Ruby Gains $7.3M for Web3 Encryption, Grants On-chain privacy policy

Ruby protocol is bringing encryption solutions to the Web3 ecosystem for users to have greater control and privacy over their data, through its novel functional encryption cryptography.

The privacy-first layer 1 blockchain has recently closed a Ruby $7.3 million funding round led by leading venture capitalists and angel investors including Digital Strategies, DFG Group, Signum Capital, D1 Ventures, GenBlock Capital, Global Coin Research, Ocean Foundation, DWeb3 Capital, Maverick Global Ventures, Bruce Pon (Ocean Protocol), Yoon Kim (TRGC), Charles Read (Rarestone Capital), and other industry leaders in the blockchain space.

With the influx of fresh capital, Ruby intends to meet the privacy needs of users across transactions, smart contracts, and the broader Web3 space in a single protocol. They also seek to advance the core development of its privacy-focused layer-1 blockchain while expanding research into emerging decentralized applications.

Ruby protocol is oriented towards leading a new landscape in the future of Web3 and beyond decentralization. The project seeks to create ways for Web3 users to own and use their data to their advantage.

To ensure users have complete charge over their on-chain information as Web3 develops further into a more vast ecosystem, Ruby Protocol has curated its layer 1 smart contract platform. This will allow individuals to gain granular access and ownership to their private data and also influence how and when it is used.

Speaking about ownership and privacy in the decentralized landscape, Ruby Protocol’s Co-Founder Tyler Gellatly shared Ruby’s intention to redefine data ownership.

Ownership and privacy is a central piece in the ongoing transition from Web2 to Web3, as users seek maximum ownership over their data. Through Ruby’s data ownership framework, we aim to give people granular access control over their data and the power to choose what they share with third parties. With our novel Functional Encryption cryptography, we’re excited to meet the privacy needs of users across transactions, smart contracts, and the broader Web3 space in a single protocol.

Building Cross-chain Cryptographic Infrastructure

Unlike other blockchain-powered projects seeking to fill in DeFi privacy gaps, Ruby is taking a multipronged approach to privacy issues through the use of cryptography as the foundation of its platform. The project is building cross-chain cryptographic infrastructure for users to have a robust experience.

The core cryptographic technology Ruby adopts is attribute-based Functional Encryption (FE), which is specifically developed for user benefit, giving individuals the liberty to choose what data is shared publicly or privately, depending on the use case. In the future, decentralized application users will have full ownership and control over their data in a decentralized environment and Ruby intends to be a significant player in this sector.

Founded by blockchain industry veterans – Suhas Hegde and Beni Issembert – and Y-Combinator alumnus Tyler Gellatly in 2021, Ruby’s model for on-chain transactions adopts zero-knowledge proof micropayment schemes, and this gives Web3 citizens the chance to anonymize on-chain transactions.

This supports multiple use cases across the Web3 space, including DeFi, NFTs, Social dApps, and GameFi, driving overall blockchain adoption.