Ruby Protocol announced that it was successful in securing a $7.3 million funding round for the Ruby protocol development.
Ruby Protocol Transition- Web2 to Web3
Ruby Protocol has chosen its layer 1 smart contract platform in order to ensure that users have complete control over their on-chain information as Web3 expands into a bigger ecosystem of services and products.
In the future, individuals will be able to gain more control over their personal data, including the ability to select how and when it is used.
- In addition to decentralization, the Ruby protocol is intended to pave the way for a new Web3 ecosystem that goes beyond it.
- Users will have greater control and privacy over their data as a result of the Ruby protocol’s breakthrough functional encryption cryptography, which is being delivered to the Web3 environment through the use of the Ruby protocol.
- As a result of this effort, Web3 users will be able to take ownership of their data and use it in new ways.
- Ruby’s model for on-chain transactions makes use of zero-knowledge proof micropayment techniques, which allows Web3 users to make on-chain transactions anonymous.
Ruby Protocol Brings cryptographic Infrastructure for Privacy Issues.
Ruby employs cryptography as the foundation of its platform to address a variety of privacy issues.
Developing a Cryptographic Infrastructure that bridges the gap between chainsInstead of relying on cryptography as the foundation of its platform to address a single privacy vulnerability,
Users will benefit from the project’s development of cross-chain cryptographic infrastructure, which will ensure a stable experience.
Individuals who use decentralized applications will have complete ownership and control over their data in the future, and Ruby intends to be a key player in this field.
About Ruby Protocol
In 2021, blockchain industry veterans Suhas Hegde and Beni Issembert, as well as Y-Combinator alumnus Tyler Gellatly, formed Ruby to build a platform for decentralized applications.
Tyler Gellatly, co-founder of the Ruby Protocol, spoke about Ruby’s desire to reimagine data ownership in the decentralized landscape, as well as ownership and privacy in the decentralized environment.