Cardano

Arbitrum

Hedera

Algorand

Cardano developer Input Output and Hedera are the latest cryptocurrency entities to join the Decentralized Recovery Alliance as founding members.
The alliance <a href="https://www.prnewswire.com/news-releases/cardano-developer-input--output-and-hedera-join-the-derec-alliance-as-final-founding-members-alongside-algorand-foundation-hashgraph-ripple-and-xrpl-labs-302239640.html" target="_blank" rel="noopener noreferrer nofollow">announced</a> on Sept. 5 that the entry of Hedera (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/hedera/">HBAR</a>) and Cardano (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/cardano/">ADA</a>) completes the list of members that will serve on DeRec Alliance’s technical oversight committee. Other members include Algorand Foundation, Ripple, Hashgraph, and XRPL Labs.
<h2 class="wp-block-heading" id="a-standard-protocol-for-digital-assets-recovery">A standard protocol for digital assets recovery</h2>
Decentralized Recovery Alliance, or DeRec Alliance, launched in January 2024. The entity, established by Hedera co-founder Leemon Baird, comprises web2 and web3 companies working on a common platform that looks to make crypto recovery easy for web3 users.
Crypto’s need for enhanced security and recovery has also seen the development of the smart contracts-powered feature called <a rel="noopener noreferrer nofollow" href="https://crypto.news/ethereums-account-abstraction-explained/">account abstraction</a>. Several crypto teams, including BNB Chain, Optimism, Polygon, and Arbitrum have worked on networks that offer a similar standard.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/vitalik-buterin-pitches-upgrade-to-ethereum-account-abstraction/"> Vitalik Buterin pitches upgrade to Ethereum account abstraction </a>
With features such as accounts, keys, and passwords being a hurdle for many, a standard that simplifies the safeguarding and recovery of crypto assets is key. DeRec offers a recovery standard that boosts the overall adoption of crypto via a solution that protects users’ data.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “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
</blockquote>
Other partners of the DeRec Alliance include DLT Science Foundation, Oasis Protocol Foundation, Hashpack, and Palisad. Ripple <a rel="noopener noreferrer nofollow" href="https://crypto.news/ripple-joins-derec-alliance-asset-recovery-initiative/">joined</a> as a founding member in May 2024.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/hedera-and-algorand-collaborate-on-decentralized-system-for-wallet-recovery/"> Hedera and Algorand collaborate on decentralized system for wallet recovery </a>

Hedera and Cardano join the DeRec Alliance as founding members

Table of Contents

crypto.news

Other articles published on Sep 5, 2024

FTX Bankruptcy Plan Faces Scrutiny as SEC Questions Stablecoin Payments

Shocking 30% Spike in Crypto Put Options!

AUSD Stablecoin Now Live on Sui

South Korean Crypto Listings – Upbit Adds BIGTIME/KRW and Bithumb Lists JTO/KRW

Binance Executives' Money Laundering Trial Advanced to September 2 in Nigeria Amid Controversy

Telegram’s $DOGS Memecoin Makes a Bold Entrance on Bitunix

Join our free newsletter for daily crypto updates!