{"id":165929,"date":"2024-05-10T13:53:28","date_gmt":"2024-05-10T13:53:28","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=165929"},"modified":"2024-05-10T13:53:31","modified_gmt":"2024-05-10T13:53:31","slug":"ripple-hedera-and-algorand-launch-the-derec-alliance-for-web3-asset-recovery-what-is-this","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/ripple-hedera-and-algorand-launch-the-derec-alliance-for-web3-asset-recovery-what-is-this\/","title":{"rendered":"Ripple, Hedera, and Algorand Launch the DeRec Alliance for Web3 Asset Recovery. What is This?"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Expansion and Goals<\/span><\/strong><span data-preserver-spaces=\"true\">: The DeRec Alliance has expanded with new members Ripple and XRPL Labs, joining forces with Algorand Foundation and Swirlds Labs to address the challenge of secure and user-friendly asset recovery in the Web3 ecosystem.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Innovation and Methodology<\/span><\/strong><span data-preserver-spaces=\"true\">: Co-founded by Dr. Leemon Baird of Hedera, the alliance introduces an open-source, industry-standard methodology for decentralized recovery, aiming to simplify the management of digital assets, accounts, keys, and passwords.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Collaborative Impact<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">: The alliance\u2019s growth signifies a collective effort to enhance the safety and user experience of Web3, with the potential to become instrumental in safeguarding digital assets worldwide through its innovative recovery standards.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The Decentralized Recovery Alliance (DeRec),<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0an industry organization focused on simplifying and standardizing secrets management for Web3 assets,\u00a0<\/span><strong><span data-preserver-spaces=\"true\">has recently\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/derecalliance.org\/ripple-and-xrpl-labs-join-hedera-and-algorand-ecosystems-as-founding-members-of-derec-alliance\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">expanded\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">its membership to include blockchain giants\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/ripple\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Ripple\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">and XRPL Labs.\u00a0<\/span><\/strong><!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u201cThe <a href=\"https:\/\/twitter.com\/DeRecAlliance?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@DeRecAlliance<\/a> addresses one of the biggest challenges facing mainstream crypto adoption\u2014secure and user-friendly management of private keys.\u201d \u2014<a href=\"https:\/\/twitter.com\/MwaK77?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@MwaK77<\/a> <\/p>\n<p>We&#39;re proud to join <a href=\"https:\/\/twitter.com\/hashtag\/DeRec?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#DeRec<\/a> as a founding member with <a href=\"https:\/\/twitter.com\/XRPLLabs?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@XRPLLabs<\/a>, <a href=\"https:\/\/twitter.com\/AlgoFoundation?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@AlgoFoundation<\/a> and <a href=\"https:\/\/twitter.com\/swirldslabs?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@swirldslabs<\/a>.<a href=\"https:\/\/t.co\/4ILRJHrYUw\" target=\"_blank\">https:\/\/t.co\/4ILRJHrYUw<\/a><\/p>\n<p>&mdash; RippleX (@RippleXDev) <a href=\"https:\/\/twitter.com\/RippleXDev\/status\/1788620172439249350?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 9, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">These two organizations join forces with existing members, including the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/algorand\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Algorand\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">Foundation and Swirlds Labs, to revolutionize digital asset recovery.\u00a0<\/span><strong><span data-preserver-spaces=\"true\">The DeRec Alliance aims to address a critical challenge in the Web3 ecosystem<\/span><\/strong><span data-preserver-spaces=\"true\">: secure and user-friendly asset recovery.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">As Web3 applications become mainstream, users need seamless ways to manage their digital assets, accounts, keys, and passwords. Traditional methods, such as cold storage and self-custody, are often complex and cumbersome.<\/span><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Invented by Dr. Leemon Baird<\/span><\/strong><span data-preserver-spaces=\"true\">, co-founder of Hedera, the DeRec Alliance introduces an open-source, industry-standard methodology for decentralized recovery. I<\/span><strong><span data-preserver-spaces=\"true\">t eliminates the need for users to handle their own recovery processes<\/span><\/strong><span data-preserver-spaces=\"true\">, making it painless and secure across wallets.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">DeRec Founding Members and Their Roles<\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-165934\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/05\/DeRec.jpg\" alt=\"Ripple, Hedera, and Algorand Launch the DeRec Alliance for Web3 Asset Recovery. What is This?\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/05\/DeRec.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/05\/DeRec-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/05\/DeRec-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<ol style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Ripple<\/span><\/strong><span data-preserver-spaces=\"true\">: As a leading provider of enterprise blockchain and crypto solutions, Ripple brings its expertise to the DeRec Alliance. Ripple\u2019s involvement underscores its commitment to user security and adoption. The company will hold a two-year seat on the Technical Oversight Committee (TOC).<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">XRPL Labs<\/span><\/strong><span data-preserver-spaces=\"true\">: Known for developing wallets and other software for the XRP ledger, XRPL Labs joins as a founding member. Their contribution will enhance the DeRec Alliance\u2019s mission to simplify secrets management.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Algorand Foundation<\/span><\/strong><span data-preserver-spaces=\"true\">: Algorand, a high-performance blockchain platform, collaborates with the DeRec Alliance to create an interoperability recovery standard. The foundation\u2019s participation ensures that the DeRec solution extends beyond individual blockchains.<\/span><\/li>\n<\/ol>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">How DeRec Works<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The\u00a0DeRec app\u00a0empowers users to choose \u201chelpers\u201d who securely store encrypted fragments of their secrets within a library file.\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">In the unfortunate event of a lost device, these trusted helpers facilitate recovery without compromising the user\u2019s security. The DeRec app serves as an alternative to Ethereum\u2019s ERC-4337 smart account standard, emphasizing simplicity and accessibility.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Industry Impact<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The growth of the\u00a0DeRec Alliance\u00a0marks the attainment of a significant collective presence necessary for a beneficial impact on the industry.\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Collaborative efforts among Ripple, Hedera, Algorand, and additional alliance members are directed toward enhancing the safety and user experience of Web3.\u00a0<\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">As Web3\u2019s potential continues to emerge, the standards established by DeRec will become instrumental in safeguarding digital assets across the world.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Expansion and Goals: The DeRec Alliance has expanded with new members Ripple and XRPL Labs, joining forces with Algorand Foundation and Swirlds Labs to address the challenge of secure and user-friendly asset recovery in the Web3 ecosystem. Innovation and Methodology: Co-founded by Dr. Leemon Baird of Hedera, the alliance introduces an open-source, industry-standard methodology &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Ripple, Hedera, and Algorand Launch the DeRec Alliance for Web3 Asset Recovery. What is This?\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/ripple-hedera-and-algorand-launch-the-derec-alliance-for-web3-asset-recovery-what-is-this\/#more-165929\" aria-label=\"More on Ripple, Hedera, and Algorand Launch the DeRec Alliance for Web3 Asset Recovery. What is This?\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":165935,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[5241,5276,4805,5453],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/165929"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=165929"}],"version-history":[{"count":2,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/165929\/revisions"}],"predecessor-version":[{"id":165938,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/165929\/revisions\/165938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/165935"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=165929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=165929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=165929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}