Cardano Developer Input | Output and Hedera Join the DeRec Alliance as Final Founding Members, Alongside Algorand Foundation, Hashgraph, Ripple, and XRPL Labs
Research and engineering company & Cardano developer Input | Output, and Hedera, the open source, leaderless proof-of-stake network, have joined Algorand Foundation, Hashgraph (formerly Swirlds Labs), Ripple, and XRPL Labs, as the final Founding Members of the Decentralized Recovery (DeRec) Alliance, with two-year seats on the Technical Oversight Committee (TOC). DLT Science Foundation, Hashpack, Oasis Protocol Foundation, and Palisade…
Ripple and XRPL Labs Join Hedera and Algorand Ecosystems As Founding Members of DeRec Alliance
Ripple, the leading 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…
Hedera and Algorand Ecosystems Join Forces to Form DeRec Alliance, Enabling Mass Market Decentralized Recovery
Entities from across the Hedera and Algorand ecosystems, including the HBAR Foundation, Algorand Foundation, the Hashgraph Association, Swirlds Labs, the DLT Science Foundation, and industry partners The Building Blocks and BankSocial, are partnering to develop a new interoperability recovery standard which will dramatically simplify the recovery and adoption…
What is Decentralized Recovery?
Invented by Dr. Leemon Baird, Decentralized Recovery (DeRec) is a novel method that safeguards a user’s secrets in a way that they can be recovered in case the user loses the original copy of the secrets. A DeRec application on a user’s device creates an encrypted vault of their secrets, creates cryptographic fragments of the encryption keys, and distributes those… fragments to their helpers. Helpers are trusted individuals or organizations who store these fragments on their devices securely. The DeRec app contacts all the helpers periodically (typically, once a day) to make sure that the helpers still have the fragments safely stored. If the user loses their secrets, say because they lost the device on which their secrets were stored, they only need to contact half of their original helpers and retrieve the previously stored fragments from them. Upon receiving these fragments, they are cryptographically combined to reconstruct the original encryption keys to the user’s vault, thereby restoring all secrets that were lost. To ensure the safety of a user’s fragments with their helpers, the DeRec app periodically contacts the helpers to verify their continued storage. The DeRec protocol and application are designed such that a layperson can use this application safely without being crypto-savvy or a technical expert.