As a seasoned crypto investor with over two decades of digital asset exploration under my belt, I find myself increasingly excited about the latest developments in the DeRec Alliance. With my fair share of lost keys and forgotten passwords, I can personally attest to the need for a simplified and standardized approach to crypto recovery. The addition of Cardano and Hedera as founding members to this alliance is a significant step towards making digital asset protection more accessible and user-friendly.
The most recent additions to the Decentralized Recovery Alliance as initial members are the organizations responsible for developing Cardano (Input Output) and Hedera
On September 5th, it was revealed that Hedera (HBAR) and Cardano (ADA) have joined the roster of DeRec Alliance’s Technical Oversight Committee members, thus finalizing the list. Also included in this esteemed group are the Algorand Foundation, Ripple, Hashgraph, and XRPL Labs
A standard protocol for digital assets recovery
Back in January 2024, I became part of the Decentralized Recovery Alliance (DeRec Alliance), an innovative initiative spearheaded by none other than Hedera co-founder Leemon Baird. This collaborative effort brings together both established web2 and emerging web3 companies, all working towards a unified goal: to streamline the process of recovering cryptocurrencies for users navigating the world of web3
As a passionate crypto investor, I’ve noticed the growing importance of robust security and recovery solutions in our space. This need has led to the emergence of an exciting feature known as account abstraction, which is powered by smart contracts. Teams like BNB Chain, Optimism, Polygon, and Arbitrum are among those who have been diligently working on their respective networks, striving to provide a standard comparable to this innovation
To make cryptocurrency more accessible for those who find managing accounts, keys, and passwords challenging, a user-friendly standard for securing and retrieving digital assets is essential. DeRec presents such a standard, enhancing the overall acceptance of cryptocurrencies by providing a secure solution that safeguards users’ data
“Right from the start, Hedera has been leading in digital asset security. Now, with the DeRec Alliance, we’re pushing boundaries even further by developing an open-source protocol for easier asset recovery. This aligns perfectly with our aim to usher in a new age of trust and transparency. We’re thrilled to be part of this alliance, making asset protection more straightforward and user-friendly.”
Charles Adkins, Hedera
Among the other members of the DeRec Alliance are the DLT Science Foundation, Oasis Protocol Foundation, Hashpack, and Palisad. In May 2024, Ripple became a founding partner of this alliance
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2024-09-05 20:34