$RUBY is the native token of the Ruby Protocol that stakers deposit as collateral to run a node on the network. Blockchain needs a privacy layer to support data monetization. The utility of $RUBY includes but is not limited to:
- Staking: All the nodes are required to stake $RUBY and run nodes to secure the decentralization of the Ruby Protocol.
- Governance: $RUBY token holders can create and vote for proposals. Token holders can vote for protocol upgrades.
- Payment: $RUBY will be used as the payment method for transaction fees occurring on the network.
Ruby will establish a community autonomous organization, namely RubyDAO. It will be based on Polkadot’s on-chain governance mechanism or any future blockchain network we intend to deploy. Any Ruby token holder will be able to initiate governance proposals, adjust governance parameters, or apply for grants.
However, the RubyDAO governance level needs to be adapted to the development of the project. Especially in the early development stage, when the product and business are still immature, the development will be hampered if the governance relies solely on community autonomy. Market opportunities will also be missed. Therefore, the autonomy level of RubyDAO will continue to improve with the stage of development. Finally, the community will enjoy full autonomy.
Holders of Ruby tokens can make proposals for the following aspects in accordance with the rules:
- System code upgrade;
- Adjustment of system governance parameters, such as handling fee, amount of Staked Ruby, etc.;
- Modification of governance rules;
- Addition or modification of product features;
- Financial support and incentive plan;