CryptoNews: Hedera and Algorand Ecosystems Unite to Form DeRec Alliance for Decentralized Asset Recovery System
The DeRec Alliance, a collaborative effort by entities from the Hedera and Algorand ecosystems, including the HBAR Foundation, Algorand Foundation, Hashgraph Association, Swirlds Labs, DLT Science Foundation, and others, has been formed to develop a new interoperability recovery standard for cryptocurrencies and digital assets. Announced at the CFC St. Moritz conference in Switzerland, the alliance aims to simplify the recovery of digital assets and align the process with the user-friendly experiences of conventional Web2 environments. Central to this initiative is the Decentralized Recovery (DeRec) open-source protocol, which introduces a standardized approach to secret management through secret sharing among a network of helpers. This protocol addresses key challenges in the crypto space, such as the risk of losing access to digital assets, by providing a secure and user-friendly recovery mechanism. The DeRec Alliance's efforts are significant for enhancing safety and user experience in the evolving Web3 landscape, promoting collaboration across diverse blockchains and industries.
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