Cardano developer Input Output and Hedera join Decentralized Recovery Alliance as founding members

The alliance announced on Sept. 5 that the entry of Hedera (HBAR) and Cardano (ADA) completes the list of members that will serve on DeRec Alliance's technical oversight committee.

Cardano and Hedera have joined the Decentralized Recovery Alliance (DeRec Alliance) as founding members. The alliance, which was announced in January, is working on a standard protocol for the recovery of digital assets.

Other members of the alliance include the Algorand Foundation, Ripple, Hashgraph, and XRPL Labs. The entry of Hedera (HBAR) and Cardano (ADA) completes the list of members that will serve on DeRec Alliance’s technical oversight committee.

The alliance is also supported by DLT Science Foundation, Oasis Protocol Foundation, Hashpack, and Palisad. Ripple joined as a founding member in May.

The need for enhanced security and recovery in the crypto space has also seen the development of the smart contracts-powered feature called account abstraction. Several crypto teams, including BNB Chain, Optimism, Polygon, and Arbitrum have worked on networks that offer a similar standard.

With features such as accounts, keys, and passwords being a hurdle for many, a standard that simplifies the safeguarding and recovery of crypto assets is key. DeRec offers a recovery standard that boosts the overall adoption of crypto via a solution that protects users’ data.

“From the very beginning, Hedera has been at the forefront of digital asset security. The DeRec Alliance takes this one step further by introducing an open-source protocol that simplifies asset recovery, aligning closely with our mission to enable a new era of trust and transparency. We are proud to join this alliance and make asset protection more accessible and user-friendly.”

Charles Adkins, Hedera