Recap of the Ruby Protocol AMA with Blockchain Space
On Monday, August 29th, we had the pleasure to welcome to our Telegram chat:
Suhas Hegde, The Co-Founder and Tech lead for Ruby Protocol, and
Mindaugas, The General Manager at Ruby Protocol.
We asked them questions about the development of Ruby Protocol.
INTRODUCTION
Q~ Thanks for joining us today, could you give a brief introduction of yourselves ?
A~
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.
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 reflects that I like privacy preserving protocols a lot.
Mindaugas : Hey!
I am Mindaugas, General Manager at Ruby Protocol. I am also a 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, 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.
Q~ Tell us about Ruby and the 3 main focuses of the project ?
A~
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.
@s4vick4s will talk more about what Ruby is focusing on.
Mindaugas : Thanks!
We would like to stress on 3 main focuses currently for Ruby:
- 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.
- The 2nd thing is Working on Substrates Builders program
We have subdivided the Substrate builders program into three parts.
Milestone 1
Implementation of ciphertext-policy attribute-based encryption (CP-ABE) library according to the standard on ABE proposed in ETSI tech specification.
Milestone 2
Provide a setup mechanism for the decentralized authorities. Add an API for a Ruby token holder to become an authority. A specification for the authority on how to validate the user’s attributes. A standard for converting an access-control policy into an attribute policy that can be used by the underlying encryption algorithms. Establish a secure and authenticated channel for the transfer of public parameters from the authority to the encryptor. An API for the encryptor to respond to the request for encryption.
Milestone 3
A standard for the attribute revocation mechanism.
- Last but not least, the 3rd thing is Building the product and making Ruby more accessible through more partnerships
We have recently announced a lot of them, make sure to visit our medium page for more info on them!
Q~ Is Ruby built only for web3 projects or is this something that can be used in both web2 and web3 companies ?
A~ Great question! We strongly believe that both web2 and web3 companies can benefit from this.
For Web2 we have a very specific example:
The general idea is that with identity-based encryption, the users will be able to encrypt the emails with the receiver’s email address. The email server will be responsible for distributing the secret key corresponding to the user’s email address to the user.
There is no need for the user to understand difficult cryptography concepts such as public key infrastructure or certificate as in the case of traditional PKI-based cryptography, such as PGP. The users also don’t need to verify their certificate etc.
The whole key distribution process will be completely transparent to the users, which is a significant improvement in terms of usability. We can further apply functional encryption to privately process the users’ email and thus gain some statistical information on the users, and then deliver private advertisements to the users.
The server will be able to gain profits from this business model, and it can even share the profits with the users. This is basically a privacy-preserving monetization program of users’ email messages. Unlike the traditional email system such as Gmail in which all the email info is public to Google, the Ruby private email will guarantee all the users’ emails are encrypted and the user privacy of the whole monetization process.
QUESTIONS FROM TWITTER
Q~ Kusama is considered the testnet of Polkadot. Given that Ruby plans to deploy under Polkadot, will Ruby consider deploying on Kusama first to test out its protocol before launching on Polkadot. Is this part of Ruby’s plans ?
A~ Great question! And yes, we will work on SBP program and focus on Kusama Parachain this year, after we successfully onboard, we’ll go for Polkadot Parachain Slot!
Q~ What kind of price do we have to pay when we want to make ourselves anonymous with Ruby Protocol. What is the fee you charge for the Privacy you provide. Does this fee vary according to the amount of usage or will it be a fixed fee ?
A~ Right, let me share more.
Our architecture is the most economic version in terms of the amount of gas the users need to spend. There are some other similar solutions based on zkp, but the gas cost of onchain verification is enormous especially if it’s based generic zkp scheme such as zksnark.
The average zksnark verification cost is around 800000 gas. In contrast, as u can see from our architecture design, our main onchain gas cost is the verification of a transaction signature, which is tens of thousands order of magnitude less compared with zkp based solution. At the moment we don’t have any plan to charge fees from the users.
Q~ I read that Ruby recently announced their partnership with “OnFinality” to accelerate the development of the Ruby Protocol. So, can you tell us about this partnership. What benefits does it bring to the growth of your users and your ecosystem ?
A~ Great question!
OnFinality is a SaaS platform that provides infrastructure and developer tools that save developers hours and allows teams to grow with confidence.
OnFinality, Polkadot’s leading blockchain infrastructure provider, adds Ruby Network Spec to its marketplace supporting over 60 networks.
This is basically help for developers building on Ruby > this will empower us to builder fast, better, stronger!
Q~ Which Blockchain is your project initializing on mainnet. Currently there are many chains with cheap gas fees like Binance smart Chain, so where do you plan to switch your mainnet to ?
A~ Currently we are building on Polkadot, meaning we are going for Kusama and Polkadot Parachain slots accordingly. However, we are strong believers in multichains, therefore, our team is already working on EVM ready and compatible architecture.
QUESTIONS FROM TELEGRAM
Q~ What do you have,
1️Telegram Group
2️YouTube Channel
3️Medium
4️Discord
5️Twitter
6️Website
For this project, where can I get the latest information and what is the latest plan for your project ?
A~ 🔺Discover more about Ruby
Website | Whitepaper | One Pager | Pitch Deck | Wiki
🔺Visit our Social Pages
Twitter | Discord | Medium |Linkedin
Q~ Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something, can you share it with us ?
A~
Q~ Do you have Whitepaper if yes, please share it with us. Secondly do you have plans for pre-sale, where can we join it ?
A~
Q~ Ruby Protocol is built on the Polkadot Chain. Why did you choose Polkadot instead of BSC. Do you have plans to integrate the Ruby Protocol to other blockchains soon ?
A~ Many reasons why we chose Polkadot. The ability for seamless on-chain upgrades is one of the many reasons why we chose to build on Polkadot! ✨
The Polkadot team are long term thinkers building our cross-chain future, and we will be right there with them 😉
As mentioned earlier, we do plan to be multichain and are already working on EVM Compatible architecture as well.
Q~ Could you mention and explain to me and maybe briefly explain to me at least three solid reasons why Ruby Protocol is really necessary for the users, and also could you tell me through which mechanisms and/or strategies is it that you intend to minimize and/or prevent data hacks ?
A~ Granular Privacy, Plug and Play privacy to give yourself a secure digital Identity on the Internet.
Coming to security practices, we use the best security practices internally.
Q~ Can you give an overview of your tokenomics, and the utility of token?
A~ Please find it on our website under “Tokenomics”!
CONCLUSION
Mindaugas : Really great community, thanks everyone for participating!
Suhas Hegde : Amazing Community! Loved being hosted here for the AMA.
Would love to be back! Cheers!
Make sure to follow us
🔺Discover more about Ruby
Website | Whitepaper | One Pager | Pitch Deck | Wiki
🔺Visit our Social Pages
Twitter | Discord | Medium |Linkedin
It’s really nice having the Ruby Protocol project in here!!!
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