Acoer, BankSocial, Blade Labs, The Building
Blocks, Casper Network, Constellation Network, The Hashgraph
Association, The HBAR Foundation, and Revive Labs Join as Alliance
Members, Enabling Mass Market Decentralized
Recovery
ST.
MORITZ, Switzerland, May 9, 2024
/PRNewswire/ -- Ripple, the leading provider of enterprise
blockchain and crypto solutions and XRPL Labs, the
company that develops wallets and other software for the
XRP ledger, have joined Swirlds Labs and the Algorand
Foundation as the Founding Members of the DeRec Alliance, with
two-year seats on the Technical Oversight Committee (TOC). Acoer,
BankSocial, Blade Labs, The Building Blocks, Casper Association,
Constellation Network, The Hashgraph Association, The HBAR
Foundation, and Revive Labs have also joined as Alliance Members,
to provide inputs on policies and oversight, and work together to
develop a new interoperability recovery standard that will
dramatically simplify the recovery and adoption of
crypto and other assets.
As Web3 applications become mainstream, application providers
want to make the user experience seamless, user-friendly, and
simple enough to gain widespread adoption by millions worldwide.
Today, the experience requires a highly sophisticated user, willing
to take on the onerous task of securing their online secrets, such
as digital assets, accounts, keys, and passwords.
Decentralized recovery makes cold storage,
self-custody, and other earlier forms of account recovery
unnecessary for any kind of asset.
Invented by Dr. Leemon Baird,
co-founder of Hedera, and initially launched by members of the
Hedera and Algorand ecosystem in January of this year, the DeRec
Alliance aims to bring together the Web3 ecosystem to offer an
open-source, industry-standard methodology that makes digital asset
recovery painless and secure across wallets.
Founding Members - leading oversight and governance
Founding members hold a two-year seat on the Technical Oversight
Committee (TOC), provide input on Alliance governance structure,
and offer input on core Alliance policies.
"The DeRec Alliance is a group of individuals and organizations
committed to making the process of securing and recovering digital
assets, accounts, passwords, and other secrets as simple as
existing Web2 experiences," said Dr. Baird. "We encourage every
blockchain and every industry to work together to create the
standards and the open source code needed to bring safety to the
promise of Web3, without the complexity."
"I'm thrilled with the addition of these new members to the
DeRec Alliance," said John Woods,
CTO of the Algorand Foundation. "As more and more influential
projects join the Alliance, we reach the critical mass required for
DeRec to yield its hugely positive impact on the industry."
"The DeRec Alliance addresses one of the biggest challenges
facing mainstream crypto adoption—secure and
user-friendly management of private keys. By establishing clear
standards for key recovery, this collaboration across the
crypto industry empowers individuals to take control
of their digital assets with confidence. Ripple is committed to
supporting this effort and working alongside other leaders to
create a more interoperable and accessible ecosystem. Together, we
can revolutionize how users manage their private keys, representing
a major step forward for user security and adoption – not just for
XRP Ledger users, but for everyone in
crypto." – Markus
Infanger, Senior Vice President of RippleX
"As we work towards mass retail adoption, it's becoming
increasingly clear that advanced yet user-friendly solutions for
key recovery are essential. The DeRec Alliance comes at a
critical moment, uniting experts to enhance interoperability and
simplify the user experience without compromising security. I am
proud that XRPL Labs is a founding member committed to pushing the
boundaries of what's possible together." –Wietse Wind, Founder
& CEO, XRPL Labs
Alliance Members - providing policy and overseeing input;
building DeRec based solutions
Alliance members nominate for and vote in Technical Oversight
Committee (TOC) elections and appoint two TOC seats with
maintainers. They participate in quarterly Alliance member meetings
and provide input on policy for TOC voting. And importantly, they
also include a large number of organizations adopting the DeRec
Alliance standards and best practices that make
decentralized recovery simple and available to a wide
number of end users.
