Ruby AMA Recap

22 Aug 202212:53

AMA

Ruby AMA Recap

Suhas Hegde

Hey everyone! Glad to be here
Thank you Denis for hosting us today

Denis (CryptoDiffer)

Welcome, thank you for taking your time today!

Mindaugas

Hello!

Denis (CryptoDiffer)

Our team has prepared some questions for you to start with:
Let`s start with the introduction !
Q1: Can you introduce yourself to our community?

Suhas Hegde

Sure!
I am a Computer Science Engineer by education , I got introduced to Blockchain and crypto in late 2013 when I read the Bitcoin whitepaper for the first time. I was fascinated that we were at the crossroads of finance & technology. First project I mined was Feathercoin as the difficulty level was easy. Later I moved on to mine and support larger scale PoW operations. I was quite instrumental in distribution & decentralization of DGB nodes in the early days. Created a DApp at NASDAQ. Understood he sector with a holistic approach. It’s been a fabulous journey so far.

When it comes to my past experience, I have always been a strong advocate of free software, open source, open data collaboration models for fintech. I 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.

Currently I'm super stoked to be building Ruby as the Cofounder.

Mindaugas

I am Mindaugas, General Manager at Ruby Protocol. I am also the co-founder of InvArch Network and Sukhabvati Labs.
I was always very fascinated by the core characteristics of Blockchain and decentralized web3 solutions, so I jumped into Crypto completely 5 years ago.
I have recently graduated from Harvard Business School, and have 13+ years of management & marketing leadership experience: A number of strategic and hands-on marketing solutions executed for global brands, and tech start-ups. Built and scaled product and marketing teams up to 40+ worldwide.

Suhas Hegde

Also I would like to give a special shoutout to Dr. Lin , he could not join us today as he's currently flying.

Dr. Lin received his Ph.D, degrees in Applied cryptography and privacy-preserving distributed systems from UFL. Did a Postdoc in EPFL, Switzerland. Worked in Hong Kong, and was the PI of several blockchain projects supported by multi-million-HKD funds. Over 20 top-tier publications with over 1600 citations on applied cryptography and information security. He has two US patents.

He was the CTO of a cryptocurrency project with tens of thousands of users and hundreds of millions dollar transaction volume. He is currently responsible for the design and implementation of Ruby protocol as the Chief Architect. He's a Giga brain chad 😁
So that's a brief intro of some of our team members!
@deniscryptodiffer We we can move forward. 😃

Denis (CryptoDiffer)

Q2: Can you introduce Ruby to us?

Suhas Hegde

Sure!
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 regulation-compliant decentralized financial service.

Denis (CryptoDiffer)

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Mindaugas

Sure!
So far we have passed both two Web 3.0 grant milestones and are waiting for the decision of our Substrate builder program application. Our next stop will be waiting for the application acceptance this month. Our tech teams are working tirelessly to deliver Functional Encryption to the masses.
https://github.com/rubyprotocol/Ruby_documents/blob/main/SBP_milestones.md
You can check out the documents here as well for the SbP milestones
Each month we release a monthly review of previous highlights that have happened. See the lates from June here:
📗 Ruby Protocol Monthly Review — June 2022

Dear Rubies,

It might seem counterintuitive but now is actually the best time to plan and build as the current market is driving the uncommitted out.

In June, Ruby Protocol team👇

1️⃣ Entered the Confidential Computing Consortium

2️⃣ Continued #privacymatters campaigns

3️⃣ Launched the Ambassador Program

4️⃣ Had its footprints around the world

5️⃣ Worked on the SBP milestones

🎧 Read the article HERE

📢 Retweet the article HERE

🔺Discover more about Ruby
Website | Whitepaper | One Pager | Pitch Deck | Wiki

🔺Visit our Social Pages
Twitter | Discord | Medium |Linkedin
Done ✅

Denis (CryptoDiffer)

Thank you for such detailed and interesting answers!
It is time to move to the community questions part.
Let's remind AMA rules to the community😊

❗️ AMA structure and rules: 👥

- Community questions part starts after the guest/guests finishes/finish answering the introduction questions asked by the moderator. Moderator unmutes the chat to allow up to 100 messages and mute it.
- Each person is allowed to write only one message containing 2 questions, violators will be disqualified from participating in the reward distribution.
- Copy-pasted questions from previous AMAs are strictly forbidden, violators will be disqualified from participating in the reward distribution.
- All questions&concerns regarding AMA members should send in dm to @cryptodiffer_admin
- Important, please don`t write to other CryptoDiffer team members, they won`t be able to help you.
- Winners are chosen by Guests.
I will open the chat at 10:14 UTC, check exact time on time.is
Chat is muted! Thank you for your questions, everyone!
Suhas Hegde|Co-founder&CTO|@suhashegde
Mindaugas Savickas|General Manager|@s4vick4s,please choose the questions you like and answer them! If you wish to have additional rounds, just let me know

Suhas Hegde

You can monetize your data, so your data gives you value. YOu know they say, "data is the new oil". But the best part is, even Ruby will not store your data. So you can preserve your privacy wihout the assumption that privacy is a myth in this survelliance world.

