• 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

Bitcoin Price Surge Triggers Major Liquidations in Derivatives Market

chest

The recent price uplift of Bitcoin has resulted in significant liquidations within the derivatives market, with over 200 million in liquidations primarily affecting short positions.

user avatarMiguel Rodriguez

Altcoin Market Cap Stabilizes After Correction

chest

The total crypto market cap for altcoins is attempting to stabilize after a prolonged corrective phase, indicating potential accumulation.

user avatarLuis Flores

Potential Shift in Altcoin Market Dynamics

chest

Recent analysis indicates a significant increase in altcoin trading volume, suggesting a potential end to Bitcoin's dominance.

user avatarArif Mukhtar

Ethereum Price Analysis: Stability and Potential Decline

chest

Ethereum price shows signs of stability above 2,320 but faces potential decline if it falls below 2,300.

user avatarMaria Gutierrez

Aave Faces Major Crisis Amid Exploit of rsETH Bridge

chest

Aave is facing a major crisis due to an exploit at Kelp DAO, resulting in the theft of approximately $292 million in tokens and a significant drop in total value locked and AAVE token price.

user avatarDavid Robinson

Regulatory Warnings Highlight Risks of BG Wealth Sharing Scam

chest

Regulatory bodies warned about BG Wealth Sharing, identifying it as a likely scam before its collapse.

user avatarAndrew Smith

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.