Today, this image has gone viral on social media, primarily because of the significant surges in ADA, HBAR, XRP, and ALGO included in the image, and the momentum shows no signs of slowing down. So, what is this mysterious DeRec Alliance?

The DeRec Alliance is a decentralized alliance aimed at promoting the recovery of digital assets and enhancing the security of the Web3 ecosystem. The alliance was jointly launched in January 2024 by leaders from multiple blockchain projects, including Hedera, Algorand, and Ripple, with the goal of developing an open-source protocol to simplify and protect the recovery process of digital assets.

Main features

  • Open-source protocol: The DeRec Alliance is committed to creating an open industry standard protocol aimed at providing convenient and secure asset recovery methods for all digital wallets.

  • Interoperability: The alliance aims to address recovery issues related to identity credentials, private keys, and other digital assets, enhancing interoperability between different blockchains through standardized cross-platform recovery processes.

  • Member composition: In addition to Hedera and Algorand, Ripple and its subsidiary XRPL Labs have also joined the alliance, further expanding its influence and resources.

Members

The members of the DeRec Alliance include several well-known blockchain projects and organizations, specifically as follows:

  • Input Output: The development team of Cardano.

  • Hedera: A decentralized public network.

  • Algorand Foundation: An organization supporting the Algorand ecosystem.

  • Hashgraph (Swirlds Labs): A company providing high-performance distributed ledger technology.

  • Ripple: A well-known cryptocurrency and blockchain solutions provider.

  • XRPL Labs: A subsidiary of Ripple focused on developing applications related to the XRPL (Ripple Ledger).

  • DLT Science Foundation: An organization focused on research in distributed ledger technology.

  • Hashpack: A digital wallet and decentralized application platform.

  • Oasis Protocol Foundation: An organization supporting the Oasis network, dedicated to privacy protection and scalability.

  • Palisade: A company providing security solutions.

These members are collectively committed to creating an interoperability recovery standard to facilitate the secure management and recovery of digital assets.

https://x.com/DeRecAlliance