Ripple Enhances Digital Asset Recovery by Joining DeRec Alliance

Ripple has recently aligned with Swirlds Labs and the Algorand Foundation as a principal contributor to the DeRec Alliance. This collaborative venture targets the facilitation of digital asset implementation and recovery. The innovation at the heart of this initiative, the decentralized recovery (DeRec) protocol, offers a solution for restoring critical private information, crucial in scenarios where users might lose devices integral to two-factor authentication processes.



Dr. Leemon Baird, the co-founder of Hedera, elaborated on the Alliance's origins and aspirations. "The DeRec Alliance was conceived as an open-source endeavor aimed at cultivating a methodology and establishing an industry benchmark for a user-friendly, secure, and decentralized asset recovery applicable across all digital wallets," he remarked. Dr. Baird further


First found on: Cryptonews from Coinatory