Hedera and Cardano join the DeRec Alliance as founding members

Cardano developer Input Output and Hedera have become the latest cryptocurrencies to join the Decentralized Recovery Alliance as founding members.

The addition of Hedera (HBAR) and Cardano (ADA) completes the list of members who will serve on the DeRec Alliance’s technical oversight committee, the alliance announced on September 5. Other members include the Algorand Foundation, Ripple, Hashgraph, and XRPL Labs.

A standard protocol for recovering digital assets

The Decentralized Recovery Alliance, or DeRec Alliance, was launched in January 2024. Founded by Hedera co-founder Leemon Baird, the organization consists of web2 and web3 companies working on a common platform that aims to make crypto recovery easier for web3 users.

Crypto’s need for enhanced security and recovery has also seen the development of a smart contract-powered feature called account abstraction. Various crypto teams, including BNB Chain, Optimism, Polygon, and Arbitrum, have worked on networks that offer a similar standard.

While features like accounts, keys, and passwords are a barrier for many, a standard key simplifies the protection and recovery of crypto assets. DeRec offers a recovery standard that increases the mainstream adoption of crypto through a solution that protects users’ data.

“Since the beginning, Hedera has been at the forefront of digital asset security. The DeRec Alliance takes this a step further by offering an open source protocol that simplifies asset recovery and aligns 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

Other partners in the DeRec Alliance include the DLT Science Foundation, Oasis Protocol Foundation, Hashpack, and Palisad. Ripple joined as a founding member in May 2024.