Cardano and Hedera join Ripple and Algorand in the Decentralized Recovery Alliance to help determine the future of crypto security standards.
Cardano’s development arm, Input Output (IOHK), and Hedera, a decentralized public network, have officially joined the Decentralized Recovery (DeRec) Alliance as founding members.
A press release shared with Cointelegraph states that these two organizations will work alongside the Algorand Foundation, Hashgraph, Ripple, and XRPL Labs to lead a Web3 security and trust initiative.
Cardano and Hedera will take on roles in the Technical Oversight Committee for the next two years, contributing to the creation of policies and standards that will enhance crypto recovery and improve user experience.
Dr. Leemon Baird, chief scientist at Hashgraph and co-founder of DeRec, told Cointelegraph, “…it’s great to see the industry coming together to address this critical need for a safety net.”
Enhancing Digital Asset Recovery
As outlined in the press release, the DeRec Alliance aims to simplify the protection of digital assets and reduce the complexity of security management for users.
Charles Adkins, president of Hedera, emphasized that the alliance marks a “significant advancement” in the effort to build trust and transparency within the space.
He added, “By joining this initiative, Hedera is reinforcing its long-standing commitment to digital asset security.”
The alliance’s open-source protocol offers an interoperable solution for data recovery, covering areas such as identity credentials and private keys.
Collaborative Efforts Across the Industry
The DeRec Alliance includes more than just its founding members, bringing together various organizations such as the DLT Science Foundation, Oasis Protocol Foundation, Hashpack, and others. Baird underscored the importance of industry collaboration, noting that a unified approach is “vital” for establishing a “single standard” to ensure platform compatibility.
He cautioned, “…without a single standard approach, everyone might create their own method for helpers to hold pieces of your secret. However, if there are a thousand incompatible standards, it could be impossible for you to be my helper or for me to be yours if we’re on different platforms.”
Ripple’s Role in the DeRec Alliance
Ripple joined the DeRec Alliance as a founding member on May 9, with XRPL Labs contributing to the development of a simplified and standardized system for managing secrets.
The alliance is working on a decentralized application (dApp) to make Web3 more accessible by providing open-source tools to manage “secrets” like digital assets, private keys, and passwords.
The DeRec app will allow users to designate trusted “helpers” who will store encrypted fragments of their secrets. Additionally, the app plans to introduce a “Helper-as-a-Service” model in the future.
