On September 5, 2024, @OasisProtocol announced its membership as one of the initial members of the Decentralized Recovery (DeRec) Alliance @DeRecAlliance, marking a significant step for Oasis in promoting blockchain asset security and user experience.
The DeRec Alliance aims to solve the current challenges in the blockchain industry regarding the recovery of user keys, wallets, identities, and other information lost through the creation of a cross-platform asset recovery standard, promoting the widespread adoption of crypto assets and other digital assets.
Background and Significance of Oasis Joining the DeRec Alliance
With the rapid development of blockchain technology, more and more users and institutions are migrating the management and storage of digital assets to decentralized environments. However, for ordinary users, the management and recovery processes of private keys remain very complex, often leading to asset loss or inability to recover.
@OasisProtocol has been committed to improving the user experience of Web3 decentralized applications. By joining the DeRec Alliance, Oasis will be able to provide more comprehensive solutions in private key management and asset recovery.
According to Jernej Kos, the head of Oasis: "For the blockchain industry to achieve true large-scale applications, the flexibility, privacy, performance, and user experience of decentralized applications (dApps) must meet or even exceed Web2 standards. For a long time, private key management and recovery have been critical pain points hindering user experience. Our common goal with the DeRec Alliance is to eliminate this long-standing barrier and open up Web3 to a broader user base."
Other Core Members of the DeRec Alliance
In addition to @OasisProtocol, the DeRec Alliance has also attracted several leading companies in the blockchain industry as initial members to jointly promote the development of this global standard. These members include: @InputOutputHK
@hedera @AlgoFoundation @hashgraph @Ripple @XRPLLabs @DLT_Science @HashPackApp @palisadeinc
Oasis's Role in the DeRec Alliance
As an important member of the alliance, Oasis will contribute its technological advantages in the core areas of data privacy and decentralized technology. Oasis's privacy protection technology, including configurable privacy protection features, provides users with greater flexibility and security. In the DeRec Alliance, Oasis will collaborate with other members to further enhance Web3 users' experiences in key management and asset recovery, helping to develop and promote the DeRec protocol standard, enabling ordinary users to easily and securely manage their digital assets.
Conclusion
As an initial member of the DeRec Alliance, @OasisProtocol demonstrates its proactive stance in enhancing the blockchain user experience and promoting the adoption of Web3. The establishment of the DeRec Alliance represents a significant leap in the blockchain industry's security of user assets, and Oasis, as an important driver, will play a more critical role in the future of Web3 and crypto assets.
Reference Link
https://derecalliance.org/cardano-developer-input-output-and-hedera-join-the-derec-alliance-as-final-founding-members-alongside-algorand-foundation-hashgraph-ripple-and-xrpl-labs/