Ripple & XRPL Labs Joins DeRec Alliance as Founding Members

Ripple and XRPL Labs have joined Hedera developer Swirlds Labs and the Algorand Foundation as founding members of the Decentralized Recovery (DeRec) Alliance. The alliance aims to standardize and expedite digital asset recovery in the web3 industry, particularly for crypto non-experts. The DeRec Alliance was founded by Hedera co-founder Leemon Baird to provide an open-source process for expediting digital asset recovery.

Members collaborate on developing a new interoperability recovery standard applicable to a wide range of users, especially those without crypto expertise. The alliance was initially partnered in January this year by the Algorand Foundation and Swirlds Labs. Founding members offer feedback on the alliance's policies and governance structure and hold a two-year seat on the Technical Oversight Committee.

The protocol establishes a standard system of secret management among designated helpers, recovering secrets without sharing information about the secret itself. As mass retail adoption continues, advanced yet user-friendly solutions for key recovery are essential. The DeRec Alliance comes at a critical moment, uniting experts to enhance interoperability and simplify the user experience without compromising security.

Technical Outlook
The SEC vs. Ripple lawsuit has been ongoing, with both parties filing their reply briefs and supporting evidence. The SEC's redacted reply brief to Ripple demanded a $2 billion penalty, while Ripple believes it should amount to a maximum of $10 million. The court is expected to rule on the penalties for Ripple in May. XRP is currently stuck between the $0.57 and $0.50 range for over one week, with the altcoin facing sticky resistance at $0.53.