HBAR Co-founder Calls for Collaboration with Cardano, Ripple, and Algorand! Here are the Details

Co-founder of Hedera (HBAR), Dr. Leemon Baird, stated that the Decentralized Recovery Alliance (DeRec Alliance) is important as a multi-chain initiative rather than a specific effort for Hedera.

Speaking on the subject, Baird emphasized the importance of collaboration across the industry, noting that Cardano (ADA), Ripple (XRP), Algorand (ALGO) and Hedera are among the founding members.

"It is important that the DeRec Alliance is not just something specific to Hedera. It's a very multi-chain thing," he said, adding, "Cardano is a founding member. Hedera is our founding member. We have Ripple. We have Algorand. We have a lot of founding members."

Baird pointed out the inefficiency that would arise if each website had to work with a different protocol requiring specific browsers for access, comparing the necessity of industry collaboration to the development of the World Wide Web. He stated that it would be a nightmare and emphasized the need for the blockchain industry to come together to create common protocols to increase interoperability and accessibility.

DeRec Alliance aims to create a standardized, decentralized recovery system by addressing key issues related to private key management and security across multiple blockchain networks. Baird believes that by promoting collaboration, this initiative will not only benefit participating blockchains but also contribute to the overall advancement of the cryptocurrency industry.

He said, "We need to work together as a sector," and concluded by adding, "This is good for Hedera, good for Cardano, and good for our entire ecosystem."