Cardano Joins Forces with Other Crypto Giants in DeRec Alliance
Cardano, the popular proof-of-stake blockchain, has joined the Decentralized Recovery (DeRec) Alliance, a group of leading Web2 and Web3 companies working to improve user experience and security in the crypto space. The DeRec Alliance was co-founded by Algorand and Hedera.
Boosting Crypto Adoption
The DeRec Alliance aims to develop an interoperability recovery standard that will streamline the process of recovering lost or stolen crypto assets. This is seen as a key step in making crypto more accessible to newcomers.
By joining forces, the DeRec Alliance members aim to address a major barrier to crypto adoption. The alliance believes that the ease of recovery in traditional Web2 finance is something that needs to be replicated in the Web3 world.
IOHK’s Role
Cardano’s development company, IOHK, will be serving a two-year term on the DeRec Alliance’s Technical Oversight Committee. This demonstrates their commitment to the initiative and their willingness to contribute to the alliance’s strategic focus.
IOHK has always been a strong advocate for open-source principles and blockchain interoperability, making this alliance a natural fit for them.
DeRec Alliance Members
The DeRec Alliance currently includes:
- Algorand Foundation
- Hedera Hashgraph
- Ripple
- XRPL Labs
- Input Output Hong Kong (IOHK)
- DLT Science Foundation
- Oasis Protocol Foundation
- Palisade
The alliance continues to grow, with more companies expected to join in the future. The DeRec Alliance is a positive sign for the future of crypto, indicating a commitment to building a more secure and user-friendly ecosystem.
