Ripple, the provider of enterprise blockchain and crypto solutions and XRPL Labs, the company that develops wallets and other software for the XRP ledger, have joined Swirlds Labs and the Algorand Foundation as the Founding Members of the DeRec Alliance, with two-year seats on the Technical Oversight Committee (TOC). Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association,
The HBAR Foundation, and Revive Labs have also “joined as Alliance Members, to provide inputs on policies and oversight, and work together to develop a new interoperability recovery standard that will dramatically simplify the recovery and adoption of crypto and other assets.”
As Web3 applications become mainstream, application providers want “to make the user experience seamless, user-friendly, and simple enough to gain widespread adoption by millions worldwide.”
Today, the experience requires “a highly sophisticated user, willing to take on the onerous task of securing their online secrets, such as digital assets, accounts, keys, and passwords.”
Decentralized recovery makes cold storage, self-custody, and “other earlier forms of account recovery unnecessary for any kind of asset.”
Invented by Dr. Leemon Baird, co-founder of Hedera, and initially launched by members of the Hedera and Algorand ecosystem in January of this year, the DeRec Alliance aims “to bring together the Web3 ecosystem to offer an open-source, industry-standard methodology that makes digital asset recovery painless and secure across wallets.”
Founding members hold “a two-year seat on the Technical Oversight Committee (TOC), provide input on Alliance governance structure, and offer input on core Alliance policies.”
Dr. Baird said:
“The DeRec Alliance is a group of individuals and organizations committed to making the process of securing and recovering digital assets, accounts, passwords, and other secrets as simple as existing Web2 experiences. 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.”
John Woods, CTO of the Algorand Foundation, said:
“I’m thrilled with the addition of these new members to the DeRec Alliance. As more and more influential projects join the Alliance, we reach the critical mass required for DeRec to yield its hugely positive impact on the industry.”
Markus Infanger, Senior Vice President of RippleX, said:
“The DeRec Alliance addresses one of the biggest challenges facing mainstream crypto adoption—secure and user-friendly management of private keys. By establishing clear standards for key recovery, this collaboration across the crypto industry empowers individuals to take control of their digital assets with confidence. Ripple is committed to supporting this effort and working alongside other leaders to create a more interoperable and accessible ecosystem. Together, we can revolutionize how users manage their private keys, representing a major step forward for user security and adoption – not just for XRP Ledger users, but for everyone in crypto.”
Alliance members nominate for and “vote in Technical Oversight Committee (TOC) elections and appoint two TOC seats with maintainers.”
They participate in quarterly Alliance member meetings and “provide input on policy for TOC voting. And importantly, they also include a large number of organizations adopting the DeRec Alliance standards and best practices that make decentralized recovery simple and available to a wide number of end users.”
