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Ripple and XRPL Labs have become founding members of the Decentralized Recovery (DeRec) Alliance, joining forces with Algorand Foundation and Swirlds Labs. As founding members, they will hold two-year seats on the Technical Oversight Committee, contributing to governance and policy development, said DeRec in today’s blog announcement.
We are excited to announce that @Ripple and @XRPLLabs have joined @swirldslabs and @AlgoFoundation as Founding Members of the Decentralized Recovery Alliance, with two-year seats on the Technical Oversight Committee providing input on governance and core Alliance policies. #DeRec… pic.twitter.com/APP4Z70jIC
— Decentralized Recovery Alliance (@DeRecAlliance) May 9, 2024
The HBAR Foundation, the Hashgraph Association, Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, and Revive Labs, have become DeRec’s Alliance Members. They will help create a new interoperability recovery standard to facilitate the recovery and adoption of digital assets, DeRec stated.
Initially launched by Hedera and Algorand members, the DeRec Alliance’s mission is to simplify digital asset recovery, making it as user-friendly as Web2 experiences.
Currently recovering crypto can be complicated. The Alliance wants to make it as simple as recovering an online account. This will be especially helpful for new users who might be discouraged by the complexity of Web3.
The DeRec Alliance is developing an open-source protocol designed to help users recover lost digital assets such as secret keys, passwords, and seed phrases. By facilitating the recovery of secret keys, passwords, and seed phrases in a completely decentralized manner, the protocol ensures that personal data remains confidential and secure.
The Alliance hopes that all blockchain companies will adopt this standard, making recovery easier across the entire crypto ecosystem.
“The DeRec Alliance is a group of individuals and organizations committed to making the process of securing and recovering digital assets, accounts, passwords, and other secrets as simple as existing Web2 experiences,” said Dr. Leemon Baird, Hedera co-founder.
Markus Infanger of RippleX expressed Ripple’s commitment to the Alliance’s goals. He also emphasized the importance of user-friendly private key management.
“The DeRec Alliance addresses one of the biggest challenges facing mainstream crypto adoption—secure and user-friendly management of private keys,” Infanger stated. “Together, we can revolutionize how users manage their private keys, representing a major step forward for user security and adoption – not just for XRP Ledger users, but for everyone in crypto.”
As noted, Alliance Members, including Acoer and BankSocial, are adopting DeRec standards and practices to make decentralized recovery accessible. They contribute to policy and oversee the development of DeRec-based solutions, with some already integrating the protocol into their systems.
The DeRec Alliance represents a collective effort to overcome the challenges of digital asset self-custody and recovery, aiming to bring peace of mind to users and promote mainstream adoption of digital assets.
“Improving the user experience and interoperability is required for mass adoption of digital assets and Web3 technologies more broadly. The innovative and democratized approach of DeRec is a huge step forward and we are excited to be a part of this evolution,” said Shayne Higdon, Co-Founder and CEO, The HBAR Foundation.
“We are excited to join this alliance, recognizing the opportunity for greater levels of interoperability across chains and significantly improved user experience that will enable mainstream adoption of token holding,” said Ralf Kubli, Senior Director, Casper Association.
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