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Major Crypto Players Algorand, Ripple, Casper, and Hedera Unite to Launch Decentralized Recovery Alliance
- Prominent DeFi ecosystems Algorand and Ripple have joined the DeRec Alliance.
- DeRec Alliance, created by the founder of Hedera Hashgraph Leemon Baird, intends to streamline recovery of digital assets within the Web3 sector.
- The goal is to simplify the recovery of lost crypto to help make navigating decentralised finance a safer experience for all.
- Casper and Hedera headline the other major members of the DeRec Alliance.
One of the biggest roadblocks to crypto reaching mainstream adoption is… to put it simply – fear. Everyone’s heard the horror stories of crypto getting stolen, exchanges falling to pieces (thanks SBF!) and wallets keys becoming lost to the nether.
The risk involved, potentially exacerbated when using DeFi products, turns a lot of people off the sector’s benefits.
That’s where DeRec Alliance comes into play.
Related: Revolutionising Blockchain: BOB Merges Bitcoin’s Security with Ethereum’s Innovation
DeRec Alliance to Create Interoperable Solution for Password Recovery Across DeFi
Decentralised Recovery (DeRec) Alliance has a simple but powerful goal – to streamline digital asset recovery. The team wants to create a cross-chain, easy-to-understand solution for users who lose their cryptocurrencies or NFTs while navigating the Web3 ecosystem.
In particular, DeRec intends to create a recovery standard that applies to all sorts of applications and can be leveraged by even the most novice DeFi investor. By providing a safety blanket for new and experienced crypto users, DeRec believes they can attract a mainstream demographic that had previously sat on the sidelines.
“In this digital age, users need a safety net for when they lose keys or passwords or other secrets…[This] is critical to bringing these technologies to the majority of the world. It is great to see the industry working together to build DeRec Alliance to address this need.”
DeRec Alliance founder Leemon Baird The significance of DeRec’s mission has attracted several new industry players. The most recent influx of members include Ripple (XRP Labs) and Algorand, home to two of the largest Web3 ecosystems in the sector.
The continued addition of new alliance members will help DeRec achieve a greater interoperability and insight into the industry’s movements, helping them set policies and evolve alongside the blockchain world.
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Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
