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Cardano and Hedera have recently joined the Decentralized Recovery Alliance (DeRec Alliance) as founding members, alongside Ripple and Algorand, to advance the development of security standards in the cryptocurrency space. The DeRec Alliance aims to enhance digital asset recovery processes and simplify user security management within the Web3 ecosystem.
Cardano's development arm, Input Output (IOHK), and Hedera, a decentralized public network, will contribute to the alliance's Technical Oversight Committee for the next two years. Their roles will involve shaping policies and standards that address crypto recovery and improve user experience.
Leemon Baird, Chief Scientist at Hashgraph and a co-founder of DeRec, emphasized the significance of industry collaboration in addressing the critical need for robust safety measures. He highlighted the collective effort as a crucial step towards establishing a comprehensive safety net for digital asset management.
The DeRec Alliance's mission includes simplifying the complexities associated with safeguarding digital assets and reducing the challenges users face in managing security. Charles Adkins, President of Hedera, described the alliance as a substantial advancement in enhancing trust and transparency within the cryptocurrency sector.
The alliance extends beyond its founding members to include various other organizations such as the DLT Science Foundation, {Oasis} (OASIS) Protocol Foundation, and Hashpack, among others. Baird stressed the importance of this broad collaboration to develop a unified standard that ensures compatibility across different platforms.
Ripple's involvement in the DeRec Alliance, initiated on May 9, includes contributions from XRPL Labs. Their focus is on creating a standardized and simplified system for managing digital secrets, including private keys, accounts, and passwords.
The DeRec Alliance is also developing an open-source application aimed at making Web3 more accessible. This application will facilitate the management of digital secrets through a system where users can select helpers to store encrypted fragments of their secrets. Future plans for the alliance include the introduction of Helper-as-a-Service to further streamline the recovery and management of digital assets.
