Dr. Leemon Baird, co-founder of Hedera (HBAR), said it was important for the Decentralized Recovery Alliance (DeRec Alliance) to be a multi-chain initiative rather than a Hedera-specific effort.
Speaking on the subject, Baird reminded that Cardano (ADA), Ripple (XRP), Algorand (ALGO) and Hedera are among the founding members and said that it is important to ensure cooperation across the industry.
“It’s very important that the DeRec Alliance is not just a Hedera thing. It’s a multi-chain thing,” he said. “Cardano is a founding member. Hedera is a founding member. We have Ripple. We have Algorand. We have a lot of founding members.”
Baird compared the need for industry collaboration to the development of the World Wide Web, pointing out the inefficiency that would arise if every website ran a different protocol that required specific browsers to access. “It would be a nightmare,” he said, adding that the blockchain industry needed to unite to create common protocols to increase interoperability and accessibility.
The DeRec Alliance aims to create a standardized, decentralized recovery system by addressing key issues around private key management and security across multiple blockchain networks. Baird believes that by encouraging collaboration, this initiative will not only benefit participating blockchains, but will also contribute to the overall advancement of the cryptocurrency industry.
“We need to work together as an industry,” he said, adding, “This is good for Hedera, good for Cardano, and good for our entire ecosystem.”
*This is not investment advice.
