Ruby Protocol Delivers Successful Proof of Concept — Ruby Connect
As the title shows, and with much excitement, we are thrilled to announce Ruby Protocol now delivers successful Proof of Concept — Ruby Connect.
📚 Check our 👉 Project Wiki for more details.
💻 Or experience 👉 Ruby Connect now.
Ruby Protocol is dedicated to building a private data management framework for Web 3.0 that proposes and implements a privacy layer interacting with the multi-chain ecosystem. We envision it as a fine-grained private data access-control gateway across different entities and organizations in the decentralized and traditional financial world.
Our Proof of Concept (PoC) team, for now, focuses on developing technical demonstrations to showcase how our solutions can be utilized in real-world environments to help with the expanding data management needs.
We believe this is our unique way of addressing data needs, which will propel users to rethink data and data management.
And what we are about to present to you is the starting point.
Why Proof of Concept (PoC)?
In creating a proof of concept, we are laying out on paper and bringing into reality why our approach would be successful in the current market. We consider it a business plan for our privacy and data management software idea.
- Validity — We want to know if our approach is feasible, especially when building on the verge of a technology. This PoC describes the solution’s concept, functionality, and feasibility.
- Risks & Obstacles — PoC helps us predict and pinpoint risks and obstacles we may face in building upon it. We want to foresee them and plan our strategies accordingly while still in the development phase.
- Scalable — PoC can help our managers and stakeholders see how to grow and build the solution for mass use.
- Participation — We plan to welcome everyone to our PoC program as long as privacy-first access control is in your interest. Don’t hesitate to contact us if you’re interested in participating in Ruby Protocol’s PoC.
What is Ruby Protocol Proof of Concept?
The journey of a thousand miles begins with a single step.
To bring to life the private data management framework for Web 3.0, we build Ruby Protocol’s Proof of Concept as a Layer 2 application that aims to address the most fundamental need of crypto space, which is to enforce value transfer with guaranteed privacy and to enable cross-chain privacy-preserving access control while protecting your assets and on-chain data.
With this version of PoC, users can use Ruby Protocol to enforce access control and privacy across different blockchains, and we demonstrate how we can enable transactions with built-in privacy. After several development optimizations to improve user experiences, we reduce the underlying logic to private token minting at a 1:1 ratio on a contract level.
Below are the technical features and components included in this Ruby Protocol’s Proof of Concept:
- Malleable: We consider this PoC version to be very plastic in the sense that it is a first-step technical foundation on which we can build our future private data management system.
- Crypto-native: We start building this PoC from the most fundamental crypto need — value transfer. We believe this is the right starting point and a critical need to address well.
- Mint: With this PoC, users can convert any token into an anonymized version, which is the prerequisite of a private transaction and an essential component in our access-control design.
- Redeem: In return, users can convert the anonymized token back into its native form and use them however they see fit.
What is Happening Next?
PoC is just the starting point. Our next step is to create a live and elastic product with expected features and user experience that we can use to test this relatively full-fledged protocol.
Once it is built, we plan to test it with our community for additional feedback, record their use of the product to track how intuitive the interface is, and determine if any critical functionality needs to be noticed.
Please stay tuned for our upcoming announcements.
About Us
Ruby Protocol is a private data management framework for Web 3.0 that proposes and implements a privacy layer interacting with the multi-chain ecosystem. It is a fine-grained private data access-control gateway across different entities and organizations in the decentralized and traditional financial world.
