Ripple Joins Decentralized Recovery Alliance to Aid in Crypto Asset Recovery
- Ripple and XRPL Labs have joined the Decentralized Recovery (DeRec) Alliance, an organization aimed at facilitating the recovery of digital assets.
- The alliance, led by Hedera co-founder Leemon Baird, includes other blockchain organizations such as Swirlds Labs and the Algorand Foundation.
- The DeRec Alliance aims to improve interoperability across various blockchain networks through an open-source process.
Ripple and XRPL Labs join the Decentralized Recovery Alliance to facilitate the recovery of digital assets, aiming to improve interoperability across blockchain networks.
Ripple and XRPL Labs Join DeRec Alliance
Ripple and XRPL Labs have become members of the Decentralized Recovery (DeRec) Alliance. This alliance, which includes other blockchain organizations such as Swirlds Labs, developer of Hedera, and the Algorand Foundation, aims to facilitate the recovery of digital assets. The DeRec Alliance is led by Hedera co-founder Leemon Baird and seeks to improve interoperability across various blockchain networks through an open-source process.
DeRec Alliance’s Mission and Members
The DeRec Alliance includes members such as Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, The HBAR Foundation, and Revive Labs. These members collaborate to develop a new standard for interoperability recovery, addressing the needs of users who may lack extensive knowledge in cryptocurrencies. The alliance’s protocol is designed to establish a standardized system for managing secrets with the help of designated helpers. These helpers can aid in recovering secrets without ever directly accessing the secret itself, ensuring both privacy and security are maintained.
Ripple’s Recent Legal Battle with the SEC
Earlier in April, Ripple Labs responded to the U.S. Securities and Exchange Commission’s (SEC) recent demand for $2 billion in penalties, arguing that the amount should be substantially reduced to $10 million. The legal stance was disclosed in a court document filed late Monday. The SEC’s hefty penalty suggestion last month is part of an ongoing legal battle where the commission accused Ripple of illegally raising $1.3 billion through unregistered securities sales of its XRP token to institutional investors. In contrast, Ripple has contended that these penalties are excessively punitive and unwarranted given the nature of the allegations, which do not include accusations of recklessness or fraud.
Conclusion
Ripple’s membership in the DeRec Alliance marks a significant step in improving the recovery of digital assets and enhancing interoperability across blockchain networks. This move, coupled with Ripple’s ongoing legal battle with the SEC, highlights the company’s commitment to addressing the challenges and complexities of the cryptocurrency landscape. As the DeRec Alliance continues to grow and develop its recovery protocol, it is expected to play a crucial role in simplifying the user experience and promoting the adoption of digital assets.
