Ripple joins Swirlds Labs and the Algorand Foundation as a founding member of the DeRec Alliance.
The alliance aims to simplify the implementation and recovery of digital assets. The decentralized recovery (DeRec) protocol created within the project allows private information to be recovered even if users lose their smartphone or other two-factor authentication device.
Dr. Lemon Bird, co-founder of Hedera, said that the DeRec Alliance was initially developed as an open source project to develop a methodology and industry standards for convenient, secure, and decentralized asset recovery for all wallets.
“We encourage every blockchain and every industry to work together to create the standards and open source code needed to deliver the security of the promise of Web3, without the complexity.”
Dr. A.S. Lemon Bird, co-founder of Hedera
The initiative was initially launched by ecosystem members Hedera and Algorand. Ripple and its division XRPL Labs joined the pair as members of the Technical Oversight Committee with terms of reference for two years.
BankSocial President John Wingate also noted that the initiative solves one of the most important problems of self-storage of digital assets, which is the risk of irretrievable loss.
According to Blade Labs CEO Sami Mian, such incidents prevent users from transacting with cryptocurrencies.
“Self-custody of digital assets can revolutionize asset ownership and value exchange, but the terrible user experience and risk of permanent loss remain a challenge. By pioneering integration with the DeRec protocol and working closely with the alliance, we aim to bring this innovation to the masses.” “
Sami Mian, CEO of Blade Labs
Ripple has announced the launch of its stablecoin on the
