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They have joined Swirlds Labs and the Algorand Foundation as Founding Members of the DeRec Alliance. Ripple, a provider of enterprise blockchain and crypto solutions, and XRPL Labs, a developer of wallets and other software for the XRP ledger, will sit on the Technical Oversight Committee (TOC) for two years. Some of the companies involved are Acoer, BankSocial, Blade Labs, The Building Blocks, Constellation Network, Casper Association, and The Hashgraph Association.
Both Revive Labs and the HBAR Foundation have “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.”
Application providers aim “to make the user experience seamless, user-friendly, and simple enough to gain widespread adoption by millions worldwide” as Web3 applications hit the mainstream.
These days, it takes “a very advanced user, ready to shoulder the burden of protecting their digital assets, accounts, keys, and passwords” to have that kind of experience.
Thanks to decentralized recovery, methods like cold storage and self-custody are no longer needed for any type of asset.
Aiming “to bring together the Web3 ecosystem to offer an open-source, industry-standard methodology that makes digital asset recovery painless and secure across wallets,” the DeRec Alliance was first launched in January of this year by members of the Hedera and Algorand ecosystems. Dr. Leemon Baird, co-founder of Hedera, invented the initiative.
As part of their role as founding members, members contribute to the Alliance’s governance structure and basic policies, as well as serve on the Technical Oversight Committee (TOC) for two years.
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.”
Allies nominate and vote in Technical Oversight Committee (TOC) elections and appoint two TOC seats with maintainers. They attend quarterly Alliance meetings and advise on TOC voting policy. Importantly, many businesses implement the DeRec Alliance standards and best practices, which make decentralized recovery straightforward and available to many end users.