Ripple and XRPL Labs, recently acquired Swirlds Labs, developer of the blockchain network Hedera, and Algorand Foundation joined forces with and became a member 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 becoming increasingly clear that advanced yet user-friendly solutions for key recovery are required. “The DeRec Alliance emerged at a critical moment, bringing together experts to improve interoperability and simplify the user experience without compromising security.”
*This is not investment advice.
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