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The introduction of DeRec aims to unite the Web3 ecosystem and establish new industry standards, ensuring a painless and secure process for digital asset recovery across various wallets.
Hedera and Algorand blockchains have joined forces to establish a groundbreaking protocol known as the DeRec Alliance. This new interoperability recovery standard is set to enhance the recovery and adoption of cryptocurrencies and other digital assets.
According to an official press release on January 11, the DeRec Alliance was introduced as a collaborative venture involving various entities in the Hedera and Algorand ecosystems.
Key contributors include the HBAR Foundation, Algorand Foundation, the Hashgraph Association, Swirlds Labs, the DLT Science Foundation, and esteemed industry partners such as The Building Blocks and BankSocial.
Unveiling at CFC St. Moritz Conference
The protocol debuted at the prestigious CFC St. Moritz conference in Switzerland today during a morning panel on Layer 1 superpowers. Hedera co-founder Dr. Leemon Baird, also the co-CEO of Swirlds Labs, and John Woods, CTO of Algorand Foundation, were present at the event.
During the conference, Dr. Baird emphasized that DeRec was formed by a collective effort by professionals and organizations to simplify the process of recovering assets on the blockchain, mirroring the seamless experience of Web2. These organizations are actively contributing to realizing the potential of Web3 for their users and the broader global community, eliminating unnecessary complexities.
“The DeRec Alliance is a group of individuals and organizations committed to making the process of securing and recovering digital assets, accounts, passwords, and other secrets as simple as existing Web2 experiences,” said Dr. Baird.
A Call for Collaboration
The introduction of DeRec aims to unite the Web3 ecosystem and establish new industry standards, ensuring a painless and secure process for digital asset recovery across various wallets.
Hedera co-founder Baird has also encouraged blockchain developers to join forces to create the standards and the open-source code “needed to bring safety to the promise of the Web3 ecosystem without complexities.”
John Woods, the chief technology officer at Algorand Foundation, emphasized the crucial role of a smooth user experience in any excellent product. To make projects like Hedera and Algorand accessible to a global audience, he stressed the importance of maximizing user-friendliness while minimizing self-sovereignty risks.
Woods further highlighted that DeRec represents a bold effort to address a significant challenge within the user experience of Web3. This commitment to simplifying interactions and reducing self-sovereignty risks aligns with the broader goal of ensuring that these blockchain projects can effectively serve a diverse and widespread audience.
“DeRec is an ambitious effort to solve one of the biggest Web3 UX issues, key ownership. And best of all, it’s been done in a way that is project agnostic, meaning it’s completely interoperable across the industry. Algorand is excited to be a part of this story,” he said.