Ruby (RUBY): Building an Intent-Centric Web3 Abstraction Layer
Blockchain technology comes with a lot of exciting potential, but fulfilling these possibilities requires a little extra help. The Ruby blockchain protocol hopes to offer added features and tools that allow other blockchains to achieve their dreams. By providing a secure and scalable framework for sharing information, Ruby makes it possible for DApps to safely and easily manage user accounts. Keep reading to discover the intriguing implications of Ruby's high-concept features for the average crypto user.
Key Takeaways:
Ruby provides web3 users with additional privacy and convenience.
Ruby’s blockchain protocol functions as an account and access layer that makes it easier for other blockchain projects to manage their user accounts and store their data.
Looking to trade Ruby tokens? Bybit now offers the RUBY/USDT Spot trading pair.
What Is Ruby?
Ruby is a blockchain protocol that provides web3 users with additional privacy and convenience. It functions as an account and access layer that makes it easier for other blockchain projects to manage their user accounts and store their data.
History of Ruby
The Ruby protocol was founded by Suhas Hegde, Benjamin Issembert and Tyler Gellatly. Hegde is a computer engineer with a passion for free, open-source software, while Issembert is a blockchain privacy expert and Gellatly is a startup specialist. The three founders joined together with the mission of creating an intent-centric account protocol that could help other blockchain projects flourish. Their project has captured the attention of many crypto investors. So far, they’ve raised over $7 million worth of funding from groups including Digital Strategies and Global Coin Research.
What Does Ruby Aim to Achieve?
Ruby's main priority is to enhance privacy and data ownership, maintaining that one of the biggest dangers of the modern internet is poor data security. Many companies collect excessive amounts of transaction data from users, and then fail to keep that private data from falling into the hands of manipulative or malicious organizations.
Ruby hopes to provide a decentralized solution. Its data management framework allows users to control how much information companies get, and allows companies to fine-tune their security settings and transaction details. By including functional encryption and security, Ruby hopes to make it much easier for web3 projects to satisfy users' demands for enhanced privacy.
The project also aims to focus on user intent instead of complex coding, so developers can easily launch their ideas on a blockchain. Ruby’s team hopes an intent-centric design will democratize web3 development, making it more accessible to casual enthusiasts.
How Does Ruby Work?
The core of Ruby is its zero-knowledge proof system. These are a type of encrypted proof that passes information back and forth. With zero-knowledge proofs, it's possible to validate a transaction without providing transaction details. For example, if a user makes a payment on a DApp, the blockchain that the DApp is based on could submit proof the payment went through, without telling the DApp how much the payment was for or what coins were used to make the payment. This level of functional encryption allows for both faster transactions and more privacy.
The other key to making Ruby work properly is its intent-centric chain abstraction. This privacy-centric chain abstraction layer takes all the effort out of blockchain development. New developers don't have to figure out how the underlying protocol, LayerZero, works. Instead, Ruby's developer-centric chain abstraction layer functions as a go-between.
People can use the simple Ruby interface to design their concepts, and then Ruby's intent-centric chain abstraction interprets these requests and converts them into the complex language required to code on LayerZero.
Features of Ruby
Ruby's privacy-preserving infrastructure has many different applications. The ecosystem includes many projects built with its account abstraction and access layer, and offers a variety of tools for developers to work with. Following are the main features found in Ruby's asset management system.
Ruby Connect
Ruby Connect is a payment method that prioritizes private transfers. This aspect of Ruby focuses on using blockchain technology without letting the public know about users’ personal finances. Transaction data is obscured to hide parameters such as input amount, output amount and wallet addresses. Via Ruby Connect, Ruby's intent-centric design becomes a way of sending funds completely privately.
Ruby One
Ruby One is a zero-knowledge authentication service. The Ruby wallet provides a convenient way of handling access control and account abstraction, and also offers a secure way of storing crypto. Users can handle private keys used to access accounts, and create NFT-controlled subaccounts. These Ruby wallet services provide greater flexibility, privacy and security for blockchain account holders. Ruby One also functions as an assets bridge that ensures you can securely transfer assets between a variety of chains.
