According to Cointelegraph, Cardano’s development arm Input Output (IOHK) and decentralized public network Hedera have become founding members of the DeRec Alliance. Together with Algorand Foundation, Hashgraph, Ripple, and XRPL Labs, they will lead this Web3 security and trust initiative.

Cardano and Hedera will serve on the Technical Oversight Committee for the next two years to help develop policies and standards for cryptocurrency recovery and simplify the user experience. Dr. Leemon Baird, Hashgraph Chief Scientist and DeRec Co-founder, said industry collaboration is essential to address this critical need.

The DeRec Alliance aims to address the complexity of digital asset protection and reduce the headaches for users in managing security. Hedera President Charles Adkins said the alliance represents an important step forward in improving trust and transparency.

The alliance’s open-source protocol provides an interoperable and standardized solution for data recovery, including identity credentials and private keys. The DeRec Alliance is not limited to its founding members, but also includes organizations such as the DLT Science Foundation, Oasis Protocol Foundation, and Hashpack.

Ripple became a founding member of the DeRec Alliance on May 9, and XRPL Labs will help create a simplified and standardized secret management system. DeRec is developing an application to make Web3 more accessible through open source management of "secrets" such as digital assets, private keys, accounts and passwords.