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Key Takeaways
- IOHK and Hedera have joined the DeRec Alliance as founding members to enhance crypto recovery standards.
- The DeRec Alliance aims to make digital asset recovery as simple as web2 account recovery.
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IOHK, the technology firm behind Cardano, and Hedera have officially joined the Decentralized Recovery (DeRec) Alliance as its final founding members. They will collaborate with existing founders including Algorand Foundation, Hashgraph, Ripple, and XRPL Labs, as announced by DeRec today.
Explaining the reason behind the move, Charles Hoskinson, Cardano founder and Input | Output (IOHK) CEO, said the DeRec Alliance’s mission aligns with Cardano’s commitment to open-source, collaboration, and improving the user experience.
“Input | Output has always been committed to open-source principles, cross-industry collaboration and blockchain interoperability. As an industry seeking to drive wider adoption, we should all be committed to the relentless pursuit of security, accessibility, and improving the user experience,” Hoskinson stated.
Initially launched by Hedera and Algorand, the DeRec Alliance aims to establish an interoperability recovery standard to promote the widespread adoption of crypto assets.
The goal is to simplify the recovery of digital assets, making it as straightforward as recovering a web2 online account, which could hugely benefit newcomers to web3.
“We co-founded the DeRec Alliance as part of our mission to improve the UX for the entire ecosystem, from regular users to developers, delivering a better, more accessible, and more secure experience for all,” John Woods, CTO of the Algorand Foundation, discussed the Alliance’s goal. “Streamlined key recovery is vital, as is further decentralization of other important infrastructures.”
As founding members, IOHK and Hedera will serve two-year terms on the Technical Oversight Committee (TOC). They will play a leadership role in oversight and governance, contributing to the Alliance’s strategic focus and addressing the needs of its growing community.
Ripple and XRPL Labs joined the DeRec Alliance as founding members in May. The entities are working together on an open-source protocol for the decentralized recovery of lost digital assets such as secret keys, passwords, and seed phrases.
The Alliance also includes members like the DLT Science Foundation, Oasis Protocol Foundation, and Palisade, among others. Members will help develop DeRec’s open-source protocol, which facilitates decentralized recovery and ensures personal data remains secure and confidential.
“For the industry to achieve true adoption, DApps must match web2 counterparts in flexibility, confidentiality, performance, and user experience,” Jernej Kos, Director of Oasis Protocol Foundation, noted. “Our unified mission is to remove this long-standing friction point and make web3 more accessible to everyone.”
Dr. Leemon Baird, co-founder of Hedera, believes the collaborative effort across various ecosystems plays an important role in enhancing decentralized recovery solutions.
“It’s exciting to see the industry collaborating across so many ecosystems, to provide the decentralized recovery that the world so desperately needs,” Dr. Leemon stated.
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This article first appeared at Crypto Briefing