Ruby SDK
Ruby SDK is a software developer kit for people interested in building on Ruby. It contains multiple tools for chain abstraction, privacy-preserving infrastructure and account creation. As an intent-centric account management tool, it prioritizes simplicity and ease of use. Ruby SDK is multichain compatible, and has built-in encryption for security.
Ruby Points
Ruby Points is a reward system meant to encourage mass adoption of Ruby's asset management technology. People who use the Ruby protocol for projects or invite people to Ruby earn points. These points can then be converted to RUBY tokens to allow people to profit from their initial interest in Ruby.
Ruby Road Map
Over the years, the Ruby team has successfully released multiple features, designing the Ruby wallet, the Ruby SDK and more. Their next step is to develop the Ruby ecosystem to become more interconnected. To this end, the Ruby team hopes to enhance security and scalability, while making all of their features more compatible with other blockchain ecosystems. Another aim is to further refine the RUBY token and transition to a decentralized governance model.
Confident that mass adoption of its system will help to fully demonstrate its benefits, Ruby also plans to run marketing initiatives that empower more users to design projects with Ruby.
RUBY Tokenomics
The RUBY utility token plays an important role in managing the Ruby network. It’s used to run nodes, vote on governance proposals and pay gas fees. The initial total supply of 1 billion tokens will be distributed over a 72-month vesting scheme as follows:
Staking rewards: 40%
Private rounds: 15%
Founding team: 10%
Partners and advisors: 10%
Developer adoption program: 10%
Public sale: 6%
Liquidity bootstrapping pool: 5%
Community and airdrop: 2%
Seed round: 2%
RUBY Price Prediction
RUBY is still a fairly new token, so it's hard to know exactly where prices will go. Since its release on Jun 4, 2024, prices have remained mostly stable, shifting back and forth between $0.02 and $0.03.
Based on RUBY’s current price history, BeInCrypto predicts that RUBY's price will stay between $0.027 and $0.032 for the rest of 2024. However, if we take the performance of the entire crypto market into account, more growth might be possible. Fidelity predicts increased demand across the market, asserting that crypto prices will continue to climb through July 2024. This may in turn result in higher prices for RUBY.
Where to Buy RUBY
Looking to trade the Ruby token? Bybit now offers the RUBY/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the RUBY/USDT Spot trading page.
To celebrate this listing, Bybit is holding three exclusive events in which you can earn a share of the 14,000,000 RUBY prize pool.
The first event, Deposit to Earn, will award 615 RUBY to each of the first 20,000 new users who complete the following two steps through Jun 21, 2024, 9AM UTC:
Sign up for a Bybit account and complete Identity Verification.
Accumulate a deposit volume of at least 3,000 RUBY, or deposit at least 100 USDT and trade 100 USDT worth of RUBY via your first trade using your Bybit account.
For the second event, Trade to Earn, simply trade at least 500 USDT worth of RUBY on Spot to earn a share of the 800,000 RUBY prize pool. The more you trade, the larger your share of the prize pool. Rewards will be capped at 50,000 RUBY per user.
The third event, RUBY x Referral Boost, will award you 144 RUBY for each person you invite who successfully registers with Bybit and completes the steps above for either of the two events listed. You can receive rewards for up to 10 successful referees.
Is RUBY a Good Investment?
The RUBY token is used for everything from gas fees to DAO participation, so it's definitely a good coin to explore. Its utility has helped to keep RUBY’s price stable and prevent it from dropping sharply right after its release. However, even if this coin doesn't seem likely to lose value, it may struggle to gain it. Ruby's intent-centric chain abstraction is useful, but it's not the type of flashy project that tends to attract a lot of fans.
Investors looking for soaring prices and runaway trading volume may not be a good fit with this token. However, those who like investing in overlooked coins with a promising background might enjoy RUBY. If you're interested in this coin, it's still worth being cautious. Even though prices are stable at the moment, there's always some volatility in crypto. Make sure to do your own research and use appropriate risk mitigation strategies for any investment.
Closing Thoughts
Ruby provides a helpful way to manage access control and asset management for web3 projects. By focusing on user intent and chain abstraction, its entire ecosystem makes it much easier for developers to offer their clients secure, scalable and reliable services.
If the Ruby protocol succeeds in attaining mass adoption, it could also result in some impressive profits for RUBY token holders. Ultimately, this project provides a variety of intriguing benefits for crypto enthusiasts.
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