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If you talk to someone who knows what Decentralized Recovery, or DeRec, is, they get excited. But for those who don’t know about it, what IS DeRec?
To start, let’s address a give-or-take conundrum that has been a part of the crypto space for a long time. Custodial is great — unless they lose your money and assets. Self-custody is great — unless you lose your keys. Which do you want more?
But what if you could keep your money & assets and never lose your keys?
DeRec, put simply, is the ability to recover your wallet’s keys without giving any other party access to them. Your key is broken up into pieces, each piece is encrypted, and those encrypted pieces are stored with multiple other parties. This allows people to recall those encrypted pieces from the other parties and reconstruct their keys without ever giving anyone else access. And as a note for the crypto-savvy: it works on all chains.
Over here at BankSocial, this technology makes us wildly excited. It’s the perfect complement to our self-custody wallet and ethos. And we have the perfect places to spread your encrypted key pieces: Credit Unions! There are literally no better places to store them than with the original “analog DeFi”: Credit Unions.
We are proud to be the first commercial provider and founding member of the DeRec Alliance.* Secura DeRec, our decentralized recovery solution built on Hedera, is a part of our peace of mind suite of Secura features coming next. If I tell you any more, our CEO will send me to the gulag. But trust me, it’s going to be incredible.
*Learn more about the Derec Alliance here: https://derecalliance.org/hedera-and-algorand-ecosystems-join-forces-to-form-derec-alliance-enabling-mass-market-decentralized-recovery/
was originally published in BankSocial News on Medium, where people are continuing the conversation by highlighting and responding to this story.
