Ruby Protocol — Strategic Partnership With TeaDAO
To all Rubies,
We are thrilled to introduce another strategic partner into the Ruby Protocol ecosystem.
TeaDAO is our latest partner. It is the first Decentralized Metaverse Reserve Currency for GameFi, offering instant liquidity for NFTs through the NFT-as-Bonding-Assets mechanism. TeaDAO is an upgrade over OlympusDAO’s “protocol-owned-liquidity” model, utilizing 3 concepts: DeFi 2.0 + Metaverse + GameFi in order to enable GameFi 2.0 by addressing the shortage of NFT liquidity.
We at Ruby Protocol have been studying projects across the space, and we are super impressed by what TeaDAO is doing now. We believe Ruby Protocol and TeaDAO can make an excellent partnership since we focus on privacy solutions for Metaverse / DID-Gated events. There are too many synergies to pass on this opportunity.
One of the main aims of TeaDAO is to position itself as a financial center to facilitate the long-term development of the GameFi ecosystem through its NFT-as-Bonding-Assets mechanism, allowing GameFi projects to have a sustainable approach for incentivizing and rewarding gamers while balancing the net benefits for both current and new players.
We agree that commoditization and financialization in NFT markets would likely shape the delineation of such rights for users to exploit the asset potential of NFTs and power GameFi development. However, the notion of identity in this new age is becoming heavily intertwined with the assets held by individuals.
There are several ways in which owning, acquiring, and disposing of NFTs could give rise to privacy risks in the Web 3.0 era, including:
- Online identifiers and avatars
- Blockchain addresses
- Transaction activity
- Location data
We believe this partnership can offer TeaDAO users an additional layer of security and privacy protection in using NFT as an asset mechanism. Ruby Protocol, in general, wants to provide a private data access-control gateway across different entities and organizations in the decentralized world.
“We are thrilled to work with TeaDAO. We will customize our privacy and data management solutions to their three main aims. In doing so, we can speed up the building of Ruby Protocol and have our protocol tested in the real scenario.”
— Mindaugas Savickas, General Manager of Ruby Protocol
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.
