Ripple participates in the DeRec Alliance’s asset recovery program

May 9, 2024 Jobson Edward Cryptocurrency News Comments Off

Ripple participates in the DeRec Alliance’s asset recovery program

The association wants to make digital asset implementation and recovery faster. Users can recover their own personal information even in the event that they misplace their smartphone or another device used for two-factor authentication, thanks to the project’s decentralized recovery (DeRec) protocol.

DeRec Alliance’s asset recovery

The DeRec Alliance initially emerged as an open-source effort to create an industry standard and technique for straightforward, secure, and decentralized asset recovery among all wallets, according to Dr. Leemon Baird, co-founder of Hedera.

“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

We are excited to announce that @Ripple and @XRPLLabs have joined @swirldslabs and @AlgoFoundation as Founding Members of the Decentralized Recovery Alliance, with two-year seats on the Technical Oversight Committee providing input on governance and core Alliance policies. #DeRec… pic.twitter.com/APP4Z70jIC
— Decentralized Recovery Alliance (@DeRecAlliance) May 9, 2024

Hedera and Algorand, two ecosystem participants, started the endeavor at first. Joining the two as members of the Technological Oversight Committee with two-year powers is Ripple and its subsidiary, XRPL Labs.

John Wingate, the CEO of BankSocial, additionally stated that the program addresses the likelihood of irretrievable loss, which is one of the major issues with digital asset self-storage.

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The CEO of Blade Labs, Sami Mian, claims that these kinds of things deter people from using bitcoins.

“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

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