- Ripple became a founding member of the DeRec Alliance along with Swirlds Labs and the Algorand Foundation.
The association wants to make digital asset implementation and recovery easier. Users may retrieve their personal data even in the event that they misplace their smartphone or another device used for two-factor authentication thanks to the project’s decentralized recovery (DeRec) protocol.
The DeRec Alliance was first created as an open-source effort to create an industry standard and technique for easy, safe, and decentralized asset recovery for all wallets, according to Dr. Leemon Baird, co-founder of Hedera.
Hedera and Algorand, two ecosystem participants, started the endeavor at first. Joining the two as members of the Technical Oversight Committee with two-year powers is Ripple and its subsidiary, XRPL Labs.
John Wingate, the CEO of BankSocial, also mentioned that the program addresses the possibility of irretrievable loss, which is one of the major issues with digital asset self-storage.
CEO of Blade Labs Sami Mian claims that these kinds of things deter people from using bitcoins.
By the end of 2024, Ripple plans to launch its stablecoin on the Ethereum and XRP Ledger blockchains. The stablecoin will be audited by an outside accounting firm and fully backed by short-term Treasuries, dollar deposits, and other assets.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
