- Ripple, XRPL Labs, Swirlds Labs, and the Algorand Foundation have formed the DeRec Alliance to standardize digital asset recovery in the Web3 space.
- New members like Acoer and BankSocial have joined the alliance to enhance recovery standards.
- The DeRec Alliance, led by Dr. Leemon Baird, co-founder of Hedera, was launched in January with Hedera and Algorand as the pioneer partners.
The DeRec Alliance, a coalition of leading blockchain and cryptocurrency entities including Ripple, XRPL Labs, Swirlds Labs, and the Algorand Foundation, is working towards standardizing digital asset recovery in the Web3 space. New members, such as Acoer and BankSocial, have joined the alliance to further enhance recovery standards.
Formation of the DeRec Alliance
In a move that has attracted the interest of market participants, Ripple and XRPL Labs have partnered with Swirlds Labs and the Algorand Foundation to establish the DeRec Alliance. The two-year coalition aims to introduce a standardized approach to digital asset recovery and tackle the complexity often associated with securing and retrieving online assets, accounts, and passwords in the Web3 space.
New Members Joining the Alliance
Additional members such as Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, The HBAR Foundation, and Revive Labs have joined the alliance. These members will offer insights and expertise to developing “interoperability recovery” standards, further improving the alliance’s goals.
Role of the DeRec Alliance
Launched in January by Dr. Leemon Baird, co-founder of Hedera, the DeRec Alliance began with Hedera and Algorand as the pioneer partners. The alliance has since worked towards improving the security and recovery of digital assets, eliminating complex procedures required in Web3 environments. Months later, the coalition is establishing open-source protocols to simplify digital asset recovery and make it more accessible to users worldwide.
Conclusion
The DeRec Alliance is a significant step towards making the process of securing and recovering digital assets, accounts, passwords, and other secrets as simple as existing Web2 experiences. With the addition of new members and the development of open-source protocols, the alliance is set to revolutionize digital asset recovery in the Web3 space.
