Ruby Protocol — Privacy First & Privacy Made Possible
The importance of data cannot be stressed more today. Browsing history, we find the cores of human societies have been mutating constantly, from religions to humanism, and then to technologism, in which we shunt away the hypothetical mystical entities and focus on a pragmatic and structural way to solve problems. In the 21st century, dataism will likely take the center of history and transfer human-centric values to data-centric.
However, in building Ruby Protocol, a private data management framework for Web 3.0, we find a lot of misunderstandings about data and privacy that need to be clarified so we can identify and ask the right questions.
- Data is more than IT and numbers. It is information of any kind that puts together the full picture.
- Data does not affect our lives. Many of the technologies that we use every day require data feed to work. These technologies include fitness trackers and GPS, which almost everyone utilizes regularly.
- Data is too complicated for “Normal People”. Tools and resources that utilize data science principles have become easier and easier to use.
- Data privacy is more about ideas.
The rapid acceleration of both the production and collection of data means there’s no turning back: data, like it or not, is changing the way people live their lives.
Like so many other examples of innovation and discovery, this growth presents many challenges, some of them ethical. Those who understand and help shape the way we use, store, and manage data will also help us navigate both its potential benefits and guard against the possibility of misuse.
Our World is Powered by Data
As Hayek famously put it. A system that disperses the knowledge of relevant facts to many people can coordinate the independent actions of different people by price data.
Based on this view, the stock exchange might be the fastest and most efficient data processing system ever created by mankind because virtually everyone can join directly and drive the global economy and even what happens in outer space.
This can also explain why capitalists like to lower taxes. Heavy taxes mean that most of the capital (or data) is concentrated at a single point (the treasury), and more decisions depend on a single data processor (the government).
How we organize our societies are essentially the same. Democracy and autocracy are two opposing sets of mechanisms when it comes to the collection and analysis of data. The latter uses centralized data processing, while democracy prefers decentralized processing.
Capitalism was able to win the “Cold War” because decentralized data processing worked better than a centralized one, at least during a period of rapid technological development. The world was changing so fast at the end of the 20th century that the Central Committee of the Communist Party of the Soviet Union simply could not handle it.
What Does Privacy First Look Like?
The above arguments lead us to one critical question. What does a privacy-first tool look like?
The answer to this question varies since it is a new and challenging question to answer. Big brother/corporations certainly have different mentalities toward this issue than us. However, we want to present to you a few features we believe are indispensable to a promising privacy-first tool.
- A privacy-first approach to preserving anonymity needs to hide individuals through its privacy-preserving technologies.
- To enable the privacy-first feature, the data processing must be decentralized to avoid one single point of failure and inefficiency.
- Privacy is intimate, whose definition differs from one to another. It must allow users to customize its control.
- It must be compatible with larger organizations in preserving data privacy to avoid adoption friction.
Ruby Protocol aims to become such a framework. It is a private data management framework for Web 3.0 that proposes and implements a privacy layer interacting with the multichain ecosystem.
It is a privacy layer-1 blockchain. Ruby’s modular approach to data sharing and privacy protection makes it the ideal building block for privacy-compatible smart contract Dapps, while also acting as a privacy layer for protocols and Dapps.
Ruby utilizes Functional Encryption (FE), a leading-edge cryptographic solution that enables users to encrypt sensitive information on-chain, which can only be decrypted by holders of an approved private key.
Ruby protocol is not only the next-generation privacy protocol for Web 3.0 in a multi-chain world but is also ready to open a brand-new chapter for regulation-compliant decentralized financial service.
It will be compatible with different blockchains, including Polkadot, Ethereum, BNB Chain, Solana, Avalanche, Polygon, etc. It is the ultimate solution to access control with privacy.
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.