"We're excited to contribute to the growth and adoption of
DeRec. DeRec has implications beyond just Web3 digital asset
recovery, and we're looking forward to exploring those in the work
that we're doing in our blockchain-enabled health data systems." –
Jim Nasr, CEO, Acoer
"DeRec is a brilliant way to jump one of the major hurdles of
self-custody – recovery – and bring peace of mind to individuals
and businesses on the fence about digital assets. We have partnered
with Credit Unions to work as recovery helpers and deliver the
first commercial DeRec solution called Secura, a core component of
our wallet's user experience and we are so excited to have worked
with the DeRec Alliance to make it a reality." – John Wingate, CEO, BankSocial
"Digital asset self-custody can revolutionize asset ownership
and value exchange, but terrible user experience and the risk of
permanent loss remains 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, Co-Founder and CEO, Blade Labs
"As a vertical-agnostic venture builder with a portfolio of
companies actively revolutionizing music, film, finance and more
using the power of distributed ledger technologies and A.I., we are
thrilled to have been part of the DeRec protocol effort from the
very beginning and to continue bringing our collective vision for a
more accessible and mainstream third web to millions in the next 24
months" — Gracie Page-Fozzati,
Founding Partner, The Building Blocks
"We are excited to join this alliance, recognizing the
opportunity for greater levels of interoperability across chains
and significantly improved user experience that will enable
mainstream adoption of token holding" - Ralf Kubli, Senior Director, Casper Association.
"DeRec's cross-chain and cross-collaborative foundation is a
true expression of technology, mindshare, and leadership. This
alliance is essential to not only bringing exponential adoption to
web3 but also to institutions that require standards for secure key
management alongside value creation." – Ben
Jorgensen, CEO, Constellation Network
"It is great to welcome aboard leading players in the
decentralized ecosystem Ripple and XRP
Labs, among many other leaders in the DLT and blockchain ecosystem.
Working together and collaborating not only strengthens and grows
decentralization but also attracts more users and project builders.
The DeRec Alliance is very important whether for Hedera or others
because it solves a problem that has been hindering the growth of
digital assets and blockchain across the globe. Collaborations of
this kind are proof that blockchain and DLT players cannot succeed
in silos but rather by working hand in hand." - Kamal Youssefi, President of The Hashgraph
Association
"Improving the user experience and interoperability is required
for mass adoption of digital assets and Web3 technologies more
broadly. The innovative and democratized approach of DeRec is a
huge step forward and we are excited to be a part of this
evolution." – Shayne Higdon,
Co-Founder and CEO, The HBAR Foundation
"Recovery is the most pressing issue in today's digital systems.
The DeRec Alliance plays a critical role in securing digital
infrastructure across both web2 and web3, and we are excited to
help our customers easily adopt secure recovery technology and help
drive forward future innovation." - Dr. Andrew Stern, Founder and CEO, Revive Labs
The Protocol
The Decentralized Recovery (DeRec) open source
protocol is a standard approach to secret management, based on
secret sharing among a set of helpers (e.g. friends or businesses),
who can assist the user to recover their secret when needed. Each
helper's share reveals no information about the original secret,
and half the helpers can give the user their shares to reconstruct
the secret, even when a user has lost their phone or other
two-factor recovery device. The protocol includes automatic regular
confirmations that helpers still have shares of secrets, and
automatic re-sharing when secrets change or helpers join or leave.
The user never reveals who the helpers are, nor even how many
helpers there are, and even the helpers won't know that.
Organizations interested in joining the DeRec Alliance, or in
adopting technology that leverages the DeRec Alliance protocol can
visit https://derecalliance.org/.
About The DeRec Alliance
The DeRec Alliance is a group of forward-thinking companies from
across the Web2 and Web3 ecosystems that are committed to making
the process of securing and recovering digital assets, accounts,
and other secrets as simple as existing Web2 experiences.
Leveraging a new open source standard, these organizations are
working together to help their users and the broader world realize
the promise of Web3, without the complexity. For more information,
visit https://derecalliance.org/.
About Ripple:
Ripple is the leader in enterprise blockchain and
crypto solutions, transforming how the world moves,
manages, tokenizes and stores value. Ripple's business solutions
are faster, more transparent, and more cost effective - solving
inefficiencies that have long defined the status quo. And together
with partners and the larger developer community, we identify use
cases where crypto technology will inspire new
business models and create opportunity for more people. With every
solution, we're realizing a more sustainable global economy and
planet - increasing access to inclusive and scalable financial
systems while leveraging carbon-neutral blockchain technology and a
green digital asset, XRP. This is how we deliver on
our mission to build crypto solutions for a world
without economic borders.
Media Contact
emily@wachsman.com
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SOURCE DeRec Alliance