Ripple and XRPL Labs recently joined forces with Swirlds Labs, developer of blockchain network Hedera, and the Algorand Foundation to become members of the Decentralized Recovery (DeRec) Alliance.
DeRec Alliance, which includes members such as Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, HBAR Foundation and Revive Labs, was founded by Hedera co-founder Leemon Baird. The alliance aims to accelerate the recovery of lost digital assets by providing an open-source process.
The Algorand Foundation and Swirlds Labs first partnered to form the DeRec Alliance in January of this year. Founding members provide feedback on alliance policies and governance structure and receive a two-year seat on the Technical Oversight Committee.
Expressing his support for the initiative, Wietse Wind, Founder and CEO of XRP Labs, said: “As we move towards mass individual adoption, it is increasingly clear that advanced yet user-friendly solutions for key recovery are required. DeRec Alliance is committed to improving interoperability and improving security.” It came at a critical moment, bringing together experts to simplify the user experience without compromise.”
*This is not investment advice.
