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Blockelite X Ruby Protocol AMA Recap

Thank you to everyone who joined AMA Blockelite x Ruby Protocol on 23rd February at 03:00 PM UTC I 10:00 PM (UTC+7). Here is the recap for those who missed this AMA.

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Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is Graeme Fox – Business Development Director of Ruby
Hello @graemefox . welcome to Blockelite today

Graeme Fox – Business Development Director of Ruby: Hey good to be here!

Yuno – Blockelite Host: Hello, nice too meet you here
How are you?

Graeme Fox – Business Development Director of Ruby: I am doing well, how are you?

Yuno – Blockelite Host: Metoo,
On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!

Graeme Fox – Business Development Director of Ruby: I am ready, lets do it!

Yuno – Blockelite Host: Our guest is ready, we will enter Segment 1 right now !!!
Q1. Can you please introduce yourself and share a quick overview of Ruby Protocol?

Graeme Fox – Business Development Director of Ruby: Hey everyone my name is Graeme 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 I worked as a mechanical engineer for a mining and construction equipment company.

Here is a little bit about Ruby Protocol. Ruby is a cross-chain, privacy-first infrastructure for Web3. Our layer-1 protocol utilizes Functional Encryption (FE) cryptography, which allows users to adopt a modular approach to data privacy and ownership. This novel solution will allow users to encrypt sensitive information on-chain, which can only be decrypted by holders of an approved private key.

Yuno – Blockelite Host: Thank you, for your introduction, our pleasure to have you join us today
Next question
Q2. Can you tell us the reasons for choosing Polkadot to build your project? What unique features will your project bring?

Graeme Fox – Business Development Director of Ruby: There are a few main reason as to why we choose to build on polkadot. First we want to build our own blockchain and Polkadot’s Substrate framework lets us do this, in a highly specialized manner. Second, we believe the future of the industry will involve specialized blockhains communicating/integrating with eachother and Polkadot has the best cross-chain communication in the industry. For these reasons, plus the forkless upgrades it was an easy decision to build on Polkadot.

Yuno – Blockelite Host: agree, Polkadot is so hot
Next question
Q3. Can you share more about your Investors did you have?

Graeme Fox – Business Development Director of Ruby: Yeah for sure! We did an announcement earlier this month disclosing the end of our private fundraising where we raised 7.3M from some pretty key investors. To name a few of the leading investors, they were Digital Strategies, DFG Group, SigNUM Capital, D1 Ventures, Global Coin Research, Ocean Foundation, DWeb3 Capital, and Maverick Global Ventures.

For more information on the raise, please check out the article here.
https://venturebeat.com/2022/02/09/ruby-protocol-lands-7-3m-for-web3-encryption-solution/

Yuno – Blockelite Host: Thanks for sharing, next question
Q4. What is your business model?q How do you maintain and long-term development of your project?

Graeme Fox – Business Development Director of Ruby: Our protocol focuses on two main aspects. First we are a layer-1 blockchain that allows for privacy first smart contract applications. Second, we will provide privacy-as-a-service to all of the projects in the Polkadot ecosystem and then look to expand from there.

Between these two aspects, we will be the privacy hub for Polkadot and eventually Web3. As we believe that privacy in applications is the next step to mass adoption of the industry.

Yuno – Blockelite Host: Continue with Q5
Q5. Who is the main target audience of your project? Any fees when using your product?

Graeme Fox – Business Development Director of Ruby: The main target audience is for developers and other Polkadot projects. We will have a developer adoption program to attract developers to our platform to build privacy first applications. Then we will also work with other Web3 projects to integrate privacy into their applications.

Yes, their will be a small fee every time a project wants to use our privacy functions.

Yuno – Blockelite Host: Last question
Q6. What’s the next roadmap for 2022?

Graeme Fox – Business Development Director of Ruby: 2022 is going to be an exciting year for us! In our roadmap we have submitted our Milestone 2 of our Web3 Grant and just waiting for it to be accepted by the Web3 team now. We will also be starting our ambassador program and launching our testnet. Once the testnet is up and running, we will be working with our partners for private transaction integration. We will also be going for a parachain auction in Q2/Q3. After we secure a parachain slot we will have our TGE, launch a Developer Adoption Program and expand our integration ecosystem.

so a lot packed in for 2022!

Yuno – Blockelite Host: Sounds great
We wrapped up nicely the first part.
Are you ready for Segment 2 (5 best questions from twitter)?

