Ruby Protocol
A cross-chain, privacy-first protocol for Web3.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor investor investor | €0.0 | round |
* | $7.3m | Early VC | |
| Total Funding | 000k | ||
Ruby Protocol operates as a decentralized, privacy-centric infrastructure layer for Web3, positioning itself as an intent-centric account and access middleware. Founded in 2020 by Suhas Hegde, Benjamin Issembert, and Tyler Gellatly, the company aims to provide users with greater control and ownership over their digital identities and online transactions. The founding team combines expertise in computer engineering, open-source software, blockchain privacy, and startup development. A significant milestone was achieved in March 2022, when the protocol raised $7.3 million in a funding round from investors including Digital Strategies, DFG, Signum Capital, and D1 Ventures.
The core of Ruby Protocol's business is to offer Privacy-as-a-Service for the multi-chain ecosystem. It targets both individual and business users of Web3 platforms like exchanges and blockchain wallets. The business model operates on a freemium subscription basis for its Software-as-a-Service (SaaS) offerings. A basic version of its privacy tools is available for free, while premium features, such as enhanced privacy protection, are offered through a paid subscription. Revenue is also generated through its native utility token, RUBY, which is used for staking to run network nodes, governance participation, and as a payment method for network transactions.
Technologically, Ruby Protocol is constructed as a layer-1 blockchain built on Polkadot, employing a suite of advanced cryptographic techniques. Its primary technology is Functional Encryption (FE), which allows for a granular, modular approach to data privacy and ownership. This enables users to encrypt sensitive information on-chain, which can only be decrypted by an approved private key holder. The system also integrates zero-knowledge proofs (zkProofs) to anonymize on-chain transactions and validate them without exposing sensitive data. Further components include Account Abstraction (AA) to simplify user account management, an Assets Bridge (AB) for cross-chain asset transfers, and Access Control (AC) mechanisms. Product offerings include Ruby Connect for private payments, Ruby One for secure wallet and authentication services, and a Software Development Kit (SDK) for developers to build on the protocol.
Keywords: Web3 privacy, decentralized identity, data monetization, functional encryption, zero-knowledge proofs, account abstraction, layer-1 blockchain, Polkadot ecosystem, cross-chain protocol, access control, privacy-as-a-service, crypto privacy, RUBY token, Suhas Hegde, data ownership, secure transactions, decentralized applications, DApp privacy, blockchain security, multi-chain, interoperability, digital asset management