for all, be it crypto users or non crypto users
We will have easy to use Dapps with a simple front end user interface that can be used by all. So ease of understanding will be simple. And our Ambassadors are always there to support the community and make Ruby accessible for all.
And we will have community initiatives where we incentivize the community to make tutorials , content and articles that will help simplify concepts to the larger community to better understand Ruby.
FUNCTIONAL ENCRYPTION, Ruby is the only protocol that is using this novel technology at it’s core.
This would be the most highlighted feature. Functional Encryption enables fine grained privacy
Bà Tân | : Q2 @Pauna_Putty (https://twitter.com/Pauna_Putty) — Right now, Market is adjusting sharply, the risks are very high but also a great opportunity for development projects. What are the characteristics of your project, and how is your development strategy to be able to compete and rise to top among other projects?
Mindaugas : great question by Pauna
I think it’s pretty clear we are living in BUILDERS MARKET now. The bear market is over for builders — it always was not that important if you just focus and build — you will get there.
Getting there takes a few components: 1) building out the tech product; 2) conducting long-term partnerships with relevant players in the market.
By the time market gets bullish > you will be ready to execute and scale. This is what we are doing right now with Ruby Protocol > focusing on building out our tech PoC and working with partners! ���
Bà Tân | : Q3 @mahi411322 (https://twitter.com/mahi411322) — A strong community not only brings interesting ideas to the project, but also attracts larger partners. So how does the Creator plan to build his community? And are there any plans to recruit people with Blockchain experience to the Creator team?
Suhas Hegde : Very true!
A strong community not only brings ideas but also helps keep the decentralization in check. This is a very imporatnt aspect, especially for Privacy. We believe, lesser the centralization the better it is.
We are happy to say that we have very strong community as well as creators who help us with content creation — every single day + our ambassadors who are super eager to showcase their skills. We are constantly recruiting new Ruby Ambassadors — if you think you are ready to take our content creation even further, or even to the next level as they say — make sure to contact us directly!
We are always happy to welcome talented people in this space to join our team.
We are very accessible you can reach out to us if you believe that you can add value to Ruby
Bà Tân | : Q4: @Babli_4545 (https://twitter.com/Babli_4545) — Ruby Protocol will shortly participate in the Polkadot Parachain Auction through crowdlending. Can you elaborate and clarify how Ruby Protocol will conduct its crowd loan and how you would engage people to support the project’s causes?
Mindaugas : great question
Yes, this is our plan! And we are working internally to have everything ready for the Parachain Auction when the tech is ready.
Also we are looking at the market conditions — how expensive it might get for us etc.
But the most important is to get everything in place — when we get ready, we’ll go with Kusama first
to test things
Kusama will allow us to test things quicker before moving to the next logical step > Polkadot!
Bà Tân | : Q5: @BushraSamayra — (https://twitter.com/BushraSamayra) Honestly the hard reality is that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make @RubyProtocol (https://twitter.com/RubyProtocol) sustainable for its development?
Suhas Hegde : Very practical question to be honest!
There maybe a large number of reasons why this issue persists in the decentralized world. Sometimes, the technology is good, but there are no users.
And some other times, developers stop beleiving in the project and abandon it halfway. All these are practical realities of the decentralized world.
But with Ruby, we believe in a practical approach. Our Chief Architect, Dr. Lin is very experienced in the world of cryptography. The man is a legend, he has a double PHD in advanced cryptography. His PHD thesis was also about Functional Encryption. Our team of developers under the guidance of Dr. Lin have been time tested.
I have been in the crypto and privacy space for a very long time now, because I beleive that we are building something that is unique and adds value to the world. PRivacy is very essential. Mindagus, is a seasoned professional who has been around for a long time now. And like he mentioned earlier, he comes with rich experience even from the corporate world.
It is essential to keep the ethos decentralized but also important to take some tried and tested methods of the centralized world.
And how are we doing this?
We make sure our technology is robust and usable. This attracts, serious businesses to adapt it in their tech stack.
With serious businesses come a host of their customers, so customer acquision becomes a lot more simple in B2B models.
When you have a demand your devs are obviously incentivized to deliver.
Ruby will start generating revenue, with many of these partner B2b clients down the road. Many of them being decentralized solutions.
Hence, talent will always continue to support the project irrespective of individuals leaving inbetween. We have planned our token distribution in that manner as well. We have a substantial amount of tokens to incentivize development work.
I hope this addresses the question.
Bà Tân | : Congratulations to the winners of session 2.
