Cardano developer Input | Output, and Hedera, have joined Algorand Foundation, Hashgraph (formerly Swirlds Labs), Ripple, and XRPL Labs, as the final Founding Members of the Decentralized Recovery (DeRec) Alliance.
Charles Hoskinson, Cardano founder and Input | Output CEO, said they are pleased with the new members joining the DeRec Alliance to contribute to the cross-platform protocol. Hoskinson said the industry should be committed to “the relentless pursuit of security, accessibility, and improving the user experience.”
The group explains that the DeRec Alliance was launched in January 2024 by Dr. Leemon Baird, co-founder of Hedera, and leaders from the Hedera and Algorand ecosystems.
The DeRec Alliance aims to support a new open-source, industry-standard protocol for simplifying and securing digital asset recovery.
President of Hedera, Charles Adkins said that the DeRec Alliance introduces an open-source protocol that simplifies asset recovery, aligning closely with their mission to enable trust and transparency.
Alliance Members help to guide the DeRec Alliance’s direction. Members are expected to engage in quarterly meetings and contribute to policy discussions.
The Decentralized Recovery (DeRec) open-source protocol creates an approach based on secret sharing among a set of helpers, who can assist the user in recovering their secret when needed. According to the group, the user never reveals who the helpers are, nor even how many helpers there are, and even the helpers won’t know that.
