An statement on September 5 said that Cardano developer Input Output and Hedera have become founding members of the Decentralized Recovery Alliance (DeRec Alliance).
With the addition of Cardano and Hedera, the alliance’s technical oversight group will have all of its members. Notable members so far include the Algorand Foundation, Ripple, Hashgraph, and XRPL Labs.
Cardano And Hedera Join DeRec Alliance
Leemon Baird, co-founder of Hedera, started the DeRec Alliance in January 2024. Its goal is to make crypto recovery easier for web3 users. It brings together web2 and web3 companies to build a single platform that will improve security and healing in the cryptocurrency space.
The rise of account abstraction, which is powered by smart contracts, shows that people are becoming more interested in crypto recovery options. Networks like BNB Chain, Optimism, Polygon, and Arbitrum are working on rules that are similar to protect users’ digital assets.
The recovery standard from DeRec is meant to help you keep track of your keys, passwords, and accounts. This will help more people use crypto and keep crypto users safer.
There are also the DLT Science Foundation, the Oasis Protocol Foundation, Hashpack, and Palisad as partners in the DeRec Alliance. It was founded by Ripple in May 2024, making it a part of the alliance.
