IOHK (Input Output Hong Kong), the company behind Cardano, has officially joined the Decentralized Recovery (DeRec) Alliance as its final founding member. They will work alongside existing founders, including Algorand Foundation, Hedera Hashgraph, Ripple, and XRPL Labs.
🤝 Input | Output is proud to join the @DeRecAlliance as a Founding Member, alongside @Hedera, @AlgoFoundation, @Hashgraph, @Ripple, and @XRPLLabs.
The DeRec Alliance is a group of forward-thinking companies from across Web2 and Web3 that are committed to making the process of… https://t.co/2lJPAXx2OS
— Input Output (@InputOutputHK) September 5, 2024
Cardano’s founder and CEO of IOHK, Charles Hoskinson, said the DeRec Alliance’s mission aligns with Cardano’s commitment to open-source, collaboration, and improving the user experience.
Hoskinson & IOHK Joins Other Heavy Hitters, namely Algorand & Ripple As A Final Founding Member Of The Alliance
Hoskinson said in a statement, “Input | Output has always been committed to open-source principles, cross-industry collaboration, and blockchain interoperability. As an industry seeking to drive wider adoption, we should all be committed to relentlessly pursuing security, accessibility, and improving the user experience.”
Hedera and Algorand initially launched the DeRec Alliance. Its goal is to establish an interoperability recovery standard to promote the widespread adoption of crypto assets. The alliance aims to simplify the recovery of digital assets, similar to how the process works in traditional Web2 finance. The alliance believes that this is a key roadblock preventing newcomers to Web3.
“We co-founded the DeRec Alliance as part of our mission to improve the UX for the entire ecosystem, from regular users to developers, delivering a better, more accessible, and more secure experience for all,” John Woods, CTO of the Algorand Foundation, said regarding the Alliance’s goal. “Streamlined key recovery is vital, as is further decentralization of other important infrastructures.”
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IOHK Have Agreed A Two-Year Term On The Alliance’s Oversight Committee
Welcome @Hedera, @InputOutputHK, @HashPackApp, @DLT_Science, and @OasisProtocol to the @DeRecAlliance đź”’
It’s great to see DeRec, the invention of Dr. @LeemonBaird, picking up traction 🤝https://t.co/jqd3VN4pd5 https://t.co/WmkfuKNPFz pic.twitter.com/BZ7xHaGiJi
— HBAR Foundation (@HBAR_foundation) September 5, 2024
The terms of the Alliance will see IOHK serve a two-year term on the Technical Oversight Committee (TOC). It will play a leadership role in oversight and governance along with the other members. IOHK will contribute to the Alliance’s strategic focus and address the needs of its growing community.
IOHK’s addition to the committee follows Ripple and XRPL Labs’ joining as founding members in May this year. The DeRec Alliance members list also includes the DLT Science Foundation, Oasis Protocol Foundation, and Palisade.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
