Cardano developer Input Output and Hedera are the latest cryptocurrency entities to join the Decentralized Recovery Alliance as founding members.
The alliance announced on Sept. 5 that the entry of Hedera (HBAR) and Cardano (ADA) completes the list of members that will serve on DeRec Alliance’s technical oversight committee. Other members include Algorand Foundation, Ripple, Hashgraph, and XRPL Labs.
A standard protocol for digital assets recovery
Decentralized Recovery Alliance, or DeRec Alliance, launched in January 2024. The entity, established by Hedera co-founder Leemon Baird, comprises web2 and web3 companies working on a common platform that looks to make crypto recovery easy for web3 users.
Crypto’s need for enhanced security and recovery has also seen the development of the smart contracts-powered feature called account abstraction. Several crypto teams, including BNB Chain, Optimism, Polygon, and Arbitrum have worked on networks that offer a similar standard.
With features such as accounts, keys, and passwords being a hurdle for many, a standard that simplifies the safeguarding and recovery of crypto assets is key. DeRec offers a recovery standard that boosts the overall adoption of crypto via a solution that protects users’ data.
“From the very beginning, Hedera has been at the forefront of digital asset security. The DeRec Alliance takes this one step further by introducing an open-source protocol that simplifies asset recovery, aligning closely with our mission to enable a new era of trust and transparency. We are proud to join this alliance and make asset protection more accessible and user-friendly.”
Charles Adkins, Hedera
Other partners of the DeRec Alliance include DLT Science Foundation, Oasis Protocol Foundation, Hashpack, and Palisad. Ripple joined as a founding member in May 2024.
Read the full article here