Ruby Protocol — Strategic Partnership with Kylin Network
Ruby Protocol is extremely pleased to add another ecosystem partner: Kylin Network.
What does Kylin Network do?
In short, Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network will provide valid, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.
What will we do together?
Ruby Protocol will take advantage of the secure and timely data feeds offered by Kylin Network, while developing in concert what data feeding they can most benefit from via oracle scripting.
Both teams will work together to gain a good command of all aspects of further data operationalization and monetization and to explore the collaboration opportunities within the DeData Ecosystem.
Kylin Analytics will adjust its core parameters to provide a customized query engine and analytics services so that the Buyers in Ruby Protocol’s marketplace can easily process the data to get the insights they need, rather than spending time resourcing and collecting it.
Why are we excited?
Kylin Network agrees that data is the new oil, and with new devices, sensors, and technologies emerging, the data growth rate will accelerate at an unprecedented speed. How to protect and take control of your data would be one of the major problems to unravel.
Both teams believe that individual data monetization must be expedited to reclaim control of data and privacy. We need to grasp the pricing power firmly. And the more of us decide to price our data, the more valuable it becomes.
Dylan Dewdney, CEO of Kylin Network:
“We are very pleased to work with the team at Ruby Protocol to co-develop the oracle scripting parameters that will be useful to their architecture. I find their vision fascinating and liberating as well. Kylin Network aims to build a cross-chain platform powering the Data Economy on Polkadot, while Ruby Protocol takes it to another level and envisages a marketplace where you are in control of your data and its transaction. We are very excited to explore what further synergies there may be in the context of data monetization and data economy.”
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.
About Kylin Network
Kylin Network strives to be a composable and configurable multi-level oracle infrastructure built as a Polkadot parachain, for the democratization and delivery of accurate data on time, at a reliably low cost. Kylin hopes to offer a way for chain-agnostic APIs to serve data according to service level agreements (SLA) that the consumers of this data will be aware of.
Data source compatibility beyond price feeds will bootstrap a free data market. This will allow market demand to determine the direction of the innovation of a feed, its price, and supply. With dynamic NFTs & SFTs, Kylin’s ongoing development will innovatively tokenize data streams that democratically will be accepted on the Kylin Network.