Cardano and Hedera Join Decentralized Recovery Alliance to Enhance Crypto Security
Cardano’s development team, Input Output (IOHK), and decentralized network Hedera have become founding members of the Decentralized Recovery Alliance (DeRec Alliance).
They join other key players, including Algorand Foundation, Hashgraph, Ripple, and XRPL Labs, in spearheading efforts to bolster security and trust within the Web3 space.
As founding members, Cardano and Hedera will participate in the Technical Oversight Committee for the next two years, focusing on establishing policies and standards to improve crypto recovery and user experience.
Leemon Baird, chief scientist at Hashgraph and DeRec co-founder, praised the industry’s collaborative approach to addressing the need for a safety net.
READ MORE: Donald Trump’s Upcoming Crypto Project Will Utilize Ethereum and Aave
The DeRec Alliance’s goal is to simplify the management of digital asset security and provide a standardized solution for data recovery, including identity credentials and private keys. Hedera’s president, Charles Adkins, emphasized that joining the alliance reinforces its dedication to enhancing trust and transparency in digital asset security.
The alliance extends beyond its founding members, incorporating additional organizations such as DLT Science Foundation, Oasis Protocol Foundation, and Hashpack. Baird highlighted the necessity of a unified standard to ensure cross-platform compatibility and avoid the chaos of multiple incompatible methods.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
