- DeRec discloses that Ripple and XRPL joined its alliance as founding members to provide technical oversight for the overall growth of the Web3 industry.
- DeRec is an open-source secret management protocol meant to share tiny pieces of secrets among a set of individuals.
Decentralized Recovery Alliance (DeRec) announces that Ripple and XRPL have become the latest brands to join the Alliance as founding members together with Swirlds Labs and Algorand Foundation. This gives them a two-year seat on the technical oversight committee to provide input on governance policies and core alliance.
In addition to these, projects including “Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, The HBAR Foundation, and Revive Labs” have reportedly joined as Alliance members. As expected, they are mandated to provide meaningful inputs on policies and provide oversight.
What the Alliance Represents
According to the official announcement, the expansion of the Alliance represents a significant effort to drive their collaborative, multi-chain efforts to develop an open source, interoperable, decentralized digital asset recovery, and industry standard methodology to accelerate the adoption of Web3.
For context, the DeRec alliance was founded by the co-founder of Hedera Dr Leemon Baird. However, its existence is recognized as a joint effort between Algorand and Hedera. The idea was to use digital asset recovery to revolutionize the Web3 ecosystem by providing an open-source methodology while making the process of recovering digital assets, passwords, accounts, and other secrets as simple as possible. This was comprehensively highlighted by Dr. Baird.
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. We encourage every blockchain and every industry to work together to create the standards and the open source code needed to bring safety to the promise of Web3, without the complexity.
More on the DeRec Protocol
Essentially, DeRec is an open-source secret management protocol designed to share a tiny piece of secrets among a set of individuals called helpers. Specifically, the helpers hold a tiny bit of these secrets to enable the original users to recover them when necessary. However, a secret held by each helper does not provide sufficient information to recover or break into an account.
In other words, the information only becomes useful when more or half of the users share a tiny bit of the secret at their disposal with the user. Interestingly, an automatic mechanism has been put in place to enable secrets to be shared when changed, with all of these happening anonymously.
For a successful execution of its plans and the need for this project to be sustained in an effective manner, John Woods, CTO of the Algorand Foundation believes that the addition of these new members would enable them to reach the critical mass required for the alliance to yield its positive impacts on the industry.
Wietse Wind, Founder & CEO of XRPL Labs also commented on this collaboration:
As we work towards mass retail adoption, it’s becoming increasingly clear that advanced yet user-friendly solutions for key recovery are essential[…]uniting experts to enhance interoperability and simplify the user experience without compromising security. I am proud that XRPL Labs is a founding member committed to pushing the boundaries of what’s possible together.
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Source: https://www.crypto-news-flash.com/ripple-and-xrpl-labs-partner-with-hedera-and-algorand-in-derec-alliance-as-founding-members/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-and-xrpl-labs-partner-with-hedera-and-algorand-in-derec-alliance-as-founding-members