DLT Science Foundation Joins the DeRec Alliance: A Leap Towards Enhanced Digital Asset Security
In a significant development, the DLT Science Foundation is proud to announce it has become a contributor to – and a key funder of – the DeRec Alliance, a consortium of leading blockchain entities. This partnership marks a pivotal step in our ongoing commitment to advancing blockchain education, research, and innovation. The DeRec Alliance, founded by Swirlds Labs and the Algorand Foundation, is at the forefront of developing a new interoperability recovery standard. This standard will change the way digital assets are secured and recovered, a mission perfectly in line with our ethos of "Building trust, discovering truth."
The DeRec Alliance: Redefining Digital Asset Recovery
DeRec is a key protocol stemming from the DSF’s work. A shorthand for Decentralised Recovery, it is an open-source protocol designed to simplify and secure the recovery of digital assets. It is a visionary solution addressing one of the most daunting challenges in the blockchain space: the risk of losing control over digital assets, be it cryptocurrencies, keys, wallets, or identities.
It uses a unique system of secret distribution among a chosen group of helpers, such as friends or businesses, enabling users to recover their secret in times of need. This process is designed so that each helper holds a portion of the secret without gaining any knowledge of the complete secret itself. In instances where a user might lose access to their phone or any two-factor authentication device, having the cooperation of just half of these helpers is sufficient to piece together their secret.
The DeRec Alliance also features The HBAR Foundation and The Hashgraph Association as contributors, alongside industry partners The Building Blocks and BankSocial. The Building Blocks, funded by the DLT Science Foundation, is one of the main forces behind DeRec.
Key Features of DeRec:
- Simplified Security: DeRec does not require multisig and can protect accounts with a single key, making it more user-friendly.
- Enhanced Privacy: The protocol maintains confidentiality about the number and identity of the 'helpers' - entities that assist in recovery.
- Versatility: DeRec is capable of securing various digital elements, including keys, passwords, and wallets.
- Daily Checks and Automatic Rebalancing: The system ensures constant communication with helpers and adapts if the number of helpers changes, maintaining robust security.
The Future with DeRec
The DeRec Alliance stands at the cusp of a new era in digital asset management. By ensuring secure, private, and easy recovery of digital assets, DeRec is set to play a crucial role in the mainstream adoption of blockchain technologies. Our participation in this alliance is a testament to our dedication to improving trust and transparency in the digital world through cutting-edge solutions. We are excited to be part of this transformative initiative, and encourage you to stay tuned to our website and social media channels for further updates.
Read the press release here.