DeRec has revealed that Ripple and XRPL have joined its alliance as founding members, providing technical oversight for the growth of the Web3 industry.
DeRec, an open-source secret management protocol, aims to share small pieces of secrets among a group of individuals. The Decentralized Recovery Alliance (DeRec) has announced that Ripple and XRPL have joined as founding members, alongside Swirlds Labs and the Algorand Foundation. As founding members, they will have a two-year seat on the technical oversight committee, contributing to governance policies and the core alliance.
In addition to Ripple and XRPL, other projects such as Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, The HBAR Foundation, and Revive Labs have also joined the alliance. These projects are expected to provide valuable insights on policies and oversight.
The expansion of the alliance represents a significant effort to drive collaborative, multi-chain initiatives to develop an open-source, interoperable, decentralized digital asset recovery method. The aim is to accelerate the adoption of Web3. The DeRec alliance was founded by Dr. Leemon Baird, co-founder of Hedera. However, it is recognized as a joint effort between Algorand and Hedera. The goal is to revolutionize the Web3 ecosystem by simplifying the process of recovering digital assets, passwords, accounts, and other secrets through an open-source methodology.
The DeRec Alliance consists of individuals and organizations dedicated to making the process of securing and recovering digital assets as simple as existing Web2 experiences. The aim is to create standards and open-source code to ensure the safety of Web3 without complexity.
The DeRec protocol is an open-source secret management protocol that enables the sharing of small pieces of secrets among a group of individuals known as helpers. Each helper holds a portion of the secret, but it is not enough to recover or break into an account. The information becomes useful when more than half of the users share their portion of the secret with the user. An automatic mechanism is in place to anonymously share secrets when they are changed.
John Woods, CTO of the Algorand Foundation, believes that the addition of new members will help the alliance reach the critical mass needed to have a positive impact on the industry. Wietse Wind, Founder & CEO of XRPL Labs, also expressed his enthusiasm for the collaboration, stating that user-friendly solutions for key recovery are crucial for mass retail adoption.
Overall, the addition of Ripple and XRPL to the DeRec alliance strengthens its mission to simplify the process of securing and recovering digital assets in the Web3 industry.