Cryptodiffer Community

You guys lately announced ambassador program. Which regions will be your priorities?

Mindaugas

We are focusing on all main regions as we believe privacy in web3 will not have boundaries! What we want to do is actually to have enough ambassadors from each region of the world. Currently, we want to start with 25 Ruby Protocol Ambassadors, however, we have selected 10 best ones! Make sure to follow us when the next wave of application opens! If you are a privacy-native nerd, we cannot wait for you to join!

Cryptodiffer Community

Q1. Data-based privacy computing projects are numerous, the likes of Oasis, PlatON, Phala, Enigma are doing very well in that sector, so why do you think Ruby Network will still be needed? What is Ruby's main differentiated advantage over them?

Q2. Regarding your Consensus mechanism, may I know why you adopt NPoS consensus mechanism over other popular consensus mechanisms in the industry? What competitive edge will this offer you over other projects?

Suhas Hegde

Good Question!

Ruby uses a novel Technology as compared to some of the other privacy protocols you mentioned earlier.

Compared with traditional public-key encryption where the message receiver gets either nothing or all, functional encryption allows the message sender to precisely define what information on the encrypted message is allowed to be revealed to the receiver.

Therefore, functional encryption is a natural solution to all the aforementioned access control problems. Functional encryption was proposed as a tool to enforce ne-grained access control over encrypted data.

The Ruby Network protocol is developed based on the Substrate blockchain development tool and belongs to the Polkadot ecology. So, Ruby will adopt the same NPoS (Nominated Proof of Stake) consensus mechanism as Polkadot.

Polkadot is tried and tested.

Cryptodiffer Community

☪️☪️☪️Will Ruby work as a port between TradFi and DeFi? Can you explain the possibilities of DID-gated access between TradFi and DeFi in data sharing?
Yes! we are super excited to work on Functional Encryption and solutions between TradFI and DeFi - this will allow us to bridge these platforms and allow users to enjoy benefits!
Yes! we are super excited to work on Functional Encryption and solutions between TradFI and DeFi - this will allow us to bridge these platforms and allow users to enjoy benefits!

Mindaugas

A user will be able to set up a Ruby account and connects 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. 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 TradFI 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.

Cryptodiffer Community

⚽ I got really interested in your developer adoption program, can you tell us where can we apply to work with you? Do you accept all type of developers like Full stack developer or only Crypto related developers?

Mindaugas

We definitely prefer RUST/Substrate developers as we are building in Polkadot Ecosystem, but if you think you are a Privacy nerd like we are, you should definitely apply!

Cryptodiffer Community

🌑 You have announced that you have entered Ruby's Confidential Computing Consortium. What is the main purpose of Ruby Protocol joining the Consortium and what kind of collaborations will be prepared between CCC and Ruby?

🌑 In which sectors can Ruby be used, apart from finance and cloud computing? Can you give a full report on the usage areas of Ruby, which sectors do you address?

@suhashegde @s4vick4s

Mindaugas

We are super excited about this partnership together with big brands like Google, ARM, META, Microsoft, Red Hat, etc.!

The Confidential Computing Consortium is a group of projects that strive to define Confidential Computing, and accelerate its acceptance and adoption in the market. The Consortium will also develop building blocks with the latest technologies to enable easy development, and management of enterprise-grade confidential computing applications. In addition to their current efforts they are also looking to define foundational services and frameworks that are confidentially aware — while also minimizing the need for trust.

Suhas Hegde

Good question!

Take the gated NFT case as an example, the access key to the online concert could be encrypted under say, the policy "1 Crypto Punk & 2 Bored apes". Only those who have a secret key corresponding to at least two Bored apes or 1 Crypto Punk is able to decrypt the secret key entering the concert.
Different from the straightforward solution based on the access control list (ACL), functional encryption can hide the policy parameters in the secret key, therefore providing additional privacy guarantees for the users. Similarly, functional encryption can serve as a fundamental tool for the private data-sharing program between TradFi and DeFi.

So fine grained access control comes very handy here

Cryptodiffer Community

As an expert community developer who specializes in React.js and Node.js and also ardent in Solidity with proven works in Good truffle, openzeppelin, hardhat frameworks , do you have any programs to attract #crypto talents to join the Ruby's Program in order to make #Web3 #privacy accessible to all.

Suhas Hegde

Yes, we are interested in EVM compatiability. You can feel free to reach us on our channels or write to me at suhas@ruby.io

We are open to support developers in interesting endeavours.

Cryptodiffer Community

What makes Ruby protocol stands out as it is not the only next-generation privacy protocol for Web 3.0?
@suhashegde @s4vick4s

Suhas Hegde

Our novel Techology, Functional Encryption!!

Cryptodiffer Community

Many protocols leak KYC and credentials. Are KYC and authentication information 100 percent secure in Ruby? How is functional encryption different, how does it protect in KYC?

Suhas Hegde

Ruby does not save any data, as it is very expensive to store data onchain. We only provide onchain privacy and we could use thirdparty decentralized storage providers in the web3 ecosystem to store your data, so nobody will have access to your data but yourself.

