Ruby Protocol Monthly Review — June 2022
Fellow Rubies,
Welcome back to Ruby Protocol.
If the crypto market is a sports team, now is a good time to address the moral issue in the locker room. It is not news that while we are building the privacy-first infrastructure, cryptocurrency markets crashed to a new low of 2022 in June. The global crypto market cap shrunk and witnessed a precipitous decline. The price of almost every top coin is now worth half or even less than their all-time highs.
In hindsight, this crypto crash seemed to be a massive sell-off by investors amid heightened inflation fears, globally-orchestrated interest rate manipulation, and dampened expectations.
Clearly, this is not a trading post, however, the price data also serves as the confidence and sentiment quotient of this space, which means the ordinary Joe and Jess might be very pessimistic about their foreseeable future, even to a point of capitulation.
It might seem counterintuitive but it is actually the best time to plan and build as the current market is driving the uncommitted out.
Ruby X The Confidential Computing Consortium
On Jun 22nd, Ruby Protocol officially entered the Confidential Computing Consortium.
The Confidential Computing Consortium is a group of projects that strive to define Confidential Computing, and accelerate its acceptance and adoption in the market. Its members are composed of some of the most advanced and well-known applications that have become the underlying technological infrastructure of the modern world. They serve billions of people and countless organizations around the globe.
Ruby Protocol hopes to support and, more importantly, learn from the development of many projects securing data in use and accelerating the adoption of confidential computing through open collaboration.
#privacystillmatters
We cannot stress it enough that privacy awareness might be the No1 factor in our movement to reclaim privacy and data. Imagine how easy it would be if most people are well uninformed about how much of their private data is online and how they are taken without their consent. Well, if it is that easy, it wouldn’t be us.
The Campaign hashtags #privacymatters and #privacyfirst on Ruby’s Twitter are our attempts to tackle this awareness gap problem. We are frequently curating posts about why, how, and what of the current privacy and data issues to bring awareness and visibility to this subject and our missions.
Some of our efforts are as follows:
Ruby Protocol Ambassador Program Launch
First of all, thank you to all that have applied to be an RPA! Eventually, we selected 10 that were the most passionate about Data Privacy in our opinion.
We believe the ambassadors we selected are competent to help us increase brand awareness, improve social selling, and build trust among our users and followers.
Every day in the Ruby Protocol Ambassadors group, we will be working with Ruby Ambassadors on ideas that help:
- Build an authentic community.
- Highlight and promote Ruby Protocol’s vision and missions.
- Create meaningful stories that resonate with the current data and privacy concerns.
- Create a two-way conversation between Ruby and its communities.
Ruby Protocol Footprints
We hear all the time that Web3 and its underlying technology are likely to change how we operate in the digital world. If it changes, it is changing too.
We as the builders of Ruby Protocol, need to stay updated on the latest innovations and tech trends and find the right people to network with to help locate the resources we need to realize our vision.
In June, the Ruby Protocol team was attending events around the world.
Polkadot Decoded Conference
It is a conference for the Polkadot community, featuring talks and workshops on all things Polkadot. The importance of this event is apparent since Ruby Protocol is a cross-chain, privacy-first infrastructure, powered by Polkadot.
Unchained Event
Unchained Event is a cross-ecosystem gathering of DeFi’s greatest minds, with key speakers from the Polkadot, Cosmos, Ethereum & EVM ecosystems.
Technical Development
Tech-wise, we had the SBP interview meeting with the Polkadot folks this month, and are still waiting for the final decision on their review.
The Ruby tech team has adapted the white paper and our technical roadmap with contents from SBP milestones. We are starting to work on the SBP milestones. The technical problems we are focusing on now include:
- The proof of the equality of messages under the commitment and IBE ciphertext.
- The decentralization scheme of the ABE authorities.
About Us
Ruby Protocol is a cross-chain, privacy-first infrastructure, powered by Polkadot. Our layer-1 protocol utilizes Functional Encryption (FE) cryptography, which allows users to adopt a modular approach to data privacy and ownership. This novel solution will allow users to encrypt sensitive information on-chain, which can only be decrypted by holders of an approved private key.
Ruby’s FE Substrate-pallet will serve as the building blocks for privacy-first smart contract DApps building on the native Ruby Chain, while also acting as a privacy layer for Parachains and Web3 DApps across the Polkadot ecosystem.
