Ruby Protocol — Tokenomics Release
Fellow Rubies
Let us start this post by saying thank you to our early supporters. Thank you for believing in Ruby Protocol’s vision and abilities to execute it. You are an eternal part of what Ruby Protocol will become.
Thanks to the visionaries and trailblazers in our community, The Ruby Protocol team has reached a junction where we are ready examine our project design with the scrutiny of the crypto market. After all, this market is the ultimate judge of what works and what does not, for crypto communities.
Measuring what the market thinks about Ruby Protocol gives us the “secret sauce” of achieving project viability. It is the most important part of our process because we can only envisage the rest from this point on.
Our approach is rooted in real-market perceptions and behaviors rather than the more questionable ‘expert opinion’ approach, which is why we are releasing Ruby Protocol’s Tokenomics today.
In Ruby Protocol’s Whitepaper (mainly on page 28), you can find more comprehensive coverages on our vision, product philosophy, and, more importantly, on how $RUBY is distributed and functions within our data transaction market.
RUBY, as the native token of the Ruby Protocol. Stakers can deposit it as collateral to run a node on the network. Blockchain needs a privacy layer to support data monetization. The utility of RUBY include but not limited to:
- Staking: All the nodes are required to stake RUBY to secure the decentralization of the Ruby Protocol.
- Governance: RUBY token holders can create and vote for proposals. Token holders can vote for the protocol upgrades and parameter changes.
- Incentives: RUBY plays the role of rewards for those applying data monetization and providing liquidity.
The total supply of RUBY tokens is 1 billion, which will be distributed and allocated to different aspects of the data marketplace network, including:
- The fundraising round to secure resources for future development. (Seed Round-6.0%; Private Round I-8%; Private Round II-10% and Public Sale-8%)
- The funding saved for tech and ecosystem development. (Parachain Bond Funding-15%; Ecosystem Development-10%)
- The tokens to help and incentivize Ruby protocol operations, dev team, and advisors. (Foundation Reserve-15%; Founding Team-10%; Partners and Advisors-5%; Developer Adoption Program-5%; )
- The staking and community reward pool to fuel Ruby Protocol.(Early Staking Reward-5% and Community Reward-4%)
For the complete Ruby Protocol Whitepaper and $RUBY Token Economy, please CLICK HERE.
With this announcement, we also like to announce Ruby Protocol’s private sale is now officially live.
We believe this is the earliest public opportunity to secure your seat at Ruby Protocol’s future, in which we intend to enable you, the data owner, to enforce a fine-grained access control policy over your encrypted private data and exchange it for economic compensation willingly.
We are now looking for value-added investors who want to work with us in actualizing our vision. If you are interested in this adventure, or believe you and/or your organization are pieces to Ruby Protocol’s big picture, please CLICK HERE to fill out our Investor Whitelist Form.
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.
