Importance of Multi-Chain Collaboration

Dr. Leemon Baird, co-founder of Hedera (HBAR), emphasized the need for the Decentralized Recovery Alliance (DeRec Alliance) to be a multi-chain initiative and not limited to Hedera alone.

Founding Members

Baird highlighted that Cardano (ADA), Ripple (XRP), Algorand (ALGO), and Hedera are among the founding members. He stressed the importance of cooperation across the industry, stating:

> “It’s very important that the DeRec Alliance is not just a Hedera thing. It’s a multi-chain thing.”
> “We have Ripple. We have Algorand. We have a lot of founding members.”

Need for Industry Collaboration

Baird drew a parallel between industry collaboration and the development of the World Wide Web, pointing out the chaos that would ensue if each website operated on a different protocol requiring specific browsers to access.

> “It would be a nightmare,” he said.
He suggested that the blockchain sector must unite to establish common protocols that increase interoperability and accessibility.

Goals of DeRec Alliance

The DeRec Alliance’s aim is to create a standardized, decentralized recovery system by tackling key issues regarding private key management and security across various blockchain networks. Baird believes that collaboration will not only enhance the participating blockchains but also propel the cryptocurrency industry forward.

> “We need to work together as an industry,” he stated, adding, “This is good for Hedera, good for Cardano, and good for our entire ecosystem.”

This is not investment advice.