AMA Recap: The Crypto Blade x Ruby Protocol
Host: 1. First of all please introduce yourself, and share some information about your team, How big is your team right now?
Graeme Fox: Hey everyone! My name is Graeme Fox and I am the Director of Business Development at Ruby. My main roles surround ecosystem and community development.
A little bit of background on me. I have been interested in the crypto space since 2017 and finally took the plunge to get into it full time last year. Before that I was a product manager at a tech company and previous to that that I worked as a mechanical engineer.
Our founders are Beni Issembert, Suhas Hegde and Tyler Gellatly. They started the project in late 2019. They collaborated on other projects together and shared a mutual bond for privacy.
Our team is about 13 people right now and growing. So please be on the lookout for our job postings!
If you are looking for more info about the team, please check out our website:
Host: 2. Can you please provide some information about the “Ruby Protocol” project and How long you’ve been building this?
Graeme Fox: Yeah for sure. Ruby Protocol is a cross-chain, privacy first infrastructure for the Polkadot ecosystem. Our privacy protocol utilizes Functional Encryption (FE) cryptography, which allows users to adopt a modular approach to data privacy and ownership. Our unique privacy solution allows users or builders to encrypt sensitive information on-chain, which can only be decrypted by holders of an approved private key.
We have been building the project since late 2019. However, last year was when it really took shape. In 2020 we built out our cryptography team and built out our Functional Encryption tech that will power all our private transactions.
Host: 3. Please introduce the $RUBY token economic system, and what are the utilities of your token?
Graeme Fox: I will give a high-level overview of our tokenomics since it is quite a in depth.
We have tokens allocated for private sale, public sale, parachain loan offering (PLO), community ecosystem development, developer adoption and more!
You can find all the details on our project wiki.
Now the three main utilities of the Ruby token are:
- All nodes/collators are required to stake $RUBY to secure the decentralization of the Ruby Protocol
- RUBY token holders can create and vote for proposals
3. Transaction Payment
- The Ruby token will be used for transaction fees on the protocol
Host: 4. Now would you please tell us more about your project’s milestones and plans for the near future?
Graeme Fox: Yes, the main milestones that we have achieved so far are the completion of our Web3 grant. Milestone one was completed and accepted last year and milestone 2 is currently completed and undergoing file review from the Web3 team.
Looking at our roadmap, 2022 will be an exciting year for us. This quarter we will be starting our ambassador program and launching our testnet. In Q2 we will be testing our protocol and working with partners for private transaction integrations. We will also be going for a parachain auction in Q2/Q3 depending on the auction schedule. After we secure a parachain slot we will have our TGE, launch a Developer Adoption Program and expand our integration ecosystem.
So this year is going to be a big one for us.
If you want to start up to date with out roadmap, please check out our website. We will be updating it next week!
Host: 5. Lastly, Share some information about staking and farming for passive income options in the future? How can long-term investors be benefitted?
Graeme Fox: Since we are building on Polkadot we will need Collators to run our parachain. To run a collator you will need to stake $RUBY to do so. By staking RUBY you will earn block rewards. If you dont want to run your own collator, you can stake your $RUBY with another collator and earn a percentage of the block rewards. This will be our main staking as it both benefits the community and the project! A win win.
TWITTER QUESTIONS :
6. Kusama is consider the testnet of Polkadot. Given that Ruby plans to deploy under Polkadot, will Ruby consider deploying on Kusama first to test out its protocol before launching on Polkadot? Is this part of Ruby’s plans?
Question by 0JeanWayne
Graeme Fox: This is a great question and we have been back and forth on it to be honest. As of right now we will not be launching on Kusama first and will be going straight for a Polkadot parachain. We are doing this for two reasons. First we dont want to split the community. It seems that with these ‘sister’ projects on Kusama from the same project the community is almost split between the two. Second, we are unsure of where the Kusama ecosystem will be when we are launching our parachain and if projects will be keeping up with both of their deployments or will only want to manage one. That is why we are leaving it out for the time being but if we seen the need to be on Kusama for partnerships and integrations for our Privacy-as-a-Service features then we will do some. We will update the community as we know more!
7. What #RubyProtocol revenue model? In which ways do you generate revenue/profit ? So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing right now ?
Question by CD7978
Graeme Fox: I will split this into two parts. First for the revenue model. Ruby will make money in two ways. First we will be providing Privacy-as-a-Service to all of the projects in the Polkadot Ecosystem. Every time a user wants to do a private transaction they can use our Functional Encryption Pallet to do so and pay a small fee. This will make us a cash flow generating project. The next one is transaction fees on the Ruby Protocol. When smart contract applications are built on top of Ruby’s blockchain, they will pay a small fee for each transaction to do so.
Now for our short term objectives. This quarter our main objectives are growing the community and getting our testnet live. To help grow the community we will be doing a large marketing push and starting our ambassador program. Then for the testnet we are developing our parachain and will have it running on one of Polkadots testnets with a block explorer for everyone to see.
8. Which Blockchian is your project initializing on mainet? Currently there are many Blockchain chains with cheap gas fees like Binance smart Chain, so do you plan to switch your mainet to?
Question by Cina656
Graeme Fox: We are building on Polkadot, so we will actually be building our own blockchain via substrate. We are going to be the Privacy hub for Polkadot. In doing that we will have projects building smart contract applications on top of us and will use their industry leading cross-chain communication to integrate privacy features into other application/parachains.
LIVE AMA QUESTIONS :
Q1. How Do you planning to promote your project in different countries, wherein English is not spoken well? Do you have a local communities for them to better understand your project?
Question by naime7776
Graeme Fox: Hey Maqui! We are planning on doing this two fold. One in our ambassador program we will reward members who with do document translations for us and two we will start to run communities in other languages. Ideally these will be run by ambassadors or members of the community! Community means everything to us and we want to expand it as much as possible.
Q2. Where can I currently buy Token?
Question by catus123
Graeme Fox: There is no token at the current time we will be doing a TGE after we secure a Polkadot parachain slot. So looking like Q3!
Q3. PARTNERS are the most important that strengthen the ecosystems of all projects. Could you tell us about your project partners and the partnership strategy it has adopted?
Question by alexChowdhury8800
Graeme Fox: We agree completely! We do not have any partners to report at the current time but have been in discussions with quite a few. Since we are offering privacy as a service, partnerships will be a big part for us. When we have our test net launched we will start to do partner integrations, so be on the lookout for that! Should be happening in the next few months.
Q4. Do you have any plans to attract non-crypto investors to join your project? Because the success of a project attracts more investors who haven’t yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space.
Question by Tranhatton94
Graeme Fox: Yeah we do! We definitely think that our project has non ‘crypto’ / real world applications. We also believe that privacy on public blockchains is the next step in mass adoption of the crypto scene. Once we provide this feature to the crypto world we will see a lot of institutions coming into the space and will need our service.
Q5. Do you have AUDIT certificate or are you working to AUDIT your project, SO THAT THE security of the project becomes more secure and reliable.??
Question by Mustak49999
Graeme Fox: We do not have one right now. But as soon as the Web3 team is done approving our second milestone we are going to go for security audits! So should have this quarter depending on the backlog of the auditing companies!
Host: Thank you so much for the very detailed answers!
I would recommend to our community please join Ruby Protocol social media channels for more updates
- Website: https://ruby.io/
- Twitter: https://twitter.com/RubyProtocol
- Telegram: https://t.me/rubyprotocol
- Medium: https://rubyprotocol.medium.com/
- Discord: https://discord.gg/s2BgUKDqYz