Ruby Protocol — Strategic Partnership With NFT3
To all Rubies,
We are happy to announce our latest strategic partner, NFT3, the first unified decentralized identity and credit network for Web3 and your portal to the Metaverse.
We consider this partnership a joint effort to counter the pressing issues of the modern world. Ruby Protocol more focuses on building a private data management framework for Web 3.0 that proposes and implements a privacy layer interacting with the multi-chain ecosystem.
And NFT3 aims to build a novel decentralized identity approach that helps people and organizations interact with each other transparently and securely, in an identity trust fabric.
A decentralized digital identity is a digital identity that is managed without the involvement of a third party. Instead, a user controls their own identity and only provides information that is required to be verified. And in this sense, Ruby Protocol and NFT3 are, in essence, working on the same issue but from different angles. We both aim to replace the obsolete centralized systems of data management with a decentralized model.
NFT3s will become a direct monetization path for individuals to associate value on their terms with various aspects of their data journeys through life with different projects, individuals, social networks, companies, and institutions.
And Ruby Protocol wants to offer a private data access-control gateway across different entities and organizations in the decentralized and traditional financial world.
We believe this partnership is brought together by the values we share on user data and our same focus on individual benefits. We envision that, once this building philosophy is adopted, decentralized identities and private data management will enable people to:
- Fully own and control their data.
- Choose who to share information with and how to present the data.
- Prevent the spread of their data without their knowledge.
Just like, the Lead Initiator of NFT3, Dylan Dewdney says
“We need some sort of common referent or hub, some nexus for the individual, and this must be a conception around identity.”
This Strategic Partnership With NFT3 is a start.
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.
