Cardano’s development arm, Input Output (IOHK), and Hedera, a decentralized public network, have joined the Decentralized Recovery (DeRec) Alliance as founding members.
According to a press release shared with Cointelegraph, the two entities join Algorand Foundation, Hashgraph, Ripple, and XRPL Labs to lead the security and trust Web3 initiative.
Cardano and Hedera will serve on the Technical Oversight Committee for the next two years, helping shape policies and standards to facilitate crypto recovery and simplify user experience.
Speaking with Cointelegraph, Dr. Leemon Baird, chief scientist at Hashgraph and co-founder of DeRec, said, “…it’s great to see the industry coming together to address this critical need for a safety net.”
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Digital asset recovery
According to the press release, the DeRec Alliance aims to address the complexities of safeguarding digital assets and reduce users’ overwhelming experience managing security.
Speaking with Cointelegraph, Charles Adkins, president of Hedera, said that the alliance “represents a significant advancement” in the mission to improve trust and transparency in the space.
“By joining this initiative, Hedera is reinforcing its long-standing commitment to digital asset security.”
The alliance’s open-source protocol provides an interoperable and standardized solution for data recovery, including identity credentials and private keys.
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Industry-wide collaboration
The DeRec alliance exceeds just its founding members, expanding across several other organizations, including DLT Science Foundation, Oasis Protocol Foundation, Hashpack, and others.
Baird discussed the importance of collaboration, stating that it is “vital” to come together to “establish a single standard” that ensures compatibility across platforms.
“…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.”
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Ripple’s involvement in the alliance
On May 9, Ripple became a founding member of the DeRec alliance, bringing XRPL Labs to help create a simplified and standardized secrets management system.
DeRec is developing an application to make Web3 more accessible through open-source management of “secrets” like digital assets, private keys, accounts, and passwords.
The DeRec app will allow users to select helpers who will hold encrypted fragments of the user’s secrets in a library file and aims to introduce Helper-as-a-Service in the future.
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