IOHK and Hedera Join Decentralized Recovery Alliance (DeRec) to Enhance Web3 Security

Input Output (IOHK), the organization behind Cardano, and Hedera, a decentralized public network, have become founding members of the Decentralized Recovery Alliance (DeRec)

Cardano and Hedera have joined forces to establish the Decentralized Recovery Alliance (DeRec Alliance), an organization dedicated to enhancing trust and security within the Web3 environment.

The alliance, which includes Algorand Foundation, Hashgraph, Ripple, and XRPL Labs, aims to streamline the recovery of digital assets and simplify user experiences in managing security.

Cardano and Hedera will participate in the alliance's Technical Oversight Committee for the next two years, contributing to policy development and the establishment of a framework for optimal user experiences.

Their involvement is crucial in setting standards for the recovery of lost digital assets, addressing a critical need in the blockchain space.

Leemon Baird, chief scientist at Hashgraph and co-founder of DeRec, highlighted the significance of industry collaboration in addressing the lack of a secure and user-centric recovery system for digital assets.

The alliance aims to simplify the management of private keys and identity credentials, reducing the complexities that often overwhelm users.

"This alliance is a critical step toward improving transparency and trust in the digital asset sector," said Charles Adkins, president of Hedera.

"Hedera's involvement aligns with our commitment to digital asset security, and we're excited to contribute to the alliance's mission of providing users with safer and more reliable systems for managing their digital resources."

The DeRec Alliance utilizes an open-source protocol that offers an interoperable solution for data recovery, encompassing critical elements like identity credentials, private keys, and other digital assets.

The protocol aims to standardize recovery processes across different platforms, ensuring compatibility and minimizing the risk of security breaches.

As a founding member, Ripple has also played a key role in developing simplified, standardized systems for managing secrets like private keys and accounts.

The organization's involvement in the alliance further contributes to this goal.

In addition to the alliance's efforts, the application being developed by the alliance aims to enhance Web3 accessibility through the secure management of digital assets, offering a user-friendly solution for navigating the complexities of Web3.

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