Decentralized Recovery (DeRec) Alliance Expands With New Founding Members
The Decentralized Recovery (DeRec) Alliance has reached a significant milestone by welcoming its final Founding Members, Input|Output (IOHK), the development company behind Cardano, and Hedera Hashgraph. These organizations join a prestigious cohort that includes Algorand Foundation, Hashgraph (formerly Swirlds Labs), Ripple, and XRPL Labs, among others.
As Founding Members, IOHK and Hedera will play vital roles in overseeing and governing the Alliance's operations. They have been granted two-year seats on the Technical Oversight Committee (TOC), where they will offer crucial insights on the Alliance's governance structure and core policies.
According to the announcement, this collaborative effort is essential to maintain the Alliance's strategic focus and cater to the needs of its expanding community effectively.
Leemon Baird, co-founder of Hedera, expressed optimism about the collaboration, stating, "The combined expertise and insight of our new members will be invaluable to the Alliance. It is inspiring to witness industry cooperation across diverse ecosystems to fulfill the world's growing demand for decentralized recovery solutions."
Alliance Expands With New Members
In addition to the aforementioned Founding Members, the DeRec Alliance has welcomed new Alliance Members, including the DLT Science Foundation, Hashpack, Oasis Protocol Foundation, and Palisade. These organizations have pledged to advance the Alliance's mission of creating interoperable recovery standards to foster broader adoption of cryptocurrencies and other assets.
As Alliance Members, these organizations will contribute policy feedback, supervise the development of DeRec-based solutions, attend quarterly meetings, nominate candidates for the Technical Oversight Committee, and partake in election processes. Their involvement is crucial in promoting decentralized recovery and ensuring its accessibility to a wide audience.
Launched in January 2024 by Hedera's Leemon Baird and industry leaders from Hedera and Algorand ecosystems, the DeRec Alliance is devoted to introducing an open-source, standardized protocol that streamlines and secures digital asset recovery. By simplifying the recovery process, the Alliance aims to enhance user experience and boost web3 adoption.
The Alliance's protocol seeks to alleviate users' concerns regarding self-sovereignty risks and the complexities associated with safeguarding keys, passwords, accounts, and funds. With the implementation of DeRec's solutions, data protection becomes more robust and user-friendly.
web3 for All
John Woods, CTO of the Algorand Foundation, emphasized that web3 has faced challenges in delivering a seamless user experience for securing and recovering key material. To address this issue and enhance the ecosystem's user experience, the foundation co-founded the DeRec Alliance.
Charles Adkins, President of Hedera, highlighted the alignment between DeRec Alliance's open-source recovery protocol and Hedera's mission to enable trust and transparency. The collaborative efforts of Alliance Members aim to revolutionize key recovery processes and make web3 more accessible to a broader audience.
Industry leaders, including Charles Hoskinson, CEO of Input|Output, and Jernej Kos, Director of Oasis Protocol Foundation, stress the importance of prioritizing security, accessibility, and user experience enhancement to drive wider adoption within the industry. By collectively addressing challenges related to private key management, the Alliance Members are paving the way for a more inclusive web3 environment.
Tom Kiddle, co-founder of Palisade, reiterated the significance of providing users with reliable and secure key recovery mechanisms to facilitate mass adoption of web3 technologies. By leveraging their expertise in private key management and wallet infrastructure, Alliance Members are actively contributing to the industry's evolution.
