DeRec has revealed that Ripple and XRPL have joined its alliance as founding members to oversee the technical aspects of the Web3 industry’s overall growth.
DeRec is an open-source protocol for secret management that aims to distribute tiny fragments of secrets among a group of individuals.
The Decentralized Recovery Alliance (DeRec) has announced that Ripple and XRPL, along with Swirlds Labs and the Algorand Foundation, have joined as founding members. They will have a two-year tenure on the technical oversight committee, providing input on governance policies and the core alliance.
Other projects, including 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. These members are expected to contribute to policy-making and provide oversight.
The expansion of the Alliance signifies a significant effort to drive collaborative, multi-chain initiatives towards developing an open-source, interoperable, decentralized digital asset recovery system and industry standard methodology. The aim is to accelerate the adoption of Web3.
The DeRec alliance was founded by Dr. Leemon Baird, the co-founder of Hedera. However, it is recognized as a joint effort between Algorand and Hedera. The goal of the alliance is to revolutionize the Web3 ecosystem by simplifying the process of recovering digital assets, passwords, accounts, and other secrets through a comprehensive open-source methodology.
The DeRec Alliance is a collective of individuals and organizations dedicated to making the process of securing and recovering digital assets, accounts, passwords, and other secrets as easy as the current Web2 experiences. The alliance encourages collaboration between blockchains and industries to establish standards and develop the necessary open-source code to ensure safety in the Web3 space, without complexity.
DeRec is an open-source secret management protocol that allows a small portion of secrets to be shared among a group of individuals known as helpers. Each helper holds a small portion of the secret, enabling the original user to recover it when needed. However, no single helper possesses enough information to recover or gain unauthorized access to an account.
In order for the shared secret to be useful, more than half of the users must share their portion of the secret with the user. An automatic mechanism is in place to facilitate the sharing of secrets when they are changed, and all of this is done anonymously.
John Woods, CTO of the Algorand Foundation, believes that the addition of these new members will help the alliance achieve the critical mass necessary to make a positive impact on the industry.
Wietse Wind, Founder & CEO of XRPL Labs, commented on the collaboration, stating that as they strive for widespread adoption, user-friendly solutions for key recovery are crucial. He expressed his pride in XRPL Labs being a founding member committed to pushing the boundaries of what is possible together.
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