Hedera

Algorand

Flash

Foundation

Read

<p class="is-style-lead">The DeRec Alliance, formed by key players in Hedera and Algorand ecosystems, aims to create a decentralized digital asset recovery system.</p> 
<p><a href="https://crypto.news/price/hedera/" data-type="link" data-id="https://crypto.news/price/hedera/">Hedera</a> and <a href="https://crypto.news/price/algorand/" data-type="link" data-id="https://crypto.news/price/algorand/">Algorand</a> ecosystems, represented by HBAR Foundation and Algorand Foundation, recently announced the DeRec Alliance at the Crypto Finance Conference in St. Moritz. </p> 
<p>The alliance aims to develop a decentralized recovery system for digital assets, streamlining the process and aligning with conventional web2 practices. Co-founders Leemon Baird of Hedera and John Woods of Algorand introduced the initiative during a joint panel.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">1/ Introducing the Decentralized Recovery (DeRec) Alliance: a collaboration between <a href="https://twitter.com/swirldslabs?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@SwirldsLabs</a>, <a href="https://twitter.com/AlgoFoundation?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@AlgoFoundation</a>, <a href="https://twitter.com/HBAR_foundation?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@HBAR_Foundation</a>, <a href="https://twitter.com/The_Hashgraph?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@The_Hashgraph</a>, &amp; <a href="https://twitter.com/DLT_Science?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@DLT_Science</a> to develop a standard which will greatly simplify the recovery &amp; adoption of <a href="https://twitter.com/hashtag/DigitalAssets?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#DigitalAssets</a>.<a href="https://t.co/6rP9gExc05" target="_blank">https://t.co/6rP9gExc05</a> <a href="https://t.co/5ifdAqqDr9" target="_blank">pic.twitter.com/5ifdAqqDr9</a></p>— Swirlds Labs (@swirldslabs) <a href="https://twitter.com/swirldslabs/status/1745371888816197876?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The <a href="https://www.prnewswire.com/news-releases/hedera-and-algorand-ecosystems-join-forces-to-form-derec-alliance-enabling-mass-market-decentralized-recovery-302031138.html" data-type="link" data-id="https://www.prnewswire.com/news-releases/hedera-and-algorand-ecosystems-join-forces-to-form-derec-alliance-enabling-mass-market-decentralized-recovery-302031138.html" target="_blank" rel="noopener">DeRec Alliance</a> seeks collaboration across the industry to establish standards and open-source codes for user-friendly key recovery processes. Baird emphasized the involvement of banks, credit unions, and various wallet software projects extending beyond Hedera and Algorand.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-breaks-49k-as-spot-btc-etf-trading-volume-surges/"> Bitcoin breaks $49k as spot BTC ETF trading volume surges </a> </p> 
<p>The Decentralized Recovery (DeRec) open-source protocol was introduced alongside the alliance. This standardized approach utilizes secret sharing among designated helpers, ensuring <a href="https://crypto.news/learn/what-is-a-seed-phrase/" data-type="link" data-id="https://crypto.news/learn/what-is-a-seed-phrase/">secret recovery</a> without information exposure.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">News Flash live from <a href="https://twitter.com/hashtag/cfcstmoritz?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#cfcstmoritz</a> ⚡<br><br>In this morning’s panel discussion ‘Layer 1 Superpowers: Consensus &amp; Execution At Scale,’ we learned that entities from across the Hedera and Algorand ecosystems, including the HBAR Foundation, the Algorand Foundation, the Hashgraph… <a href="https://t.co/FsPEHWGila" target="_blank">pic.twitter.com/FsPEHWGila</a></p>— CfC St. Moritz (@CFCstmoritz) <a href="https://twitter.com/CFCstmoritz/status/1745367409999990841?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Woods stressed the protocol’s focus on a smooth user experience, featuring automatic confirmations and resharing. This development comes in the context of security challenges in the defi space, with the U.S. Commodity Futures Trading Commission issuing regulatory <a href="https://crypto.news/cftc-to-focus-on-defi-market-to-address-potential-risks/" data-type="link" data-id="https://crypto.news/cftc-to-focus-on-defi-market-to-address-potential-risks/">recommendations</a> on Jan. 9.</p> 
<p> Read more: <a href="https://crypto.news/cathie-wood-has-1-5-bull-case-for-bitcoin-price-by-2030/"> Cathie Wood has $1.5m bull case for Bitcoin price by 2030 </a> </p>

Hedera and Algorand collaborate on decentralized system for wallet recovery

crypto.news

Other articles published on Jan 11, 2024

Ethereum Classic Rockets Up 34%: Can This Run Continue?

Pepe Price Prediction: Navigating Potential Surge to $0.0000019 Amid Market Optimism

BitsLab Emerges: MoveBit and ScaleBit Elevate to a New Era in Blockchain Security Auditing (11 Jan)

Analyst: Pushd can outperform Solana and Dogecoin

Here’s Why Cardano Has Surged 16% as New Altcoin Also Rises

NFTFN Makes History: Set to Launch World’s 1st Perp Platform for Bitcoin Ordinals Soon

Join our free newsletter for daily crypto updates!