Ripple and XRPL Labs have partnered with Hedera and Algorand to form the DeRec Alliance, aiming to develop a new standard for digital asset recovery, bringing together industry leaders to enhance interoperability and accessibility in the crypto space.
Ripple And XRPL Labs Join DeRec Alliance
Ripple and XRPL Labs, two significant players in the blockchain industry, have joined forces with the Algorand Foundation and Swirlds Labs, the developer of the blockchain network Hedera. Together, they form the founding members of the Decentralized Recovery (DeRec) Alliance, with two-year seats on the Technical Oversight Committee (TOC).
XRPL Labs Founder and CEO Wietse Wind commented on the initiative,
"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.”
Developing New Standards In Web3
The DeRec Alliance brings together a diverse group of members, including Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, The HBAR Foundation, and Revive Labs. These members, united by a common goal, will work together to provide input on policies and oversight and develop a new interoperability recovery standard. This standard is set to revolutionize the recovery and adoption of crypto and other assets, making it more accessible to a wider audience.
Markus Infranger believes that the alliance will address issues surrounding the safe and user-friendly management of private keys.
He said,
“By establishing clear standards for key recovery, this collaboration across the crypto industry empowers individuals to take control of their digital assets with confidence. Ripple is committed to supporting this effort and working alongside other leaders to create a more interoperable and accessible ecosystem. 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."
Enhancing Digital Asset Recovery
The DeRec Alliance was founded by Hedera co-founder Leemon Baird and was initially launched by members of the Hedera and Algorand ecosystem in January 2024. The alliance's primary goal is to provide an open-source process that expedites digital asset recovery. Members, including Ripple and XRPL Labs, are actively collaborating on developing a new interoperability recovery standard. This standard will be applicable to a wide range of users, especially those without crypto expertise, thereby significantly enhancing the accessibility of digital asset recovery.
Talking about the role of the DeRec Alliance in recovery processes, Baird said,
"In this digital age, users need a safety net for when they lose keys or passwords or other secrets. 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."
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
