Cardano and Hedera, two leading decentralized networks, have joined the Decentralized Recovery Alliance (DeRec Alliance), teaming up with organizations like the Algorand Foundation, Hashgraph, Ripple, and XRPL Labs to enhance security and trust in Web3.
Digital Asset Recovery
According to the press release, the DeRec Alliance aims to address the complexities of safeguarding digital assets and ease the overwhelming experience of security management for users. Charles Adkins, president of Hedera, stated that the alliance 'represents a significant advancement' in the mission to improve trust and transparency in the field.
Industrywide Collaboration
The DeRec Alliance extends beyond its founding members, involving other organizations such as the DLT Science Foundation, Oasis Protocol Foundation, and Hashpack. Leemon Baird, chief scientist at Hashgraph and co-founder of DeRec, emphasized the importance of establishing a single standard to ensure platform and organization compatibility. 'Without a unified standard, each platform might develop its own methods, leading to incompatibility,' he noted.
Ripple’s Involvement in the Alliance
On May 9, Ripple became a founding member of the DeRec Alliance, introducing XRPL Labs to develop a simplified and standardized secrets management system. The alliance is working on creating a Web3 application that will simplify the management of digital assets, private keys, accounts, and passwords. The future goal is to introduce a 'Helper-as-a-Service' feature, allowing users to delegate the storage of encrypted fragments of their secrets.
The involvement of leading blockchain projects such as Cardano and Hedera in the DeRec Alliance to develop security standards and policies highlights the importance of industry collaboration to enhance security and trust in the Web3 space.
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