The DeRec Alliance is making strides in simplifying cryptocurrency recovery processes, with industry giants like Cardano, Ripple, and Hedera joining forces.
This collaboration is set to create open-source standards that will remove the complexity of managing digital wallets and private keys, offering a more secure and accessible crypto experience for everyone
Discover how these leading companies are shaping the future of cryptocurrency recovery.
Founding Members of the DeRec Alliance Finalized
The Decentralized Recovery Alliance (DeRec Alliance), an organization dedicated to simplifying the recovery process for cryptocurrencies, announced on September 5, 2024, that Cardano (ADA)'s development company and Hedera have joined as founding members of the alliance.
While major players like Algorand Foundation, Ripple, and XRPL Labs were already part of the group, the addition of Input Output, the company behind Cardano, and Hedera completes the list of founding members, marking a significant step forward for the alliance.
Founding Members of DeRec Alliance:
- Algorand Foundation
- Cardano
- Hashgraph (Swirlds Labs)
- Hedera
- Input Output
- Ripple
- XRPL Labs
- Alliance Members
In addition to the founding members, several other organizations have joined as alliance members, including:
- Acoer
- BankSocial
- Blade Labs
- The Building Blocks
- Casper Labs
- Constellation
- DLT Science Foundation
- The Hashgraph Association
- Hashpack
- The HBAR Foundation
- Oasis Protocol Foundation
- Palisade
- Revive Labs
What is the DeRec Alliance?
The DeRec Alliance is an organization dedicated to developing open-source protocols that aim to simplify and standardize the recovery of cryptocurrencies, particularly focusing on tools like recovery keys for digital wallets.
Managing cryptocurrencies independently requires the careful handling of wallets, private keys, and passwords, which can be complex and daunting for many users. This complexity has become a barrier to wider adoption of cryptocurrencies. The DeRec Alliance seeks to solve this issue by promoting industry-standard, open-source protocols that make crypto recovery simpler and safer.
Solutions Offered by DeRec Alliance
The DeRec Alliance aims to offer solutions that protect a wide range of data across various blockchains, such as:
- Keys
- Passwords
- Photos
- Notes
- IDs
- Authentication Information
- Encryption Keys
By creating a unified experience accessible to everyone, the alliance is committed to bringing together leading companies to develop secure and user-friendly recovery protocols.
Additionally, Input Output and Hedera, the newest members, are set to serve on the Technical Oversight Committee (TOC) for a two-year term. This committee plays a critical role in shaping the governance structure and fundamental policies of the alliance.
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