Ruby Protocol Raises $7.3M in Funding
Summary
The company intends to use the funds to, accelerate core development of the layer-1 blockchain and privacy-middleware, expand research into new decentralized applications, expanded use cases, and team expansion across development and ecosystem growth. The Ruby protocol utilizes Functional Encryption (FE) cryptography, which allows users to adopt a modular approach to data privacy and ownership. Sensitive data can be encrypted on-chain, and only decrypted by holders of an approved private key. $RUBY, the native utility token of Ruby Protocol is set for release in the latter half of 2022 and will be used for staking and deposits in order to run nodes on the network, as well as protocol governance, and as the method of payment for transactions across the network. Ruby has designed a smart contract platform with plans to launch on Polkadot that will enable individuals to gain more ownership of their private data and control how it is used.