Ruby Protocol and its advantages over other private Web3 solutions
Everyone has the right to privacy of their data, especially if we are talking about finances. But blockchain is too transparent. Using it reveals too much information to third parties. Moreover, this information can be viewed by anyone!
At the moment there are different privacy solutions, but yet all of them face some limitations:
- Mixing — takes a lot of time and too expensive.
- Usage of anonymous cryptocurrencies, for example:
- Monero — has a large transaction size and scalability issues.
- Dash — PrivateSend mechanism mixes coins of several users and merges them into one transaction, but this information stays on masternodes.
And the most important problem that unites all of these methods is that they are all single chain!
This is where Ruby Protocol and Zero-Knowledge Proof Technology (ZKP) comes to the rescue.
ZKP technology can handle the problem of confidentiality perfectly, because it can prove the correctness of the data without revealing more detailed information.
In this way neither the recipient nor the sender will receive any unnecessary information. And even more this information won’t be received by third parties!
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