Cardano’s development arm, Input Output (IOHK), and Hedera, a decentralized public chain, have joined the Decentralized Recovery Alliance (DeRec Alliance) as founding members. According to a press release, the two organizations join the Algorand Foundation, Hashgraph, Ripple, and XRPL Labs to lead the Web3 initiative on security and trust.

Cardano and Hedera will serve on the Technical Oversight Committee for the next two years, helping shape policies and standards to facilitate cryptocurrency recovery and simplify the user experience. According to the press release, the DeRec Alliance aims to solve complex problems in securing digital assets and reduce the burden of security management on users.

Speaking to Cointelegraph, Charles ADKINS, president of Hedera, said the alliance “represents significant progress” in the mission to increase trust and transparency in the space. The alliance’s open protocol provides an interoperable and standardized solution for recovering data, including credentials and private keys. The DeRec Alliance extends beyond its founders to include several other organizations, including the DLT Science Foundation, Oasis Protocol Foundation, Hashpack, and more.

Image: Crypto Briefing