Ruby Protocol
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Tokenomics

Token Utilities

$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.

Token Distribution

Total supply of $RUBY tokens is 1 billion, with the distribution plan as the following:
Allocated to
Percentage
Vesting
Seed Round
6.0%
Subject to 24-month vesting schedule with a 3-month cliff and quarterly vesting in 4–24 months
Private Round I
8.0%
5% on TGE, quarterly vesting for 18 months, starting one quarter after the listing
Private Round II
10.0%
10% on TGE, quarterly vesting for 12 months, starting one quarter after the listing
Public Sale
8.0%
25% on TGE, quarterly vesting for 6 months, starting one quarter after the listing
Parachain Bond Funding
15.0%
10% on TGE, monthly vesting for 48 months
Ecosystem Development
10.0%
10% on TGE, monthly vesting for 24 months
Foundation Reserve
15.0%
10% on TGE, monthly vesting for 24 months
Founding Team
10.0%
Subject to 48-month vesting from network launch, with a 12-month cliff and monthly vesting thereafter
Partners and Advisors
5.0%
Subject to 24-month vesting from network launch, with a 6-month cliff and monthly vesting thereafter
Developer Adoption Program
5.0%
Subject to vesting 2-year monthly linear vest. Unused tokens can be used for future sales
Early Staking Reward
4.0%
Subject to 2-year vesting schedule from network launch with a 6-month cliff and monthly vesting thereafter
Community Reward
4.0%
Subject to 2-year vesting schedule from network launch with a 6-month cliff and monthly vesting thereafter

Token Value Captured

The big scale of data transactions in the Ruby Data Marketplace will provide an important value capture scenario for RUBY token, acting as the core value support of RUBY token:
  • RUBY token is the fuel in the Ruby network. All related transactions on the Ruby chain will require RUBY token as commission.
  • In the data upload, storage, transaction, promotion, etc., of the Ruby Data Marketplace, RUBY tokens have real use values, which will greatly encourage users to hold them.
  • 70% of RubyDAO revenue will be used for repurchase and burning in the secondary market, which will reduce the inflation rate of RUBY tokens. The whole system may even become deflationary.
  • When submitting an on-chain proposal, community members need to stake a certain amount of RUBY tokens.

Scenarios

RUBY token is the native token of Ruby Protocol. The initial total supply is 1 billion. It will be used for the security of the Ruby Protocol chain, and the construction and incentives of the data transaction market.
In Ruby Network, the application scenarios of RUBY Token are as follows:
  • Scenario 1: When the Data Owner uploads data, he/she needs to pay RUBY token to obtain watermarking technical services and data storage services;
  • Scenario 2: Data Owner can use RUBY token for promotion, such as obtaining better system recommendations, launching Data Buyer review incentive activities, etc.;
  • Scenario 3: Data Buyer can use RUBY Token to deduct the data purchase fee from the Data Owner or the Data Collector;
  • Scenario 4: RUBY Token holders can delegate RUBY to Validators to obtain staking rewards;
  • Scenario 5: RUBY Token holders can participate in the governance voting of RubyDAO;
  • Scenario 6: When the Ruby product goes live, mining incentives will be launched. Users who upload data will receive RUBY Token rewards;

Stakerholders

Validator
In the Ruby protocol, Validators produce blocks and package transactions. They are responsible for running the nodes of the Ruby chain.
Nominator
Nominators can delegate their RUBY tokens to Validators to gain staking rewards.
Data Owner
Data Owner refers to users who provide data. They could be either the TradiFi users or institutions or the host of NFT gated events. The data owner gets benefits in different forms via fine-grained access control of data. For instance, the user might get discounted access to DeFi apps by using the private data-sharing program between TradFi and DeFi.
Data Querier
Data Querier refers to users who wish to gain access to the data. It could be the TradiFi users’ private KYC data or the access key to an NFT gated event. It publishes data calculation function f(x) out of its needs and purchases the data from Data Owner and Data Collector. The Buyer pays in accordance with the agreement to the Data Owner and Data Collector.
Data Collector
Data Collector is responsible for the collection and processing of raw private data. This actor is optional, which is dependent on the concrete application scenario. For instance, the traditional financial institutions are the ones collecting private KYC information from the data owners, i.e., their clients.
RubyDAO Governor
RubyDAO Governor is responsible for the governance of RubyDAO. It consists of the core developers of Ruby Protocol, popular Crypto KOLs, well-known big data experts and scholars, and privacy and regulatory-compliance legal experts. An important task of RubyDAO governor is to admit and register new key authorities.

RubyDAO

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 the 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;