Graeme Fox – Business Development Director of Ruby: yeah, lets do it!

Yuno – Blockelite Host: Our guest is ready, we will start Segment 2 right now !!!
Q1. Currently, most projects and platforms are in English. How will your project reach non-English local communities. Make it easy for people around the world to use your service. Do you have any plan to develop project in different language?

Graeme Fox – Business Development Director of Ruby: We are looking to start up communities channels in various languages, so it you are interested in helping run one of those communities please reach out the the team in our Ruby Official TG group. We will also create documentation in other languages where we see it necessary. We realize that their is a lot of people that are interested in Web3 that are not English speaking and will accommodate everybody at Ruby.

Yuno – Blockelite Host: Next question
Q2. Do you have AUDIT certificates? or, Are you working to AUDIT your project, to make it more secure, trustworthy and reliable?

Graeme Fox – Business Development Director of Ruby: We do not have one yet, but are working to get one. Once our Milestone 2 is approved by the Web3 team and we have a testnet running we will definitely get an AUDIT certificate!

Yuno – Blockelite Host: Next question
Q3. COVID-19 has had a significant impact on the global economy, and the consequences for many globally recognised enterprises have been disastrous. How has Project enabled and retained commercial financing during this challenging financial period?

Graeme Fox – Business Development Director of Ruby: As mentioned above we just closed our private funding round of 7.3M. So in terms of financing, we have a good runway to grow the team and focus on development!

Yuno – Blockelite Host: $7,3M , nice
continue with Q4
Q4. CAN you explain how is your Tokenomics Distribution? How many tokens will be minted? and How many tokens will be locked by the team?

Graeme Fox – Business Development Director of Ruby: I will give a high level overview of our tokenomics since it is quite in depth. We have tokens allocated for private sale, public sale, Parachain loan offering, community/ecosystem development, developer adoption, etc. A total supply of 1 Billion tokens will be minted and 10% is allocated for the team.

You can find more information about our tokenomics here: https://wiki.ruby.io/getting-started/tokenomics

Yuno – Blockelite Host: Ok, last question of this segment, everyone please prepare good questions for segment 3.
Q5. As I know Ruby Protocol is powered by Polkadot. Is there a reason why this is the best blockchain for the project instead of other popular ones like solana or BSC?

Graeme Fox – Business Development Director of Ruby: We think Polkadot was the only choice for our project. As mentioned above, having the ability to build our own specialized blockchain and have that blockchain integrate/communicate with all of the other blockchains/applications in the polkadot ecosystem was a gamechanger. This is the way of the future for crypto and it is only the beginning for Polkadot and privacy in Web3.

Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community.

Blockelite community:
Where can I buy your tokens right now what is your current contract and how can I buy them??

Graeme Fox – Business Development Director of Ruby: Our token is not listed at the moment. We are looking to do a token launch after we secure a parachain slot.

Blockelite community:
Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?

Graeme Fox – Business Development Director of Ruby: Yes, we will be moving to a DAO based system eventually. Token holders will be able to vote on anything they choose. If you hold tokens you will be able to bring up referenda and have the rest of the community vote on it.

Blockelite community:
what is the background, of the your project, team do you think team’s qualifications, and experience, able to support the long-term development, of the project?

Graeme Fox – Business Development Director of Ruby: Our founders are Tyler Gellatly, Suhas Hegde, Beni Issembert and Dr. Heisenburg. They started the project in late 2020. They collaborated on other projects together and shared a mutual bond for privacy. They all agreed that the Web3 space was missing a strong privacy focused project in the Polkadot Ecosystem and decided to start Ruby! They also have great backgrounds and have been in the space for a while. So this is definitely a team that can take this project all the way.

Blockelite community:
What are plans in for global expansion? Are you focusing on market at this time or focus on building and developing or getting customers and users, or partnerships?

Graeme Fox – Business Development Director of Ruby: We are focused on the Polkadot ecosystem for the time being. There are a lot of projects in the space that we ca integrate privacy into. Then after we have done all we can with the Polkadot ecosystem, we will be looking to expand from there!

Blockelite community:
Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one ?

Graeme Fox – Business Development Director of Ruby: We do not have one yet, but be on the lookout for one coming out soon! Community is everything to us and we want to reward our community that helps push the project forward.

Yuno – Blockelite Host: Thank you for joining today AMA! It was awesome!
Our AMA session is now over !!!