Cardano and Hedera Become Members of Decentralized Recovery Alliance

by Giorgi Kostiuk

2 years ago

A Standard Protocol for Digital Assets Recovery
The Significance of DeRec for Crypto Security
Partners of DeRec Alliance

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.

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