Even Ruby or the storage provider cannot access it.

Mindaugas

We are definitely going after B2B segment.

Few specific use cases would be:

DID / NFT gated access control to a particular event

Bridging CeFi and DeFi apps

Regulatory-compliant asset ownership

Suhas Hegde

We are open to partmerships as long as they are enabling privacy or add value to people's lives by helping them own their data and privacy. So both web3 and web2.0 companies are open to approach us for collaborations

Cryptodiffer Community

Ruby Protocol utilized the Functional Encryption (FE) cryptography. Can you tell us about this and how it solve problems for web 3.0?

@suhashegde
@s4vick4s

Suhas Hegde

The major technical contributions of Ruby will be the following :

- We propose a novel watermarking technique and Functional Encryption methodology to build a private data management framework by leveraging the power of blockchain technology and smart contracts, at a ne-grained level. The proposed system will enable a fine-grained data management layer for the multi-chain world and Web 3.0, including private data sharing platform between TradFi and DeFi, NFT-gated access, etc.

- We devise an access control mechanism to ensure that legitimate buyers, on receiving data owner's permission, can get access to the target data, be it the private data in the case of private data sharing between TradFi and DeFi, or the access token of NFT-gate access system.

- We introduce a payment system, which will allow data trading between sellers and buyers on our platform. A review mechanism, with incentivization to buyers, is also put in place to attract more sellers and buyers in the system, and to motivate them to behave honestly.

- Finally, we propose a Fine-grained access control policy that will be built into the smart contracts that will be deployed in multi-chain, and the data monetization transaction will also be executed via the smart contracts.
Ofcourse, Ruby will help with regulatory compliance because we have granular privacy, thanks to F.E. so we will be esily GDPR compliant for example.

Cryptodiffer Community

💯🔥

@suhashegde @s4vick4s

#AMBASSADOR PROGRAM

I want to apply to be an ambassador, what are the requirements to do so and what benefits do ambassadors get

💯🔥

Suhas Hegde

Please drop by in our community and ask. Our community mods will help forsure.

Cryptodiffer Community

RUBY protocol's privacy-first infrastructure, powered by Polkadot,
Can you explain why you choose to incorporate " Polkadot " into your system compared to other popularly known chains ?

@suhashegde

Mindaugas

We are hard believers in XCM and Polkadot interoperability philosophy.
The whole parachain mechanism just makes sense where everybody is cooperating.

This is why we will be going for the Kusama Slot first and then Polkadot.

Cryptodiffer Community

On your twitter post, it was highlighted that we are in ground breaking time in field of privacy. Do you believe 2022 is the year if digital privacy?
What government regulations do you think will push forward digital privacy?

Suhas Hegde

As a longtime privacy advocate, It's always the time to preserve privacy. Privacy should be a universal basic right in my opinion. Privacy marks the hallmark of a free and open society.

Cryptodiffer Community

Will we be able to earn stakes with RUBY tokens? Can anyone earn passive returns by running a node in Ruby network, how to run a node?

Suhas Hegde

Yes indeed

Cryptodiffer Community

Do you have a teaser video or set of programs that reflects Ruby's commitment to allowing #users to understand the purpose and meaning of the #project ?

How can you assist users in understanding #Ruby in a concise manner ?

Suhas Hegde

https://www.youtube.com/watch?v=4uQTqJejiJA

Cryptodiffer Community

May I understand. Since when was the Ruby project founded? where are you based? and what is your goal in building the project for your own benefit?

Suhas Hegde

We are a global team that comes from Far East Asia , Europe, Americas. We are essentially a decentralzed protocol and from many different nationalities. We started Ruby in 2021
We would like to contribute and add value to CCC. We are a part of the biweekly meetings where lots of technical descitions happen. We also participate in the governance and also helps us suggest possible solutions to other companies if we see a good fit
All devs are welcome! Please mail me at suhas@ruby.io or just drop by in our community and ask, we have able team members who will assist you

Cryptodiffer Community

Can you explain which partners you're working with to get Ruby to take the seed funding round? What partnerships has Ruby formed so far?

Mindaugas

We are working on some exciting partnerships in the horizon. Make sure to follow us on social media to be the first ones to know!

🔺Visit our Social Pages
Twitter | Discord | Medium |Linkedin

Cryptodiffer Community

How has the experience of your co-founders and team been instrumental in the success of the Ruby Project, with their impressive backgrounds? Could you please talk a little bit?

Suhas Hegde

I have always been a vocal advocate of privacy and opensource models. I think there is a big need for us to protect and fight for our privacy. Wanting privacy does not mean that we have something to hide, it only means that we want to be let alone and have a choice of sharing what we want with the world.

Respecting privacy preferences should be a right rather than just being a choice.

I have always been active in the crypto and privacy space for the past 8-9 years now. I have worked in the past with privacy preserving protocols like Beam Privacy , Concordium etc. Which all focused on privacy
We have tried answering as many questions as possible. Please do not be disheartened if we did not answer your question. Due to time constraints, we had to pick randomly. However, you can always drop by in our community and ask away! Our team will help assist you.
@deniscryptodiffer We are done