Hedera, IOHK join the DeRec Alliance as the last founding members.
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 will 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 to shape policies and standards and simplify the user experience.
Speaking to Cointelegraph, Dr. Lemon Baird, Chief Scientist at Hashgraph and co-founder of Derrick, said, “…it's great to see the industry come together to address this critical safety net need.”
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Digital asset recovery
According to the press release, Derrick Alliance aims to solve the complexities of protecting digital assets and reduce the burdensome experience of managing users' security.
Speaking to Cointelegraph, Hedera President Charles Adkins said the alliance “represents a major step forward” in its mission to improve trust and transparency in the space.
“By joining this initiative, Hedera is strengthening its long-term commitment to digital asset security.”
The consortium'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 cooperation
The Derrick Alliance has outgrown just its founding members, expanding to include several other organizations, including DLT Science Foundation, Oasis Protocol Foundation, Hashpack, and more.
Baird discussed the importance of collaboration, saying it is “important” to come together to “establish a standard” that ensures compatibility across platforms.
“…in the absence of a standard approach, assistants can create their own methods for everyone to keep secrets. But, if there are a thousand incompatible steps, it may be impossible for you to be helpful or me to be yours if we are on different platforms.
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Ripple's participation in the union
On May 9, Ripple became a founding member of the Derek Alliance, bringing together XRPL Labs to create a simplified and standardized cryptographic management system.
DeRec is developing an application to make Web3 more accessible through open source management of “secrets” such as digital assets, private keys, accounts and passwords.
The DeRec app allows users to select assistants that store encrypted user secrets in a library file and aims to introduce assistant-as-a-service in the future.
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