Ripple and XRPL Join DeRec Alliance to Advance Web3 Security and Growth

The Decentralized Recovery Alliance (DeRec), an open-source secret management protocol, welcomes Ripple and XRPL as founding members. Joining Swirlds Labs and the Algorand Foundation, they will contribute to the Alliance's technical oversight committee for two years, shaping governance policies and providing industry expertise. This strategic partnership strengthens the Alliance's mission to develop interoperable digital asset recovery solutions and accelerate Web3 adoption.

Ripple and XRPL Join DeRec Alliance as Founding Members, Bolstering Web3 Industry Growth

San Francisco, California – DeRec, an open-source secret management protocol designed to enhance the security and recovery of digital assets, has welcomed Ripple and XRPL as its latest founding members. This strategic partnership marks a significant step in DeRec's mission to establish an industry-wide standard for digital asset recovery and drive the adoption of Web3 technologies.

DeRec: Empowering Secure Web3 Transactions

Founded by the co-founder of Hedera, Dr. Leemon Baird, DeRec is a collaborative initiative between Algorand and Hedera. Its primary objective is to revolutionize the Web3 ecosystem through the development of an open-source, interoperable, and decentralized digital asset recovery methodology.

DeRec's underlying protocol leverages a distributed approach, where small fragments of secrets are shared among a group of trusted individuals known as helpers. Each helper holds a portion of the secret, ensuring that no single entity has access to the complete information. This decentralized approach significantly enhances the security of digital assets, passwords, accounts, and other sensitive data.

Expansion of the Alliance: A Collaborative Effort

The addition of Ripple and XRPL to the DeRec Alliance further strengthens its technical expertise and industry reach. As founding members, Ripple and XRPL will play a pivotal role in providing technical oversight and guidance for the overall growth of the Web3 industry. They will hold a two-year seat on the technical oversight committee, where they will contribute to governance policies and provide valuable insights on core alliance initiatives.

In addition to Ripple and XRPL, the DeRec Alliance has also welcomed other prominent organizations, including Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, The HBAR Foundation, and Revive Labs. These members will collectively provide meaningful inputs on policies, oversee industry developments, and drive the adoption of DeRec's open-source protocol.

Accelerating Web3 Adoption Through Collaboration

The expansion of the DeRec Alliance reflects a growing industry recognition of the need for collaborative efforts to advance the development and adoption of Web3 technologies. By bringing together a diverse group of blockchain projects and organizations, DeRec aims to create an ecosystem where users can securely and confidently interact with digital assets.

John Woods, CTO of the Algorand Foundation, emphasized the importance of critical mass in driving the success of Web3 initiatives. He believes that the addition of Ripple and other new members will enable DeRec to reach a tipping point and make a tangible impact on the industry.

Wietse Wind, Founder & CEO of XRPL Labs, shared his enthusiasm for this partnership: "As we work towards mass retail adoption, it's becoming increasingly clear that advanced yet user-friendly solutions for key recovery are essential. By uniting experts to enhance interoperability and simplify the user experience without compromising security, we can empower individuals to fully embrace the potential of Web3."

Conclusion: A Step Towards a Secure and Accessible Web3 Future

The partnership between DeRec and Ripple, along with the expansion of the Alliance, demonstrates a shared commitment to building a secure and accessible Web3 ecosystem. By providing a comprehensive and open-source solution for digital asset recovery, DeRec aims to empower individuals, organizations, and the industry as a whole to embrace the transformative potential of Web3 technologies.