• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Cardano and Hedera Become Members of Decentralized Recovery Alliance

user avatar

by Giorgi Kostiuk

2 years ago

  1. A Standard Protocol for Digital Assets Recovery
  2. The Significance of DeRec for Crypto Security
  3. Partners of DeRec Alliance


    4. Cardano and Hedera have become the latest members of the Decentralized Recovery Alliance (DeRec Alliance), which was established to simplify the recovery of digital assets.

    A Standard Protocol for Digital Assets Recovery

    The DeRec Alliance was launched in January 2024. Founded by Hedera co-founder Leemon Baird, it consists of web2 and web3 companies working towards simplifying crypto recovery for web3 users. Security and recovery issues in crypto have also led to 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 offering similar standards.

    The Significance of DeRec for Crypto Security

    DeRec offers a recovery standard that boosts the overall adoption of crypto through a solution that protects users' data. Features such as accounts, keys, and passwords can be challenging for many, making a standard that simplifies the safeguarding and recovery of crypto assets essential for the industry.

    "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.

    Partners of DeRec Alliance

    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.

    The inclusion of Cardano and Hedera in the DeRec Alliance marks a significant step towards enhancing the security and recovery of crypto assets. This collaboration facilitates the simplification and standardization of processes, critical for the wider acceptance of cryptocurrencies.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Tor Network Provides Enhanced Security for Bitcoin Users

chest

The Tor network enhances Bitcoin's security by making 64% of nodes invisible to outside observers, complicating attacks.

user avatarTando Nkube

Bitcoin Network Shows Resilience Against Underwater Cable Failures

chest

New research shows that most underwater internet cable failures have minimal impact on the Bitcoin network.

user avatarAyman Ben Youssef

Ethereum Tests Key Resistance After Sharp Rebound

chest

Ethereum has shown signs of recovery after a sharp selloff, reclaiming the 2,200-2,250 range.

user avatarNguyen Van Long

Analyst Predicts XRP May Need Five Macro Cycles to Exceed $100

chest

Analyst TARA predicts that XRP may need five macro cycles to exceed $100, based on price targets rather than a specific timeline.

user avatarKofi Adjeman

XRP Binance Scarcity Index Indicates Supply Dynamics Shift

chest

Recent analysis shows notable changes in XRP liquidity on Binance, suggesting a moderate level of supply scarcity.

user avatarSatoshi Nakamura

XRP Reclaims 140 Level Amid Renewed Bullish Sentiment

chest

XRP has regained the 140 level as the cryptocurrency market shows signs of bullish behavior after a period of volatility.

user avatarJesper Sørensen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.