Input Output (IOHK), Cardano’s development company, and Hedera, a top decentralized public network, have become the last original members of the Decentralized Recovery Alliance (DeRec Alliance). In this smart move, they are teaming up with Ripple, Algorand, and other big names to push for better security and recovery standards for crypto assets.
Hedera and Algorand started the DeRec Alliance with the goal of making a single standard for recovering digital assets. For the next two years, IOHK and Hedera will be part of the Technical Oversight Committee (TOC), where they will help make rules and guidelines for crypto recovery.
The DeRec Alliance says that the goal of the effort is to make the process of protecting and retrieving digital assets as easy to use as regular web services. President of Hedera Charles Adkins said that the company’s decision to join the Alliance shows its dedication to improving the security of digital assets.
A standard way to manage and get back data, like secret keys and identifying credentials, is the open-source protocol from the DeRec Alliance. This system tries to make sure that recovering digital assets is safe and easy, removing the complications that users often find too much to handle.
As part of its larger goal, the Alliance works with many other groups, such as the DLT Science Foundation, the Oasis Protocol Foundation, and others. The goal of this group effort is to create a complete healing system that makes it easier for different platforms to work together and stay safe.
