Bitrabo Editorial
Cardano’s Input | Output and Hedera have joined the Decentralized Recovery (DeRec) Alliance, a coalition dedicated to enhancing interoperability and security in the crypto industry. This alliance, which includes organizations like Algorand Foundation, Hashgraph, Ripple, and XRPL Labs, aims to strengthen the crypto ecosystem.
Collaborative Efforts Led by Cardano, Ripple, and Hedera
Dr. Leemon Baird from Hedera initiated the alliance and welcomed Input Output as a founding member. Charles Hoskinson, CEO of Input | Output and founder of Cardano, emphasized the company’s commitment to open-source principles and blockchain interoperability. The DeRec Alliance focuses on simplifying the recovery of digital assets, addressing user experience challenges in Web3.
By introducing an industry-standard protocol, the alliance aims to streamline key recovery processes and enhance the security and accessibility of digital assets. The founding members, including Input | Output and Hedera, will serve on the Technical Oversight Committee (TOC) and guide the alliance’s governance and policies.
Hedera’s President, Charles Adkins, highlighted the importance of asset protection and the alignment with Hedera’s mission of enabling trust and transparency. The DeRec Alliance members, alongside new additions like DLT Science Foundation and Oasis Protocol Foundation, collaborate to improve digital asset security.
The DeRec protocol uses a secret-sharing approach among a group of helpers to enhance security and reduce centralized points of failure. This mechanism ensures that individual helpers cannot access the complete secret, safeguarding digital assets. Currently, ADA is trading at $0.3264.