Ruby Protocol: Abbreviated Introduction
The advent of Web3 has brought many interesting products and concepts. For instance, Decentralized Finance (DeFi) allows users to access sophisticated financial services without a bank account. It can also be expected that many traditional institutions will in the near future join the DeFi market.
This shift to DeFi would present challenges regarding Know Your Customer (KYC) requirements since regulatory compliance is a usual requirement in TradFi markets, while newcomers to DeFi might be reluctant to give out private information.
Ruby Protocol addresses this challenge by focusing on performing KYC without giving out private identity information. The functional encryption will be utilized to ensure that only controlled KYC information is revealed.
The network’s native token, RUBY, provides several utilities to the holders. The total supply of RUBY tokens is finite and is subject to deflationary pressure.
Ruby Protocol is registered in the Cayman Islands, and the governance is proposed to be transferred to RubyDAO.
The team has a strong technical background and includes early adopters of cryptocurrency. Moreover, Ruby Protocol has also been backed by multiple investors.
At present, however, the project is yet to launch the testnet and the mainnet.
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