The Ruby Protocol is a functional encryption-based framework for data monetization, powered by Polkadot. It designs and implements a fine-grained data monetization framework serving as a privacy layer for interaction with smart contract platforms. This framework can achieve end-to-end encrypted data monetization on public blockchains such as Ethereum and Polkadot, as well as decentralized data solutions like IPFS.

RUBY is the native token of the Ruby Protocol, serving both governance and utility roles. RUBY plays a critical part in ensuring the networks decentralization. Uses for RUBY include, but are not limited to:
Staking: All nodes must stake RUBY to ensure the decentralization of the Ruby Protocol.
Governance: RUBY token holders can create proposals and vote. Token holders have the power to vote on protocol upgrades and parameter changes.
Rewards: RUBY incentivizes those who engage in data monetization and provide liquidity.