Ruby Protocol Monthly Review — November 2022
Welcome back to Ruby Protocol.
Reflecting on November 2022, it reaffirms that not a day in crypto is dull, and this fledgling industry has no shortage of developments, ups, downs, and drama. But on the other hand, although Bitcoin being stuck in such a range makes it look dull, this is also when retail loses interest, and smart money accumulates.
However, the whole debacle of FTX, its controversial leader, and a series of chain effects put a severe dent in the confidence of people in and out of this space, which may protract the already bitter crypto winter and prevent the smart money and institutional support from flowing in.
By no means are we writing the obituary of crypto space. Instead, as project runners, we must have the capacity for deep reflections and a hard look at the current situation to be fully prepared for what is coming next.
But building never stops.
Partnerships
We kicked off November with several partnership announcements, an emblem of our continuous effort to broaden Ruby Protocol’s ecosystem. With the partnerships we established in November, we are happy to announce Ruby Protocol now has 14 outstanding partners working together to build a cross-chain and privacy-first infrastructure.
On Nov 1st, we introduced another strategic partner to the Ruby Protocol ecosystem.
Dojima Network is a blockchain technology project that aims to develop a cross-chain infrastructure that will enable interoperability between different blockchains in combination with a middle-ground called a unity chain that will allow developers and users from independent blockchains to meet and interact.
Ruby Protocol utilizes Functional Encryption (FE), a leading-edge cryptographic solution enabling users to encrypt sensitive information on-chain. This solution is well-positioned to protect crypto users in day-to-day operations.
And in the following week, we quickly partnered with Arcana Network, a project helping crypto space build secure and privacy-preserving apps.
We met Arcana Network at TOKEN2049 Singapore, which offered a wide range of meetups and workshops. We were naturally hooked by their mission statement of enabling user data privacy and ownership.
We believe this partnership is a natural result of our similar vision toward the future digital world, in which users and developers interact with software in a private and sovereign way. We also consider this partnership a joint effort to counter the pressing issues of the crypto space.
On Nov 14th, we announced our partnership with Tank Wars Zone, a Play2Earn Battle Game.
Our new partner introduces a new blockchain tank battle game that offers gamers more opportunities to monetize their time and passion. It further transforms the global gaming industry in the blockchain era.
With autonomy comes responsibilities. Play-to-Earn postulates a necessity for asset protection and management. Working with Tank Wars Zone, we want to utilize our products and services to offer their users an additional layer of protection and explore different options.
Crypto Reflections
If the month of November is a stage, the protagonist should be no other than SBF and the whole fiasco of his imaginary crypto empire.
As a project that advocates privacy, private data management, privacy infrastructure, and access control Web3 ownership, we naturally spent a significant amount of time on this fallout. Because now is the time to really learn from it.
The implosion of FTX, which went from a US$32 billion valuation to bankruptcy in the ensuing weeks, sent crypto markets into a tailspin, driving billions of dollars in outflows from some of the biggest global exchanges. And the former founder of FTX, SBF, Sam Bankman-Fried, transferred and misappropriated customer funds from FTX to Alameda without telling anyone after Alameda was hit with a series of losses.
Below are our reflections on this matter and our future in the crypto space.
First, there are better things to do in Crypto than panicking because Crypto has Three Regulation Possibilities, and it is up to us to decide which one is the future.
Realistically speaking, regulation might be the biggest hurdle for Crypto to reach its vision. But, philosophically speaking, the yin and yang will always be there. So it may be time we strive for balance.
And after this fiasco, we should change how we think about the crypto industry. We list the lessons we learned from this crash that will help you.
The collapse of FTX and its affiliates is probably one of the highest-profile blowups in this fledgling industry. It leaves an estimated 1 million customers and other investors facing total losses in the billions of $.
How do we fight it?
Do not have a moral panic & Do not succumb to that fear.
We either fight for it or get out of the way.
AMA with Ruby Protocol
We are very pleased to be invited for an AMA with our partner DojimaNetwork to discuss what Ruby can offer to the world and what our latest development is.
Tech Development
November was a fruitful month for Ruby Protocol. We are super excited to inform you that in the past 30 days, we have achieved several technical milestones.
The journey of a thousand miles begins with a single step. To bring to life the private data management framework for Web 3.0, our tech team starts from the most fundamental need of crypto space, which is to enforce the private transfer of funds.
Below are our recent technical developments.
- We have completed the design and development of privacy transfer in our dApp, and launched it to the BSC test network.
- Users can now register a Ruby dApp account via a specific private key.
- Logged-in users can deposit and withdraw tokens into their Ruby dApp accounts.
- Logged-in users can make private transfers to other Ruby dApp accounts.
Personnel Change Notice
On Nov 25th, we announced on Twitter to share more details about the layoff of Suhas Hegde. Please know that after this personnel change, Ruby Protocol is very well and making much more progress, led by @s4vick4s.
In our reflections on the recent crypto accidents, we specifically recommend everyone in crypto seek transparency. This is what we are trying to achieve too. Being open and honest about our problems can help us find solutions. We hope this can allow us, as a community, to get a new perspective, opinions, and better insight of Ruby Protocol and the values we uphold.
Soundness of Ruby Protocol
Given the recent incidents and the consequent negative chain effects, the crypto community is now suffering from what we consider a moral panic and a loss of morale, which may lead to another exodus of investors. Ruby Protocol, a firm believer in the future of crypto movement, is part of this ecosystem and not immune to such macro trends.
However, we can promise the following:
- Ruby Protocol’s treasury is in a healthy condition to support team development in the next three years.
- We do not have any exposure to the FTX crisis.
- Ruby Protocol development will proceed as planned. Please stay tuned for more details and the testing round.
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.
