- Ripple, the company behind XRP, has announced a major partnership with several other cryptocurrency companies.
- Ripple and XRPL Labs recently joined forces with Swirlds Labs, the developer of the blockchain network Hedera, and the Algorand Foundation to become members of the Decentralized Recovery (DeRec) Alliance.
- The DeRec Alliance, which includes members such as Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, HBAR Foundation, and Revive Labs, was founded by Hedera co-founder Leemon Baird. The alliance aims to accelerate the recovery of lost digital assets by providing an open-source process.
Ripple and XRPL Labs join forces with Swirlds Labs and the Algorand Foundation to become members of the Decentralized Recovery (DeRec) Alliance, aiming to accelerate the recovery of lost digital assets.
Ripple and XRPL Labs Join DeRec Alliance
Ripple and XRPL Labs have announced their membership in the Decentralized Recovery (DeRec) Alliance. This alliance, founded by Hedera co-founder Leemon Baird, aims to provide an open-source process to accelerate the recovery of lost digital assets. The alliance includes other notable members such as Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, HBAR Foundation, and Revive Labs.
DeRec Alliance’s Mission
The DeRec Alliance is committed to creating a more secure digital asset ecosystem. By providing an open-source process, the alliance aims to accelerate the recovery of lost digital assets, a common issue in the cryptocurrency space. The alliance believes that improved, user-friendly solutions for key recovery are increasingly necessary as we move towards mass individual adoption.
Partnership with Swirlds Labs and Algorand Foundation
Swirlds Labs, the developer of the blockchain network Hedera, and the Algorand Foundation partnered to form the DeRec Alliance earlier this year. Founding members provide feedback on alliance policies and governance structure, and hold a two-year seat on the Technical Oversight Committee.
Conclusion
The partnership between Ripple, XRPL Labs, Swirlds Labs, and the Algorand Foundation in the DeRec Alliance represents a significant step towards creating a more secure and user-friendly digital asset ecosystem. As the cryptocurrency space continues to grow, initiatives like the DeRec Alliance will play a crucial role in addressing common issues such as the recovery of lost digital assets.
