Hedera and Algorand Ecosystems Unite to Form DeRec Alliance for Decentralized Asset Recovery System Entities from
the Hedera and Algorand ecosystems, including the HBAR Foundation, Algorand Foundation, Hashgraph Association, Swirlds Labs, DLT Science Foundation, and industry partners The Building Blocks and BankSocial, have come together to establish the Decentralized Recovery
(DeRec) Alliance. This alliance is dedicated
to developing a new interoperability recovery standard that simplifies the recovery and adoption of cryptocurrencies and other digital assets. The announcement
was made at the CFC St. Moritz conference in Switzerland, where Dr. Leemon Baird, co-founder of Hedera and co-CEO of Swirlds Labs, and John Woods, CTO of Algorand Foundation, discussed Layer 1 superpowers on a panel. The DeRec Alliance’s primary goal is to streamline the process of securing and recovering digital assets,
aligning them with user-friendly experiences in conventional Web2 environments. As Web3 applications gain traction, there is a growing need for a seamless and accessible user experience
for managing digital assets, accounts, keys, and passwords. The alliance plans to bring together the Web3 ecosystem by offering an open-source, industry-standard methodology to ensure secure and straightforward digital asset recovery across wallets. Moreover, it aims to establish a compatible standard applicable
to all wallet software on various blockchains, promoting collaboration among
blockchain projects, banks, credit unions, and wallet software initiatives. Ultimately,
the DeRec Alliance aims to simplify the process of securing and recovering digital assets, passwords, and other secrets, making it as user-friendly as existing Web2 experiences. Through collaboration across diverse blockchains and industries,
the alliance seeks to create standards and open-source code to enhance the safety and user experience of Web3.