Bà Tân | : End of session 2
Bà Tân | : We’ll move on to session 3
Bà Tân | : Session 3: Free Asking (will choose 5 question)
Bà Tân | : Don’t forget to join the group https://t.me/rubyprotocol
Bà Tân | : Group will unmute now so everyone can ask questions.
Bà Tân | : Thanks for the questions from the community.
Q1. Many new projects initially developed well but were suddenly abandoned. How will you manage your project to get your position on the market and become the best project in the blockchain world?
Suhas Hegde : By being practical and by building industry relevant products by bridging the need. With growt of metaverse there is a bigger need of privacy and Fucntional Encryption helps solve this. And this is what we are building!
Q2. What was the biggest milestone your project has? What is the plan in the future ?
Mindaugas : Completion of our first PoC :
The main idea of our PoC is to allow a dApp to perform access control over encrypted data or even an encrypted event using attribute-based encryption (ABE) and a key encapsulation mechanism.
The access control (AC) policy could be defined over any on-chain data such as the ownership of a particular NFT, how many DeFi tokens the user owns, whether he/she belongs to a particular DAO, or some off-chain status such as whether he/she is older than a certain age. Only those satisfying the predefined AC policy can decrypt the encrypted message.
More concretely, in the Ruby PoC, the SDK will encrypt a secret message using the symmetric key, which will be encrypted under the ABE scheme according to the AC policy. The AC policy will be specified as a smart contract that takes a user’s blockchain address and authority’s signature as input.
There will be independent attribute authorities responsible for verifying different attributes and distributing the attribute keys. An attribute authority will form as a Ruby node to perform these duties.
When the node verifies that the user meets the predefined AC policy, the node client generates the attribute key, which will be delivered to the client’s SDK. The SDK decrypts the attribute key, with which it will decrypt the encrypted content.
At the same time, the authority will generate a signature on the user’s blockchain address that will be accepted by the smart contract, which will serve as a record that the attribute authority has verified the user’s corresponding attribute.
Q3. What is the structure of this project , is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
Suhas Hegde : Yes, Ruby is very much a decentralized and opensource project where everyone can contribute! Governance will be managed by the Ruby DAO
Q4. Through twitter I feel your project is great , but I still wonder why you decided to do this project ?
Mindaugas : We believe privacy is a fundamental right for every human. That’s as simple as that!
Q5. I want to invest to your project. Where i buy your token? Is it available on any exchange?
Suhas Hegde : Currently Ruby is not traded on any exchange. We are focusing on building out the product first. However, do follow us closely to be informed about the Parachain offering that we may have.
Q6. How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
Suhas Hegde : Our team is around 12 members strong. We are very experienced and seasoned professionals who come from crypto and non crypto backgrounds. We have members from across the world.
Q7. Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Suhas Hegde : Yes we have mentioned about RUBY DAO in the whitepaper please do have a look!
Q8. NFT is a hot topic right now, but NFT isn’t just for art. Does your project think there will be many NFT use cases? Why should we take NFT seriously?
Mindaugas : NFT-gated or DID-gated Access
The trend shows that future access to various digital or physical experiences is likely to be gated by NFT or DID. Functional encryption serves as a natural mechanism to enforce any access-control policy defined on either NFT or DID. Combined with smart-contract-based access control, it has the power to fundamentally redefine fine-grained access as a utility for both NFT and DID.
Q9. Where I can get the latest updates or more information about the project?
Suhas Hegde : You can follow us on Twitter, or on Telegram. You can also follow us on our Medium.
Telegram : https://t.me/rubyprotocol
Twitter : https://twitter.com/rubyprotocol
Medium : https://rubyprotocol.medium.com/
Q10. Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?
Suhas Hegde : Yes we have come a long way and we are building through the bear market! And this is something we can say proudly. Do check out our technical progress which speaks for itself
Bà Tân | : Thanks for the useful information from @suhashegde & @s4vick4s
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @rubyprotocol for answers.
Bà Tân | : IM Community, if you would like to know more about Ruby Protocol ! here are some useful links for you:
Official Website: https://www.ruby.xyz
Bà Tân | : Allright, I declare the Im Community AMA with Ruby Protocol has ended.
Thanks to @suhashegde & @s4vick4s & @Sir_Ramsey1 | Ruby Protocol joined us and provided us with Ruby Protocol information, we hope that this knowledge makes us understand more about https://www.ruby.xyz (https://www.ruby.xyz/)
To the members, thank you for following this event to the end. winners will be announced soon.