DeRec has revealed that Ripple and XRPL have joined its alliance as founding members to oversee the technical aspects of the Web3 industry’s overall development.
DeRec is an open-source protocol for secret management that aims to share small fragments of secrets among a group of individuals.
The Decentralized Recovery Alliance (DeRec) has announced that Ripple and XRPL, along with Swirlds Labs and the Algorand Foundation, have become the latest brands to join the alliance as founding members. They will hold a two-year position on the technical oversight committee, providing input on governance policies and the core alliance.
Other projects such as Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, The HBAR Foundation, and Revive Labs have also reportedly joined the alliance as members. They are expected to contribute meaningful insights on policies and provide oversight.
The expansion of the alliance signifies a significant effort to drive collaborative, multi-chain initiatives in developing an open-source, interoperable, decentralized digital asset recovery, and industry standard methodology. The aim is to accelerate the adoption of Web3.
The DeRec alliance was founded by Dr. Leemon Baird, the co-founder of Hedera. However, it is recognized as a joint effort between Algorand and Hedera. The objective was to revolutionize the Web3 ecosystem by using digital asset recovery to provide a simplified process for recovering digital assets, passwords, accounts, and other secrets through an open-source methodology.
The DeRec Alliance is a collective of individuals and organizations dedicated to simplifying the process of securing and recovering digital assets, accounts, passwords, and other secrets, similar to the experiences in Web2. The alliance encourages collaboration among blockchains and industries to establish standards and open-source code that can ensure the safety promised by Web3, without the complexity.
DeRec is essentially an open-source protocol for secret management that enables the sharing of small fragments of secrets among a group of individuals known as helpers. Each helper holds a small part of the secret, allowing the original users to recover it when needed. However, no single helper possesses enough information to fully recover or gain unauthorized access to an account.
In other words, the shared information only becomes useful when a majority or a significant number of users share their fragments of the secret with the user. An automatic mechanism is in place to anonymously share the secrets when changes occur.
John Woods, the CTO of the Algorand Foundation, believes that the addition of new members will help the alliance reach the critical mass necessary to make a positive impact on the industry and effectively sustain the project.
Wietse Wind, the Founder & CEO of XRPL Labs, expressed his thoughts on the collaboration, stating that user-friendly solutions for key recovery are crucial for mass retail adoption. He also emphasized the importance of uniting experts to enhance interoperability and simplify the user experience without compromising security. XRPL Labs is proud to be a founding member committed to pushing the boundaries of what is possible together.
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