Ruby Protocol Monthly Review — May 2022
Fellow Rubies,
Welcome back to Ruby Protocol.
The entire month of May did not look auspicious for the crypto market at all. Larger coins were plummeting down to a new low in price, and the deteriorating condition of the less-stable coin was making things even worse.
Preaching privacy technology or even any technology related to the blockchain is hard at this junction. The market sentiment of May 2022 is a perfect representation of dampened investor confidence — and the human behavior cycle. However, to the builders at Ruby Protocol, we must transcend it, be lucid, and know this is when it counts.
We believe the only thing in our control is the underlying technology and its application. The random walk theory suggests that changes in market prices have the same distribution and are independent of each other.
In other words, we need to move on, to build what we set out to build, not to the next cycle.
Despite all, we are very excited to share a new set of developments in this Monthly Review with you. In May we mainly focused on spreading awareness on privacy, the web3 foundation grant, our global ambassador program, and the in-depth articles on Ruby Protocol and its mission.
Read on to find more details.
#privacymatters
One of the most critical jobs of Ruby Protocol is to build a solid infrastructure for a private data management framework, and another is to preach about the importance of privacy. We believe only in this way can we set this movement in motion.
The fact that most people are uninformed about how much of their private data is online and how it is obtained without their consent makes it more difficult for any technology to reverse the situation. According to the Pew Research Center study, nearly 81% feel they have little or no control over how organizations use their personal information.
The Campaign hashtag #privacymatters on Ruby’s Twitter timeline is one of our attempts to bring awareness to this subject. This hashtag helps to create visibility for campaigns and to reach relevant audiences. To drive high-level engagement on this campaign is to drive Ruby Protocol’s application rate.
For more content on #privacymatters, please visit our official Twitter page.
Global Ambassador Program
Working with Riku (@ItsJustRiku), our Chief Community Ambassador, we finally rolled out The Ruby Protocol Global Ambassador Program.
We hope, with this program, we can effectively form a group of like-minded people and push for data reform collectively. Ruby Ambassadors will receive significant support in organizing online communities, creating educational content, designing diverse and fun artworks, and finally bringing Ruby Protocol to a larger audience.
We are delighted by the tremendous interest we have received from our community and so far collected 132 applications for Ruby Protocol Ambassadors (RPA’s)!
Selected Ambassadors will be contacted individually in the coming week regarding the next steps.
Ruby Protocol — A Conceptual Shift First
Another attempt to bring awareness to privacy protection and data management is our in-depth articles that will cover everything that might be useful to a reader. Ruby Protocol’s in-depth articles highlight longer-form content from recognized and higher-quality sources.
The very first one calls for a conceptual shift regarding privacy, our lives, and the future. This conceptual shift leads us to the prerequisite upon which we build our belief system and Ruby Protocol.
In this article, we propose:
- What are we genuinely concerned about is what to do with the possibilities confronting us.
- Data in some way predict the future of our lives.
- Finally, if you are not in control of your data, is the reality you are experiencing still a reality?
Technical Development
The great news is that the Web3 Grant has finally accepted our milestone 2 delivery.
After a few days of investigation, we have decided to stick to the Polkadot ecosystem for the near future. This is why we applied for the Substrate builder program (SBP) this month. We have already scheduled an interview meeting with the Polkadot folks for the beginning of June, so wish us the best of luck on the interview. You can find the preliminary version of the SBP milestones here:
https://github.com/rubyprotocol/Ruby_documents/blob/main/SBP_milestones.md.
Obviously, the milestone might be subject to change after our meeting with the Polkadot folks. We will start to work on these milestones right after our SBP application is officially accepted.
Since the ruby protocol is based on state-of-the-art cryptographic technology, there doesn’t exist any previous example that we can simply copy as our architecture design. This is why we have also been doing some literature research in May to prepare for the official launch of our SBP application. For instance, we have been working on the design of the PoS scheme for ABE, which is a vital component of the Ruby protocol since it will determine how we choose the attribute authorities. Our team is also working on getting familiar with the ETSI standard on ABE, which will also play an instrumental role in the development of our SBP application.
All in all, we are happy with what we accomplished in May, and in the coming month, we will have much more to do.
Can’t wait to share more with you very soon.
Thank you for reading.
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.
