Ripple and XRPL Labs join digital asset recovery protocol DeRec Alliance
Ripple and XRPL Labs joined Hedera developer Swirlds Labs and the Algorand Foundation as founding members of the Decentralized Recovery (DeRec) Alliance. DeRec Alliance aims to standardize and expedite how digital assets can be recovered in the web3 industry, especially for crypto non-experts.
Other DeRec Alliance members include Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, The HBAR Foundation and Revive Labs, according to a release shared with The Block.
The DeRec Alliance was founded by Hedera co-founder Leemon Baird to provide an open-source process expediting digital asset recovery. Members collaborate on developing a new interoperability recovery standard applicable to a wide swathe of users, especially those without crypto expertise.
"In this digital age, users need a safety net for when they lose keys or passwords or other secrets," Baird told The Block. "This is needed for both web2 and web3, and is critical to bringing these technologies to the majority of the world. It is great to see the industry working together to build DeRec Alliance to address this need."
The Algorand Foundation and Swirlds Labs initially partnered in January of this year to create the DeRec Alliance. Founding members offer feedback on Alliance policies and governance structure and hold a two-year seat on the Technical Oversight Committee.
The protocol establishes a standard system of secret management among designated helpers. Helpers recover secrets without sharing information about the secret itself.
"As we work towards mass retail adoption, it's becoming increasingly clear that advanced yet user-friendly solutions for key recovery are essential. The DeRec Alliance comes at a critical moment, uniting experts to enhance interoperability and simplify the user experience without compromising security," said XRP Labs Founder and CEO Wietse Wind in the release.
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