Stage 1 — Multi-Party Computation (MPC)
Since day one, we have been developing solution after solution to tackle the challenges associated with privacy and access control. We believe your data and your ability to exercise control over it will set the technological course for future generations and eventually determine how our societies will evolve.
With it, Ruby Protocol is now evolving its solutions to ensure ethical and technical standards will be in place.
Please read more on Ruby V2.
Multi-Party Computation (MPC)
Now driven by the concept of Account Abstraction, Ruby Protocol is building an access control gateway across different entities and organizations in DeFi and Web3. The solutions and products include all kinds of private tokenization (zkToken, zkNFT, zkDID, etc.), private payment bridge (zkConnect), authentication (zkAuth), and an account/sub-account system (zkWallet).
However, our path to Account Abstraction will be a series of steps. The first stage involves leveraging and incorporating Multi-Party Computation (MPC) into our solution deck.
In a Multi-Party Computation (MPC) environment, a set of parties that do not trust each other try to jointly compute a function over their inputs while keeping those inputs private. It enables us to work toward eliminating the vulnerability of a centralized private key, which represents a system’s single point of failure. As a result, MPC wallets can better protect their users from theft and loss of single-factor private keys and seed phrases.
We believe the Multi-Party Computation (MPC) will become one of the most important components that help us build a solid Account Abstraction wallet system.
When using Ruby’s MPC login method, users can access their Ruby accounts in a centralized manner, obtain the private key fragment from a remote server, and restore the entire private key along with the one locally stored.
When the local unit of the MPC is lost, there are two ways to restore it securely:
- Downloading the private key fragment from a third-party cold store allows you to recover the private key and regenerate the local private key unit.
- We can also generate a new MPC private key locally to replace the lost private key, and authenticate the identity in the contract according to the DKIM protocol.
When Ruby’s MPC component is released, our contract accounts will be decoupled from their reliance on on-chain data and their plugins will be able to transact more freely and without relying on metamask.
At the same time, users can reduce the cost by using a relayer, which is to say, users do not need to use multiple plug-ins to interact with Dapps. Less friction, more cost-effective.
*Relayers are responsible for signing valid Ethereum transactions with this information and sending them to the network, paying for the gas cost.
Ruby Protocol is a programmable privacy & access control middleware framework encrypted with zero-knowledge proofs (zkp) algorithms.
Driven by abstract accounts, it builds an access control gateway across different entities and organizations in DeFi and Web3. The solutions and products include all kinds of private tokenization (zkToken, zkNFT, zkDID, etc), private payment bridge (zkConnect), authentication (zkAuth) and account/sub- account system (zkWallet), etc.