The alliance is dedicated to streamlining the adoption and retrieval process of digital assets. Developed within the project, the decentralized recovery (DeRec) protocol enables the restoration of private data in scenarios where users misplace their smartphones or other devices used for two-factor authentication.
Dr. Leemon Baird, one of the co-founders of Hedera, mentioned that the DeRec Alliance originated as an open-source initiative. Its primary goal was to establish a methodology and industry-wide standard for easy, secure, and decentralized asset recovery across all wallet platforms.
“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.”
Dr. Leemon Baird, Co-Founder of Hedera
The initiative was initially kickstarted by ecosystem contributors Hedera and Algorand. Ripple, alongside its division XRPL Labs, has now joined them as members of the Technical Oversight Committee, holding authority for a two-year term.
John Wingate, the CEO of BankSocial, further emphasized that the initiative addresses a critical issue in self-storing digital assets: the potential for irreversible loss. As per Sami Mian, CEO of Blade Labs, these occurrences hinder users from actively participating in cryptocurrency transactions.
“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, CEO of Blade Labs
At the close of 2024, Ripple revealed its plan to launch a stablecoin on both the XRP Ledger and Ethereum blockchains. This stablecoin will be fully backed by dollar deposits, short-term Treasuries, and various other assets, with auditing conducted by a third-party accounting firm.
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