Ripple has joined Swirlds Labs and the Algorand Foundation as a founding member of the DeRec Alliance. The initiative aims to simplify the implementation and recovery of digital assets.
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, 2024In January, Hedera co-founder Lemon Baird conceived DeRec Alliance as an open source project that will develop a methodology and industry standard for convenient, secure and decentralized asset recovery for all wallets.
"As Web3 becomes mainstream, application providers want to make user interaction seamless, convenient, and simple enough to be widely distributed to millions of people around the world. Today, this requires a very experienced user willing to take on the onerous task of securing their online secrets like accounts, keys and passwords," the statement said.
Initially, the initiative was launched by participants of the Hedera and Algorand ecosystems. Now Ripple and its XRPL Labs division have joined them as members of the Technical Supervision Committee with powers for two years.
Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, The HBAR Foundation and Revive Labs also cooperate with the project
"As we work towards the massive introduction of [cryptocurrencies] into retail trading, it is becoming increasingly clear that advanced and user-friendly key recovery solutions are essential. DeRec Alliance appeared at a critical moment, bringing together experts to improve compatibility and simplify interaction with consumers without compromising security," commented Vince Wind, CEO of XRPL Labs.
John Wingate, head of BankSocial, also noted that the initiative solves one of the most important problems of self—storage of digital assets - the risk of irretrievable loss.
According to Blade Labs CEO Sami Mian, such incidents are a "terrible user experience" and hinder the adoption of cryptocurrencies.
The decentralized DeRec protocol created within the framework of the project allows you to restore private information even in case of loss of a smartphone or other device for two-factor authentication. The solution uses anonymous "helpers" who store fractions of data without having any idea what these parts are or how many there are in total.
Recall that Ethereum developer Tim Beiko announced that the upcoming Pectra update will provide the ability to restore private keys.