Cointelegraph reported that Algorand, a founding member of the Decentralized Recovery Alliance (also called DeRec Alliance) alongside Ripple, was joined by Cardano and Hedera. Cardano and Hedera are the alliance's final founding members. Algorand's CTO John Woods said:
Web3 and crypto promised to decentralize and make accessible the systems that matter most. That power comes with a significant responsibility to safeguard your private keys. Web3 has fallen short in delivering a great UX for securing and recovering key material. 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. Streamlined key recovery is vital, as is further decentralization of other important infrastructures.
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